Chile - Spain Trade 2025 Q1: Deficit & Resource Exchange

Key Market Takeaways: Chile - Spain Trade

The bilateral trade relationship between Chile and Spain showed mixed growth with notable volatility in Q1 2025.

• Deficit-Driven Trade: Chile posted a $42.72M trade deficit with Spain, importing $449.42M (modest YoY growth) while exporting $406.70M (volatile YoY swings).
• Resource-for-Tech Exchange: Chile - Spain trade statistics reveal a complementary structure: ores and seafood (63.7% of exports) flow to Spain, which supplies machinery and chemicals (18% of imports).
• Asymmetric Value Chains: Spain holds the high-value position, supplying advanced industrial goods, while Chile remains a critical raw material supplier.

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

Chile-Spain Trade Trend in Q1 2025

Chile Export Performance: Shipments to Spain

• Total Volume: $406.70M in Q1 2025.
• Growth Trend & Context:
  • Mixed YoY performance: January (-31.25%) and March (-20.11%) saw declines, while February surged 61.93%.
  • No specific trade news to explain volatility.
• Key Volatility: February spiked 121.29% MoM, but March dropped 29.29% MoM.

Chile Import Performance: Sourcing from Spain

• Total Volume: $449.42M in Q1 2025.
• Growth Trend & Context:
  • YoY growth in February (+33.86%) offset weaker January (+4.28%) and March (+1.8%).
• Key Volatility: January imports fell 24.71% MoM, rebounding 13.99% in March.

Chile - Spain Trade Balance & Market Dynamics

• Net Position: Trade deficit of $42.72M (Imports exceeded exports).
• Relationship Status: Chile remains a net importer from Spain, though February’s export surge narrowed the gap temporarily.

Chile Import Trend from Spain 2025 Q1 (Source: yTrade)**

Chile Export Trend to Spain 2025 Q1 (Source: yTrade)**

Get Historical Chile Spain Trade Records

Chile-Spain Top Trading Products in Q1 2025

Chile Export Profile: What Does Chile Sell to Spain

• Top Commodity: Rank #1 export is HS Code 26 (Ores, slag, and ash) at 34.31% of total exports to Spain.
• Demand Driver: Spain uses these raw materials for industrial processing, likely in metals production or construction.
• Concentration: Trade is highly concentrated, with the top 3 exports (HS 26, 03, 74) accounting for 63.72% of total exports.

Chile Import Profile: What Does Chile Buy from Spain

• Top Commodity: Rank #1 import is HS Code 84 (Nuclear reactors, boilers, machinery) at 18.00% of total imports from Spain.
• Dependency Nature: Critical technology dependency, as machinery and equipment dominate imports, suggesting reliance on Spanish industrial expertise.

Chile - Spain Trade Relationship Dynamics

• The Exchange Model: Resource-for-Tech Complementarity. Chile exports raw materials (ores, seafood, copper) while importing high-value machinery and chemicals from Spain.
• 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)

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

Check Detailed Chile-Spain Trade HS Code Breakdown

Future Outlook & Strategic Recommendations

Forecast for Chile-Spain Trade

Chile’s trade with Spain in Q1 2025 showed volatility, with exports swinging between sharp declines and surges, while imports maintained steady but uneven growth. Given Spain’s persistent demand for Chilean raw materials (ores, seafood, copper) and Chile’s reliance on Spanish machinery and technology, the resource-for-tech complementarity will likely sustain trade volumes. However, exporters must prepare for continued fluctuations, especially in commodity prices and industrial demand. The trade deficit may narrow slightly if Chile capitalizes on Spain’s need for critical minerals, but structural imbalances will persist without diversification.

Strategic Moves for Traders & Policymakers

• Lock in Long-Term Supply Contracts: Chilean exporters of ores (HS 26) and copper (HS 74) should secure fixed-price agreements with Spanish buyers to mitigate volatility and ensure stable revenue streams.
• Diversify Export Markets for Commodities: Reduce over-reliance on Spain by targeting other EU industrial hubs (e.g., Germany, Italy) to balance trade exposure and improve bargaining power.
• Boost High-Value Imports from Spain: Chilean manufacturers should prioritize sourcing advanced machinery (HS 84) and chemicals (HS 28) through joint ventures or tech-transfer agreements to upgrade local production capabilities.

Frequently Asked Questions

How did Chile - Spain trade perform in 2025 Q1?

Chile exported $406.70M to Spain and imported $449.42M in Q1 2025, resulting in a trade deficit of $42.72M. Exports showed mixed YoY growth, while imports grew steadily.

What are the top exports from Chile to Spain?

Chile’s top exports to Spain are HS Code 26 (Ores, slag, and ash), HS Code 03 (Seafood), and HS Code 74 (Copper), accounting for 63.72% of total exports.

What does Chile import from Spain?

Chile’s top import from Spain is HS Code 84 (Nuclear reactors, boilers, machinery), representing 18.00% of total imports, reflecting a reliance on Spanish industrial technology.

What is the trade balance between Chile and Spain?

Chile recorded a trade deficit of $42.72M with Spain in Q1 2025, though February’s export surge temporarily narrowed the gap. Spain remains a net exporter to Chile.