Chile - Spain Trade 2023 Q3: Deficit & Resource-Tech Exchange
Key Market Takeaways: Chile - Spain Trade
The bilateral trade relationship between Chile and Spain reflects growth and volatility in Q3 2023, with Chile maintaining a net importer position.
- Economic Pulse: Chile posted a $142.48M trade deficit with Spain, with imports ($466.72M) outpacing exports ($324.24M) by 44%. Volatile YoY swings suggest uneven demand or supply adjustments.
- Exchange Structure: Chile - Spain trade statistics reveal a resource-for-tech complementarity—Chile supplies raw materials (ores, copper) while importing high-value machinery (electrical equipment) from Spain.
- Strategic Interdependence: The partnership is highly complementary, with Spain holding the value-add advantage in manufactured goods, while Chile relies on commodity exports.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Chile-Spain Trade Trend in Q3 2023
Chile Export Performance: Shipments to Spain
- Total Volume: $324.24M in Q3 2023.
- Growth Trend & Context:
- Mixed YoY performance: August saw a -20.56% decline, but September rebounded sharply (+42.52%).
- No specific trade news to explain volatility.
- Key Volatility: July had the steepest MoM drop (-21.69%), while September’s marginal MoM gain (+0.61%) followed a strong August (+14.01%).
Chile Import Performance: Sourcing from Spain
- Total Volume: $466.72M in Q3 2023.
- Growth Trend & Context:
- YoY swings: August imports grew (+11.07%), but September collapsed (-27.53%).
- No news to contextualize shifts.
- Key Volatility: September recorded the sharpest MoM decline (-15.77%), while August peaked with +14% MoM growth.
Chile - Spain Trade Balance & Market Dynamics
- Net Position: Trade deficit of $142.48M (Imports exceeded exports).
- Relationship Status: Chile remains a net importer from Spain, with Q3 imports 44% higher than exports. Volatility in both flows suggests uneven demand or supply adjustments.
Chile Import Trend from Spain 2023 Q3 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jul | 150.54M | -9.45% | 0.0% |
| Aug | 171.62M | 14.0% | 11.07% |
| Sep | 144.56M | -15.77% | -27.53% |
| Total | 466.72M | - | - |
Chile Export Trend to Spain 2023 Q3 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jul | 98.64M | -21.69% | 0.0% |
| Aug | 112.46M | 14.01% | -20.56% |
| Sep | 113.15M | 0.61% | 42.52% |
| Total | 324.24M | - | - |
Get Historical Chile Spain Trade Records
Chile-Spain Top Trading Products in Q3 2023
Chile Export Profile: What Does Chile Sell to Spain
- Top Commodity: Rank #1 export is HS 26 (Ores, slag, and ash) at 31.27% of total exports to Spain.
- Demand Driver: Spain uses these raw materials for industrial processing, likely in metals and construction sectors.
- Concentration: The top 3 exports (HS 26, 74, 03) account for 65.03% of total exports, indicating high reliance on raw materials.
Chile Import Profile: What Does Chile Buy from Spain
- Top Commodity: Rank #1 import is HS 85 (Electrical machinery) at 18.32% of total imports from Spain.
- Dependency Nature: Critical technology dependency, as Spain supplies machinery and equipment (HS 84, 85) essential for Chile’s industrial and infrastructure development.
Chile - Spain Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity. Chile exports raw materials (ores, copper, seafood) while importing high-value machinery and chemicals from Spain.
- Value Chain Position: Spain holds the higher value-add position, supplying advanced manufactured goods, while Chile’s exports are predominantly low-processed commodities.
Import Analysis by Product: Spain to Chile (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 85 | 85.50M | 18.32% |
| 84 | 63.27M | 13.56% |
| 87 | 41.65M | 8.92% |
| 33 | 40.33M | 8.64% |
| 73 | 18.42M | 3.95% |
| 30 | 18.33M | 3.93% |
| 39 | 14.66M | 3.14% |
| 38 | 12.51M | 2.68% |
| 19 | 10.40M | 2.23% |
| 72 | 10.38M | 2.22% |
Export Analysis by Product: Chile to Spain (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 26 | 101.38M | 31.27% |
| 74 | 69.25M | 21.36% |
| 03 | 40.21M | 12.40% |
| 08 | 32.07M | 9.89% |
| 16 | 22.23M | 6.85% |
| 15 | 15.28M | 4.71% |
| 47 | 5.20M | 1.60% |
| 20 | 3.64M | 1.12% |
| 48 | 3.23M | 0.99% |
| 23 | 2.90M | 0.90% |
Check Detailed Chile-Spain Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
The Chile-Spain trade relationship is likely to remain volatile in the near term, with Spain maintaining its upper hand in value-added exports. Chile’s export rebound in September suggests resilience in raw material demand, but the sharp import decline signals potential softening in Spain’s industrial output or Chile’s capital expenditure cycle. Given the structural reliance on resource-for-tech exchange, traders should brace for uneven quarterly performance, with Spain’s machinery exports dictating the pace. The trade deficit may persist unless Chile diversifies its export basket or negotiates favorable terms for high-value imports.
Strategic Moves
- Lock in commodity prices: Chilean exporters of ores (HS 26) and copper (HS 74) should secure long-term contracts with Spanish buyers to mitigate price swings, leveraging Spain’s steady industrial demand.
- Diversify import sources: Chilean importers of machinery (HS 84, 85) must explore alternative suppliers in the EU or Asia to reduce overreliance on Spain and improve bargaining power.
- Push processed exports: Chile should incentivize higher-value processing of raw materials (e.g., refined copper, canned seafood) to capture more margin and reduce the trade deficit with Spain.
Frequently Asked Questions
How did Chile - Spain trade perform in 2023 Q3?
Chile's exports to Spain totaled $324.24M, with mixed YoY growth, while imports from Spain reached $466.72M, showing significant volatility.
What are the top exports from Chile to Spain?
The top exports are HS 26 (Ores, slag, and ash), HS 74 (Copper), and HS 03 (Seafood), accounting for 65.03% of total exports.
What does Chile import from Spain?
The top import is HS 85 (Electrical machinery), followed by other high-value machinery and equipment essential for Chile's industrial development.
What is the trade balance between Chile and Spain?
Chile recorded a trade deficit of $142.48M in Q3 2023, with imports from Spain 44% higher than exports.
Chile - Spain Trade 2023 Q2: Deficit & Resource-Tech Exchange
Chile's trade deficit with Spain hit $144.79M in Q2 2023, driven by Spain's vehicle exports and Chile's ore shipments. Explore Chile-Spain trade trends and top trading products via yTrade data.
Chile - Spain Trade 2024 Whole Year: Tight Deficit, Tech Exchange
Chile Spain trade trend shows a $40M deficit with Spain in 2024, driven by resource-for-tech exchange. Explore Chile Spain top trading product insights via yTrade data.
