Chile - Spain Trade 2024 Whole Year: Tight Deficit, Tech Exchange
Key Market Takeaways: Chile - Spain Trade
The bilateral trade relationship between Chile and Spain is marked by growth, volatility, and near-balanced trade in 2024.
- Economic Pulse: Chile recorded a $40M trade deficit with Spain ($1.91B imports vs. $1.87B exports), reflecting tight but slightly import-leaning dynamics amid sharp monthly swings.
- Exchange Structure: Chile - Spain trade statistics reveal a resource-for-tech complementarity—Chile supplies ores and raw materials (56.9% of exports), while Spain dominates with machinery and high-value manufactured goods (18.9% of imports).
- Strategic Interdependence: The partnership hinges on Spain’s industrial demand for Chilean commodities and Chile’s reliance on Spanish advanced equipment, creating a stable but asymmetric value chain.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Chile-Spain Trade Trend in Whole Year 2024
Chile Export Performance: Shipments to Spain
- Total Volume: $1.87B in 2024.
- Growth Trend & Context:
- Volatile YoY swings, ranging from -37.05% (Nov) to +204.74% (Dec).
- No specific trade news to explain fluctuations.
- Key Volatility:
- July saw the highest MoM surge (+172.49%) and YoY spike (+191.5%).
- November recorded the sharpest MoM drop (-57.3%).
Chile Import Performance: Sourcing from Spain
- Total Volume: $1.91B in 2024.
- Growth Trend & Context:
- Mixed YoY performance, with December peaking at +58.98% and August bottoming at -10.69%.
- Key Volatility:
- December had the highest MoM jump (+44.53%) and YoY growth (+58.98%).
- February was the weakest month (-31.05% MoM, -34.04% YoY).
Chile - Spain Trade Balance & Market Dynamics
- Net Position: Chile recorded a trade deficit of $40M (Imports $1.91B > Exports $1.87B).
- Relationship Status: Near-balanced trade, with slight import dependency. Seasonal volatility dominates the trend.
Chile Import Trend from Spain 2024 Whole Year (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 148.92M | 14.79% | -1.69% |
| Feb | 102.69M | -31.05% | -34.04% |
| Mar | 153.91M | 49.89% | -3.54% |
| Apr | 171.89M | 11.68% | 0.39% |
| May | 159.71M | -7.09% | 1.43% |
| Jun | 154.49M | -3.27% | -7.07% |
| Jul | 166.31M | 7.65% | 10.48% |
| Aug | 153.28M | -7.84% | -10.69% |
| Sep | 176.75M | 15.31% | 22.27% |
| Oct | 172.49M | -2.41% | 15.73% |
| Nov | 142.70M | -17.27% | 4.79% |
| Dec | 206.25M | 44.53% | 58.98% |
| Total | 1.91B | - | - |
Chile Export Trend to Spain 2024 Whole Year (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 123.81M | 195.11% | 132.67% |
| Feb | 116.33M | -6.04% | 106.07% |
| Mar | 166.72M | 43.31% | 19.51% |
| Apr | 137.90M | -17.29% | 125.72% |
| May | 210.90M | 52.94% | 29.31% |
| Jun | 105.52M | -49.97% | -16.23% |
| Jul | 287.52M | 172.49% | 191.5% |
| Aug | 180.70M | -37.15% | 60.68% |
| Sep | 134.02M | -25.83% | 18.44% |
| Oct | 193.86M | 44.65% | 93.85% |
| Nov | 82.77M | -57.3% | -37.05% |
| Dec | 127.85M | 54.46% | 204.74% |
| Total | 1.87B | - | - |
Get Historical Chile Spain Trade Records
Chile-Spain Top Trading Products in Whole Year 2024
Chile Export Profile: What Does Chile Sell to Spain
- Top Commodity: Rank #1 export is Ores, slag, and ash (HS 26) at 28.68% of total exports to Spain.
- Demand Driver: Spain uses these raw materials for industrial processing, likely in metallurgy or construction.
