Chile - United States Trade 2023 Q3: Deficit Widens

Key Market Takeaways: Chile - United States Trade

• The bilateral trade relationship between Chile and United States widened Chile's trade deficit in Q3 2023.
• Economic Pulse: Chile posted a $1.31B trade deficit with the U.S. ($3.16B exports vs. $4.47B imports), with mixed YoY export growth and sharp import declines.
• Exchange Structure: Chile - United States trade statistics show a resource-for-tech complementarity—Chile supplies copper (25.9% of exports) and agricultural goods, while importing U.S. mineral fuels (47.4%) and machinery.
• Strategic Interdependence: The U.S. holds a higher value-add position, with Chile reliant on energy imports and industrial inputs.

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

Chile-United States Trade Trend in Q3 2023

Chile Export Performance: Shipments to United States

• Total Volume: $3.16B in Q3 2023.
• Growth Trend & Context:
  • YoY growth was mixed, with August showing near-flat growth (+0.08%) and September a slight uptick (+2.04%). July had no YoY comparison (0.0% baseline).
  • No significant trade news to explain trends.
• Key Volatility: August saw a 12.66% MoM surge, followed by a -12.11% drop in September.

Chile Import Performance: Sourcing from United States

• Total Volume: $4.47B in Q3 2023.
• Growth Trend & Context:
  • Sharp YoY declines: August (-34.13%) and September (-15.47%) contractions offset July’s flat performance.
  • No relevant news to contextualize the slump.
• Key Volatility: August’s 9.02% MoM rise was erased by September’s -8.07% drop.

Chile - United States Trade Balance & Market Dynamics

• Net Position: Trade deficit of $1.31B (Imports $4.47B > Exports $3.16B).
• Relationship Status: Chile remains a net importer from the U.S., with dependence widening in Q3.

Chile Import Trend from United States 2023 Q3 (Source: yTrade)**

Chile Export Trend to United States 2023 Q3 (Source: yTrade)**

Get Historical Chile United States Trade Records

Chile-United States Top Trading Products in Q3 2023

Chile Export Profile: What Does Chile Sell to United States

• Top Commodity: Copper (HS Code 74) dominates at 25.94% of exports.
• Demand Driver: United States uses these for industrial processing (raw materials/intermediates).
• Concentration: No single category exceeds 50%, but copper, fish (HS Code 03), and edible fruit (HS Code 08) collectively account for 57.58%.

Chile Import Profile: What Does Chile Buy from United States

• Top Commodity: Mineral fuels (HS Code 27) lead at 47.40% of imports.
• Dependency Nature: Energy security or raw material dependency.

Chile - United States Trade Relationship Dynamics

• The Exchange Model: Resource-for-Tech Complementarity. Chile exports raw materials (copper, fish, fruit) and imports energy (mineral fuels) and machinery (HS Codes 84, 85).
• Value Chain Position: United States holds the higher value-add position, supplying machinery and tech (HS Codes 84, 85, 90) against Chile’s raw material exports.

Import Analysis by Product: United States to Chile (Source: yTrade)

Export Analysis by Product: Chile to United States (Source: yTrade)

Check Detailed Chile-United States Trade HS Code Breakdown

Future Outlook & Strategic Recommendations

Forecast

Chile’s trade with the United States in Q4 2023 is likely to remain volatile, with copper exports stabilizing but mineral fuel imports under pressure due to fluctuating U.S. energy markets. The persistent trade deficit suggests Chile should brace for further imbalance unless export diversification accelerates. Over the next year, demand for Chilean raw materials (copper, fish, fruit) will hinge on U.S. industrial activity, while energy imports may face downward pressure if alternative suppliers emerge. Traders should monitor U.S. Fed policy shifts, as interest rate changes could impact commodity pricing and trade financing.

Strategic Moves

• Lock in Copper Contracts: Chilean exporters must secure long-term agreements with U.S. industrial buyers to mitigate price volatility and ensure stable revenue streams.
• Diversify Energy Sources: Reduce reliance on U.S. mineral fuels by exploring LNG contracts with other suppliers (e.g., Australia, Qatar) to hedge against price swings.
• Push High-Value Agri-Exports: Target U.S. consumer markets with premium fruit and seafood products, leveraging Chile’s reputation for quality to offset the trade deficit.

Frequently Asked Questions

How did Chile - United States trade perform in 2023 Q3?

Chile exported $3.16B to the U.S. with mixed YoY growth, while imports totaled $4.47B, showing sharp YoY declines. The trade deficit widened to $1.31B.

What are the top exports from Chile to United States?

Copper (HS Code 74), fish (HS Code 03), and edible fruit (HS Code 08) dominate Chile’s exports to the U.S., collectively accounting for 57.58% of shipments.

What does Chile import from United States?

Mineral fuels (HS Code 27) lead Chile’s imports from the U.S. at 47.40%, followed by machinery (HS Codes 84, 85) and tech products (HS Code 90).

What is the trade balance between Chile and United States?

Chile recorded a trade deficit of $1.31B with the U.S. in Q3 2023, as imports ($4.47B) exceeded exports ($3.16B), widening the gap.