Chile - Spain Trade 2024 Q4: Deficit & Resource Exchange
Key Market Takeaways: Chile - Spain Trade
The bilateral trade relationship between Chile and Spain shows growth with extreme volatility in Q4 2024.
- Deficit-Driven Trade: Chile posted a $116.96M trade deficit with Spain, driven by $521.44M in imports (+15.73% YoY peak) vs. $404.48M in exports (erratic YoY swings).
- Resource-for-Tech Exchange: Chile - Spain trade statistics reveal a lopsided structure: ores/seafood (65.9% of exports) for machinery/equipment (33.3% of imports).
- Asymmetric Interdependence: Spain holds the high-value position, supplying critical industrial inputs, while Chile’s export basket remains commodity-dependent.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Chile-Spain Trade Trend in Q4 2024
Chile Export Performance: Shipments to Spain
- Total Volume: $404.48M in Q4 2024.
- Growth Trend & Context:
- YoY swings were extreme: +93.85% in October, -37.05% in November, and +204.74% in December. No news context to explain volatility.
- Key Volatility: November saw a -57.3% MoM crash, while December rebounded with +54.46% MoM growth.
Chile Import Performance: Sourcing from Spain
- Total Volume: $521.44M in Q4 2024.
- Growth Trend & Context:
- YoY growth was strong (+15.73% in October, +58.98% in December) despite a -17.27% MoM drop in November.
- Key Volatility: December imports surged +44.53% MoM, peaking at $206.25M.
Chile - Spain Trade Balance & Market Dynamics
- Net Position: Trade deficit of $116.96M (Imports exceeded exports).
- Relationship Status: Chile remains a net importer from Spain, with import reliance intensifying in December. Volatility suggests uneven demand or supply chain adjustments.
Chile Import Trend from Spain 2024 Q4 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Oct | 172.49M | -2.41% | 15.73% |
| Nov | 142.70M | -17.27% | 4.79% |
| Dec | 206.25M | 44.53% | 58.98% |
| Total | 521.44M | - | - |
Chile Export Trend to Spain 2024 Q4 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Oct | 193.86M | 44.65% | 93.85% |
| Nov | 82.77M | -57.3% | -37.05% |
| Dec | 127.85M | 54.46% | 204.74% |
| Total | 404.48M | - | - |
Get Historical Chile Spain Trade Records
Chile-Spain Top Trading Products in Q4 2024
Chile Export Profile: What Does Chile Sell to Spain
- Top Commodity: Rank #1 export is HS 26 (Ores, slag, and ash) with a 33.54% share.
- Demand Driver: Spain uses these raw materials for industrial processing, likely in metal production or construction.
- Concentration: The top 3 exports (HS 26, 03, 74) account for 65.94% of total exports, indicating high reliance on a few commodity categories.
Chile Import Profile: What Does Chile Buy from Spain
- Top Commodity: Rank #1 import is HS 84 (Nuclear reactors, boilers, machinery) with a 17.11% share.
- Dependency Nature: Critical technology dependency, as machinery and electrical equipment (HS 84, 85) dominate imports, totaling 33.34%.
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 manufactured goods.
- Value Chain Position: Spain holds the higher value-add position, supplying advanced industrial goods, while Chile provides primary commodities.
Import Analysis by Product: Spain to Chile (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 84 | 89.19M | 17.11% |
| 85 | 84.64M | 16.23% |
| 87 | 71.60M | 13.73% |
| 33 | 31.60M | 6.06% |
| 30 | 23.63M | 4.53% |
| 23 | 15.95M | 3.06% |
| 73 | 15.08M | 2.89% |
| 39 | 14.77M | 2.83% |
| 20 | 10.58M | 2.03% |
| 72 | 9.44M | 1.81% |
Export Analysis by Product: Chile to Spain (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 26 | 135.68M | 33.54% |
| 03 | 72.43M | 17.91% |
| 74 | 58.61M | 14.49% |
| 08 | 53.69M | 13.27% |
| 28 | 20.92M | 5.17% |
| 16 | 18.42M | 4.55% |
| 47 | 5.74M | 1.42% |
| 22 | 4.13M | 1.02% |
| 23 | 4.00M | 0.99% |
| 48 | 2.91M | 0.72% |
Check Detailed Chile-Spain Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
The Chile-Spain trade relationship is poised for continued volatility in 2025, driven by fluctuating commodity demand and Spain’s reliance on Chilean raw materials. While Chile’s export rebound in December signals resilience, the erratic YoY swings suggest underlying supply chain or pricing instability. Spain’s growing imports of high-value machinery (HS 84) indicate sustained demand, but Chile’s widening trade deficit demands corrective action. Expect tighter margins for Chilean exporters unless they secure long-term pricing agreements or diversify into higher-value processed goods.
Strategic Moves
- Lock in Commodity Prices: Chilean miners and seafood exporters should negotiate multi-quarter contracts with Spanish buyers to mitigate price volatility, especially for HS 26 (ores) and HS 03 (seafood).
- Diversify Import Sources: Chilean manufacturers must reduce dependency on Spanish machinery (HS 84) by exploring alternative suppliers in Germany or Italy to balance trade deficits.
- Upgrade Export Composition: Chile’s trade agencies should incentivize value-added processing of copper (HS 74) and ores to capture more of the supply chain profit before shipment to Spain.
Frequently Asked Questions
How did Chile - Spain trade perform in 2024 Q4?
Chile's exports to Spain totaled $404.48M, while imports reached $521.44M. Exports showed extreme volatility, with December surging +204.74% YoY, while imports grew strongly (+58.98% YoY in December).
What are the top exports from Chile to Spain?
Chile's top exports to Spain are HS 26 (Ores, slag, and ash), HS 03 (Fish and seafood), and HS 74 (Copper and articles). These three categories account for 65.94% of total exports.
What does Chile import from Spain?
Chile's top imports from Spain are HS 84 (Nuclear reactors, boilers, machinery) and HS 85 (Electrical machinery). Together, these categories represent 33.34% of total imports.
What is the trade balance between Chile and Spain?
Chile recorded a trade deficit of $116.96M with Spain in Q4 2024. The gap widened in December as import reliance intensified.
Chile - Spain Trade 2024 Q3: Surplus & Tech Exchange
Chile's trade surplus with Spain hits $105.9M in Q3 2024, driven by copper exports and Spanish machinery imports. Explore Chile Spain trade trends and top trading products via yTrade data.
Chile - Spain Trade 2025 Q1: Deficit & Resource Exchange
Chile Spain trade trend reveals a $42.72M deficit with Spain, as Chile exports ores and seafood while importing machinery. Explore insights via yTrade data.
