Chile - Spain Trade 2024 Q3: Surplus & Tech Exchange
Key Market Takeaways: Chile - Spain Trade
The bilateral trade relationship between Chile and Spain shows growth with notable volatility in Q3 2024.
- Economic Pulse: Chile maintains a $105.9M trade surplus ($602.24M exports vs. $496.34M imports), driven by strong YoY growth in key months despite recent volatility.
- Exchange Structure: Chile - Spain trade statistics reveal a resource-for-tech complementarity—Chile supplies copper (33.76% of exports) while importing Spanish machinery (16.05% of imports).
- Strategic Interdependence: The partnership is highly complementary, with Spain holding the higher value-add position in manufactured goods and Chile as a critical raw material supplier.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Chile-Spain Trade Trend in Q3 2024
Chile Export Performance: Shipments to Spain
- Total Volume: $602.24M in Q3 2024.
- Growth Trend & Context:
- YoY growth was strong in July (+191.5%) and August (+60.68%), but moderated in September (+18.44%).
- No specific trade news or policy changes were reported to explain these trends.
- Key Volatility: July saw a massive MoM surge (+172.49%), followed by sharp declines in August (-37.15%) and September (-25.83%).
Chile Import Performance: Sourcing from Spain
- Total Volume: $496.34M in Q3 2024.
- Growth Trend & Context:
- YoY growth was positive in July (+10.48%) and September (+22.27%), but August saw a decline (-10.69%).
- Key Volatility: September recorded the highest MoM jump (+15.31%), while August had the steepest drop (-7.84%).
Chile - Spain Trade Balance & Market Dynamics
- Net Position: Chile posted a trade surplus of $105.9M ($602.24M exports vs. $496.34M imports).
- Relationship Status: Chile maintains a net exporter role with Spain, though import volatility suggests fluctuating demand.
Chile Import Trend from Spain 2024 Q3 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jul | 166.31M | 7.65% | 10.48% |
| Aug | 153.28M | -7.84% | -10.69% |
| Sep | 176.75M | 15.31% | 22.27% |
| Total | 496.34M | - | - |
Chile Export Trend to Spain 2024 Q3 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jul | 287.52M | 172.49% | 191.5% |
| Aug | 180.70M | -37.15% | 60.68% |
| Sep | 134.02M | -25.83% | 18.44% |
| Total | 602.24M | - | - |
Get Historical Chile Spain Trade Records
Chile-Spain Top Trading Products in Q3 2024
Chile Export Profile: What Does Chile Sell to Spain
- Top Commodity: Copper (HS Code 74) dominates with 33.76% share.
- Demand Driver: Spain uses these raw materials for industrial processing, likely in construction and electronics manufacturing.
- Concentration: The top two exports (copper and ores, HS Codes 74 and 26) account for 63.03%, indicating heavy reliance on mineral resources.
Chile Import Profile: What Does Chile Buy from Spain
- Top Commodity: Machinery (HS Code 84) leads with 16.05% share.
- Dependency Nature: Critical technology dependency, as Spain supplies industrial machinery and equipment essential for Chile's infrastructure and manufacturing sectors.
Chile - Spain Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity. Chile exports raw materials (copper, ores) 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 remains a key supplier of primary commodities.
Import Analysis by Product: Spain to Chile (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 84 | 79.65M | 16.05% |
| 85 | 72.92M | 14.69% |
| 87 | 56.83M | 11.45% |
| 33 | 44.07M | 8.88% |
| 30 | 19.68M | 3.97% |
| 39 | 17.95M | 3.62% |
| 23 | 16.34M | 3.29% |
| 31 | 16.04M | 3.23% |
| 73 | 13.29M | 2.68% |
| 38 | 11.52M | 2.32% |
Export Analysis by Product: Chile to Spain (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 74 | 203.34M | 33.76% |
| 26 | 176.25M | 29.27% |
| 03 | 55.78M | 9.26% |
| 08 | 48.16M | 8.00% |
| 16 | 30.25M | 5.02% |
| 28 | 22.71M | 3.77% |
| 15 | 14.42M | 2.39% |
| 47 | 8.43M | 1.40% |
| 22 | 8.00M | 1.33% |
| 13 | 4.46M | 0.74% |
Check Detailed Chile-Spain Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
Chile’s trade surplus with Spain is expected to hold steady in Q4 2024, supported by sustained demand for copper and ores, though volatility in monthly export growth warrants caution. Spain’s appetite for Chilean raw materials, particularly in industrial sectors, will likely persist, while imports of Spanish machinery and technology remain critical for Chile’s infrastructure development. However, the sharp MoM fluctuations in both exports and imports suggest traders should prepare for potential supply chain disruptions or price swings. The Chile-Spain trade forecast hinges on stable commodity prices and Spain’s industrial output resilience.
Strategic Moves
- Lock in Long-term Contracts: Chilean copper exporters should secure multi-quarter agreements with Spanish buyers to mitigate price volatility and ensure steady revenue streams.
- Diversify Import Sources: Chilean manufacturers reliant on Spanish machinery should identify backup suppliers in other EU markets to reduce dependency risks.
- Monitor Industrial Demand Signals: Traders must track Spain’s construction and electronics sectors closely, as downturns could directly impact Chile’s mineral exports. Adjust shipments proactively to avoid inventory gluts.
Frequently Asked Questions
How did Chile - Spain trade perform in 2024 Q3?
Chile's exports to Spain totaled $602.24M, showing strong YoY growth in July and August, while imports from Spain reached $496.34M, with mixed YoY performance.
What are the top exports from Chile to Spain?
Copper (HS Code 74) and ores (HS Code 26) dominate, accounting for 63.03% of Chile's exports to Spain.
What does Chile import from Spain?
Machinery (HS Code 84) is the top import, representing 16.05% of Chile's purchases from Spain.
What is the trade balance between Chile and Spain?
Chile posted a trade surplus of $105.9M in Q3 2024, maintaining its net exporter role with Spain.
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.
Chile - Spain Trade 2024 Q4: Deficit & Resource Exchange
Chile's trade deficit with Spain hits $116.96M in Q4 2024, driven by machinery imports & ore exports. Explore Chile-Spain trade trends & top products via yTrade data.
