Chile - Spain Trade 2024 Q1: Narrow Surplus & Tech Exchange

Key Market Takeaways: Chile - Spain Trade

The bilateral trade relationship between Chile and Spain shows growth with high volatility but remains nearly balanced in Q1 2024.

• Economic Pulse: Chile holds a narrow surplus of $1.34M ($406.86M exports vs. $405.52M imports), with exports surging YoY (+132.67% in January) while imports declined (-34.04% in February).
• Exchange Structure: Chile - Spain trade statistics reveal a resource-for-tech complementarity—Chile supplies copper (37.04% of exports) while importing Spanish electrical machinery (17.08% of imports).
• Strategic Interdependence: The partnership is highly complementary, with Spain occupying the higher value-add position in advanced manufacturing and Chile as a key raw material supplier.

This bilateral trade snapshot is based on verified customs data from the yTrade database.

Chile-Spain Trade Trend in Q1 2024

Chile Export Performance: Shipments to Spain

• Total Volume: $406.86M in Q1 2024.
• Growth Trend & Context:
  • Strong YoY growth in January (+132.67%) and February (+106.07%), though March slowed to +19.51%.
  • No specific trade news to explain the surge.
• Key Volatility: January saw a 195.11% MoM spike, while February dipped -6.04% before rebounding +43.31% in March.

Chile Import Performance: Sourcing from Spain

• Total Volume: $405.52M in Q1 2024.
• Growth Trend & Context:
  • YoY declines persisted across all months (January: -1.69%, February: -34.04%, March: -3.54%).
• Key Volatility: February recorded the sharpest MoM drop (-31.05%), followed by a +49.89% recovery in March.

Chile - Spain Trade Balance & Market Dynamics

• Net Position: Chile holds a narrow surplus of $1.34M (Exports: $406.86M vs. Imports: $405.52M).
• Relationship Status: Trade is nearly balanced, with Chile maintaining a slight edge as a net exporter.

Chile Import Trend from Spain 2024 Q1 (Source: yTrade)**

Chile Export Trend to Spain 2024 Q1 (Source: yTrade)**

Get Historical Chile Spain Trade Records

Chile-Spain Top Trading Products in Q1 2024

Chile Export Profile: What Does Chile Sell to Spain

• Top Commodity: Copper (HS 74) dominates with 37.04% share.
• Demand Driver: Spain uses these for industrial processing, likely in construction and electronics manufacturing.
• Concentration: Yes, copper alone accounts for over a third of exports, indicating high reliance on a single commodity.

Chile Import Profile: What Does Chile Buy from Spain

• Top Commodity: Electrical machinery (HS 85) leads at 17.08% share.
• Dependency Nature: Critical technology dependency, as Spain supplies high-tech equipment and components.

Chile - Spain Trade Relationship Dynamics

• The Exchange Model: Resource-for-Tech Complementarity. Chile exports raw materials (copper, ores) and imports machinery and tech from Spain.
• Value Chain Position: Spain holds the higher value-add position, exporting advanced manufactured goods, while Chile supplies primary commodities.

Import Analysis by Product: Spain to Chile (Source: yTrade)

Export Analysis by Product: Chile to Spain (Source: yTrade)

Check Detailed Chile-Spain Trade HS Code Breakdown

Future Outlook & Strategic Recommendations

Forecast

Chile’s trade surplus with Spain is likely to stabilize in Q2 2024, supported by sustained demand for copper and a potential rebound in Spanish machinery exports. The YoY slowdown in March suggests moderation, but the underlying resource-for-tech complementarity will keep volumes resilient. However, volatility in commodity prices and Spain’s industrial demand could introduce short-term fluctuations. Traders should anticipate tighter margins in copper exports while preparing for renewed tech imports as Spain’s manufacturing sector recovers.

Strategic Moves

• Lock in Copper Contracts: Chilean exporters should secure long-term agreements with Spanish buyers to mitigate price swings and ensure stable revenue streams.
• Diversify Tech Suppliers: Reduce dependency on Spanish machinery by exploring alternative markets (e.g., Germany, China) to hedge against supply chain disruptions.
• Push Agri-Exports: Capitalize on Spain’s food import demand by promoting Chilean wine, fruits, and seafood to balance the commodity-heavy export mix.

Frequently Asked Questions

How did Chile - Spain trade perform in 2024 Q1?

Chile's exports to Spain grew significantly YoY (+132.67% in January, +106.07% in February), totaling $406.86M, while imports from Spain declined (-1.69% to -34.04% YoY), totaling $405.52M.

What are the top exports from Chile to Spain?

Copper (HS 74) dominates Chile's exports to Spain, accounting for 37.04% of total shipments, primarily used for industrial processing in construction and electronics.

What does Chile import from Spain?

Chile's top import from Spain is electrical machinery (HS 85), representing 17.08% of total imports, reflecting a dependency on high-tech equipment and components.

What is the trade balance between Chile and Spain?

Chile holds a narrow surplus of $1.34M in Q1 2024, with exports ($406.86M) slightly exceeding imports ($405.52M), indicating a nearly balanced trade relationship.