Chile - United States Trade 2023 Q1: Copper Fuels Surplus
Key Market Takeaways: Chile - United States Trade
The bilateral trade relationship between Chile and United States shows strong growth with notable volatility in Q1 2023.
- Economic Pulse: Chile posted a $340M trade surplus with the U.S., exporting $4.48B (led by copper) while importing $4.14B (dominated by mineral fuels). Growth was uneven, with exports surging early in the quarter.
- Exchange Structure: Chile - United States trade statistics reveal a resource-for-tech complementarity—Chile supplies raw materials (copper, food) while the U.S. provides energy and machinery. Top 3 exports account for 67.7% of shipments.
- Strategic Interdependence: The partnership is structurally balanced but asymmetric—Chile remains commodity-dependent, while the U.S. captures higher value-add in tech and energy exports.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Chile-United States Trade Trend in Q1 2023
Chile Export Performance: Shipments to United States
- Total Volume: $4.48B in Q1 2023.
- Growth Trend & Context:
- Strong YoY growth in January (+28.19%) and February (+41.25%), moderating in March (+17.26%).
- No specific trade news or policy changes to explain the surge.
- Key Volatility: March saw the highest export value ($1.77B) and a steady MoM rise (19.56% from February).
Chile Import Performance: Sourcing from United States
- Total Volume: $4.14B in Q1 2023.
- Growth Trend & Context:
- Mixed YoY performance: January (-15.66%), February (+8.41%), March (-7.7%).
- No news to contextualize the fluctuations.
- Key Volatility: February posted the highest value ($1.52B) and the sharpest MoM rebound (+38.63% from January).
Chile - United States Trade Balance & Market Dynamics
- Net Position: Chile holds a trade surplus of $340M (Exports: $4.48B > Imports: $4.14B).
- Relationship Status: Net exporter role, though import volatility suggests uneven demand for U.S. goods.
Chile Import Trend from United States 2023 Q1 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 1.10B | -18.58% | -15.66% |
| Feb | 1.52B | 38.63% | 8.41% |
| Mar | 1.52B | -0.29% | -7.7% |
| Total | 4.14B | - | - |
Chile Export Trend to United States 2023 Q1 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 1.23B | 9.57% | 28.19% |
| Feb | 1.48B | 20.83% | 41.25% |
| Mar | 1.77B | 19.56% | 17.26% |
| Total | 4.48B | - | - |
Get Historical Chile United States Trade Records
Chile-United States Top Trading Products in Q1 2023
Chile Export Profile: What Does Chile Sell to United States
- Top Commodity: Copper (HS 74) dominates with 36.26% share.
- Demand Driver: United States uses these for industrial processing (copper for electronics, construction).
- Concentration: Top 3 exports (copper, fish, fruit) account for 67.7% of total, showing moderate concentration.
Chile Import Profile: What Does Chile Buy from United States
- Top Commodity: Mineral fuels (HS 27) lead at 45.74% share.
- Dependency Nature: Energy security dependency (oil, gas).
Chile - United States Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity – Chile exports raw materials (copper, food) while importing energy and machinery (HS 84, 85).
- Value Chain Position: United States holds higher value-add position (tech/energy exports vs. Chile's commodity-driven exports).
Import Analysis by Product: United States to Chile (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 27 | 1.89B | 45.74% |
| 84 | 537.28M | 12.98% |
| 87 | 196.80M | 4.75% |
| 28 | 157.34M | 3.80% |
| 85 | 151.50M | 3.66% |
| 29 | 128.19M | 3.10% |
| 40 | 114.58M | 2.77% |
| 90 | 109.59M | 2.65% |
| 23 | 104.44M | 2.52% |
| 39 | 98.34M | 2.38% |
Export Analysis by Product: Chile to United States (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 74 | 1.62B | 36.26% |
| 03 | 768.73M | 17.16% |
| 08 | 639.62M | 14.28% |
| 44 | 262.23M | 5.85% |
| 28 | 191.41M | 4.27% |
| 27 | 154.25M | 3.44% |
| 71 | 112.93M | 2.52% |
| 40 | 90.79M | 2.03% |
| 72 | 74.51M | 1.66% |
| 02 | 62.14M | 1.39% |
Check Detailed Chile-United States Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
Chile’s trade surplus with the United States is likely to persist in Q2 2023, driven by sustained demand for copper and other raw materials amid U.S. industrial expansion. However, import volatility—particularly in mineral fuels—suggests potential supply chain disruptions or price fluctuations that could narrow the surplus. The growth trajectory of Chilean exports may moderate if global commodity demand softens, but the structural complementarity (resources-for-tech) ensures stable long-term trade flows. Traders should monitor U.S. energy policies and industrial activity for early signals of demand shifts.
Strategic Moves
- Lock in Copper Contracts: With copper dominating exports, Chilean producers should secure long-term agreements with U.S. buyers to hedge against price volatility and ensure stable revenue.
- Diversify Energy Imports: Reduce reliance on U.S. mineral fuels by exploring alternative suppliers or investing in renewable energy infrastructure to mitigate import swings.
- Expand Non-Commodity Exports: Capitalize on the U.S. market by promoting value-added Chilean goods (e.g., processed foods, wine) to reduce concentration risk in raw material shipments.
Frequently Asked Questions
How did Chile - United States trade perform in 2023 Q1?
Chile exported $4.48B to the United States, showing strong YoY growth, while imports totaled $4.14B with mixed performance.
What are the top exports from Chile to United States?
Copper (HS 74), fish, and fruit dominate, accounting for 67.7% of Chile’s exports to the U.S.
What does Chile import from United States?
Mineral fuels (HS 27) lead imports at 45.74%, reflecting Chile’s energy security dependency.
What is the trade balance between Chile and United States?
Chile holds a trade surplus of $340M, maintaining its net exporter role despite import volatility.
Chile - United States Trade 2023 Whole Year: Deficit-Driven Exchange
Chile's trade deficit with the U.S. hit $2.85B in 2023, driven by copper exports and energy imports. Explore Chile United States trade trends and top trading products via yTrade data.
Chile - United States Trade 2023 Q3: Deficit Widens
Chile's trade deficit with the U.S. hit $1.31B in Q3 2023, driven by copper exports and mineral fuel imports. Explore Chile United States trade trends and top trading products via yTrade data.