- Concentration: Trade is highly concentrated, with the top two categories (HS 26 and HS 74) accounting for 56.9% of exports.
Chile Import Profile: What Does Chile Buy from Spain
- Top Commodity: Rank #1 import is Electrical machinery (HS 85) at 18.90% of total imports from Spain.
- Dependency Nature: Critical technology dependency, as Spain supplies advanced machinery and equipment.
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 complex manufactured goods, while Chile provides primary commodities.
Import Analysis by Product: Spain to Chile (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 85 | 360.81M | 18.90% |
| 84 | 289.84M | 15.18% |
| 87 | 234.05M | 12.26% |
| 33 | 138.27M | 7.24% |
| 30 | 77.19M | 4.04% |
| 39 | 57.50M | 3.01% |
| 23 | 57.27M | 3.00% |
| 73 | 57.15M | 2.99% |
| 38 | 35.20M | 1.84% |
| 31 | 34.73M | 1.82% |
Export Analysis by Product: Chile to Spain (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 26 | 535.74M | 28.68% |
| 74 | 527.09M | 28.22% |
| 03 | 216.00M | 11.56% |
| 08 | 177.71M | 9.51% |
| 16 | 107.43M | 5.75% |
| 28 | 85.25M | 4.56% |
| 47 | 31.25M | 1.67% |
| 15 | 20.66M | 1.11% |
| 07 | 19.63M | 1.05% |
| 22 | 16.33M | 0.87% |
Check Detailed Chile-Spain Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast for Chile-Spain Trade
The Chile-Spain trade relationship is expected to stabilize in 2025, with moderate growth driven by Spain’s sustained demand for Chilean raw materials (ores, copper) and Chile’s reliance on Spanish high-tech machinery. However, volatility will persist due to commodity price swings and supply chain disruptions. The trade deficit may narrow slightly if Chile diversifies exports beyond primary goods, but Spain’s value-add advantage will keep the balance tilted. Traders should prepare for seasonal fluctuations, particularly in Q2 and Q4, when industrial activity peaks.
Strategic Moves for Traders & Policymakers
- Lock in Long-Term Contracts for Ores: Chilean exporters should secure multi-year agreements with Spanish industrial buyers to mitigate price volatility and ensure stable revenue streams.
- Diversify Export Markets for Non-Mining Goods: Chile must reduce dependency on Spain by expanding seafood and agricultural exports to other EU markets, leveraging existing trade agreements.
- Invest in Tech Transfer Partnerships: Chilean importers should negotiate joint ventures with Spanish machinery suppliers to localize production and reduce long-term import dependency.
Frequently Asked Questions
How did Chile - Spain trade perform in 2024 Whole Year?
Chile's trade with Spain totaled $3.78B in 2024, with exports at $1.87B and imports at $1.91B. The year saw volatile growth swings, including a 204.74% YoY export surge in December.
What are the top exports from Chile to Spain?
Chile's top exports to Spain are Ores, slag, and ash (HS 26) (28.68% of exports) and Copper and articles (HS 74), together accounting for 56.9% of total exports.
What does Chile import from Spain?
Chile's top import from Spain is Electrical machinery (HS 85) (18.90% of imports), reflecting a dependency on advanced technology and equipment.
What is the trade balance between Chile and Spain?
Chile recorded a trade deficit of $40M with Spain in 2024, as imports ($1.91B) slightly exceeded exports ($1.87B). The relationship remains near-balanced but volatile.
Chile - Spain Trade 2023 Q3: Deficit & Resource-Tech Exchange
Chile Spain trade trend shows a $142.48M deficit in Q3 2023, with Chile's copper exports meeting Spain's machinery imports. Explore Chile Spain top trading product insights via yTrade data.
Chile - Spain Trade 2024 Q1: Narrow Surplus & Tech Exchange
Chile's trade with Spain shows a narrow surplus of $1.34M in Q1 2024, driven by copper exports and Spanish electrical machinery imports. Explore Chile-Spain trade trends and top products via yTrade data.
