Chile - United States Trade 2023 Q4: Deficit Narrows
Key Market Takeaways: Chile - United States Trade
The bilateral trade relationship between Chile and United States showed mixed performance with a persistent deficit in Q4 2023.
- Economic Pulse: Chile recorded a $990M trade deficit with the U.S. ($4.06B imports vs. $3.07B exports), though the gap narrowed slightly from 2022 trends.
- Exchange Structure: Chile - United States trade statistics reveal a resource-for-tech complementarity—Chile supplies copper (30% of exports) and fish, while relying on U.S. mineral fuels (44% of imports) and machinery.
- Strategic Interdependence: The partnership reflects asymmetric dependency, with Chile’s raw material exports offset by critical U.S. energy and technology inputs.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Chile-United States Trade Trend in Q4 2023
Chile Export Performance: Shipments to United States
- Total Volume: $3.07B in Q4 2023.
- Growth Trend & Context: YoY growth was mixed, with October showing a strong 15.85% increase, followed by declines in November (-1.69%) and December (-9.21%). No specific trade news explains these fluctuations.
- Key Volatility: November saw the sharpest MoM drop (-7.04%), while October had the highest MoM gain (6.1%).
Chile Import Performance: Sourcing from United States
- Total Volume: $4.06B in Q4 2023.
- Growth Trend & Context: YoY declines persisted throughout the quarter, with November (-28.42%) and October (-15.22%) showing the steepest drops. No relevant news context is available.
- Key Volatility: November recorded the worst MoM performance (-10.73%), while October had a modest 3.41% MoM rise.
Chile - United States Trade Balance & Market Dynamics
- Net Position: Chile ran a trade deficit of $990M (Imports $4.06B > Exports $3.07B).
- Relationship Status: Chile remains a net importer from the U.S., with reliance on American goods outweighing export demand. The deficit narrowed slightly from Q4 2022 trends.
Chile Import Trend from United States 2023 Q4 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Oct | 1.50B | 3.41% | -15.22% |
| Nov | 1.34B | -10.73% | -28.42% |
| Dec | 1.23B | -8.06% | -8.92% |
| Total | 4.06B | - | - |
Chile Export Trend to United States 2023 Q4 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Oct | 1.06B | 6.1% | 15.85% |
| Nov | 989.17M | -7.04% | -1.69% |
| Dec | 1.02B | 2.71% | -9.21% |
| Total | 3.07B | - | - |
Get Historical Chile United States Trade Records
Chile-United States Top Trading Products in Q4 2023
Chile Export Profile: What Does Chile Sell to United States
- Top Commodity: Rank #1 export is Copper (HS 74) at 29.75% of total exports to the U.S.
- Demand Driver: U.S. imports raw materials like copper and fish (HS 03) for industrial processing and consumer markets.
- Concentration: Trade is moderately concentrated, with the top two categories (copper and fish) accounting for 52.29% of exports.
Chile Import Profile: What Does Chile Buy from United States
- Top Commodity: Rank #1 import is Mineral Fuels (HS 27) at 43.87% of total imports from the U.S.
- Dependency Nature: Chile relies on U.S. for energy (mineral fuels) and machinery (HS 84), indicating critical technology and energy security dependency.
Chile - United States Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity—Chile exports raw materials (copper, fish) and imports energy and machinery from the U.S.
- Value Chain Position: The U.S. holds the higher value-add position, supplying advanced machinery (HS 84, 85) while Chile provides primary commodities.
Import Analysis by Product: United States to Chile (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 27 | 1.78B | 43.87% |
| 84 | 588.33M | 14.48% |
| 87 | 269.34M | 6.63% |
| 85 | 136.64M | 3.36% |
| 29 | 132.34M | 3.26% |
| 90 | 109.06M | 2.68% |
| 28 | 97.46M | 2.40% |
| 39 | 91.04M | 2.24% |
| 40 | 73.16M | 1.80% |
| 30 | 72.37M | 1.78% |
Export Analysis by Product: Chile to United States (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 74 | 912.94M | 29.75% |
| 03 | 691.79M | 22.54% |
| 44 | 257.88M | 8.40% |
| 08 | 196.52M | 6.40% |
| 28 | 144.89M | 4.72% |
| 71 | 138.11M | 4.50% |
| 40 | 110.89M | 3.61% |
| 27 | 83.65M | 2.73% |
| 02 | 50.51M | 1.65% |
| 20 | 47.82M | 1.56% |
Check Detailed Chile-United States Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
The Chile - United States trade forecast for 2024 suggests moderate volatility with potential upside in Chilean exports, driven by sustained U.S. demand for copper and fish. However, Chile’s import dependency on U.S. energy and machinery will likely keep the trade deficit intact unless export diversification accelerates. The mixed YoY performance in Q4 2023 signals a need for caution, but structural complementarity (resources-for-tech) provides a stable foundation for long-term growth. Traders should prepare for price fluctuations in key commodities like copper and mineral fuels, influenced by global supply chain dynamics.
Strategic Moves
- Lock in Copper Contracts: Chilean exporters must secure long-term agreements with U.S. buyers to stabilize revenue amid volatile prices, leveraging Chile’s dominant 29.75% share in copper exports.
- Diversify Energy Imports: Reduce reliance on U.S. mineral fuels (43.87% of imports) by exploring alternative suppliers or investing in domestic renewable energy infrastructure to mitigate deficit pressures.
- Target Niche U.S. Markets: Expand beyond raw materials by promoting value-added Chilean products (e.g., processed foods, wines) to capitalize on underserved U.S. consumer segments and improve trade balance.
Frequently Asked Questions
How did Chile - United States trade perform in 2023 Q4?
Chile's exports to the U.S. totaled $3.07B with mixed YoY growth, while imports from the U.S. reached $4.06B, showing consistent YoY declines.
What are the top exports from Chile to United States?
The top exports are Copper (HS 74) and Fish (HS 03), accounting for 52.29% of Chile's total exports to the U.S.
What does Chile import from United States?
The top imports are Mineral Fuels (HS 27) and Machinery (HS 84, 85), reflecting Chile's reliance on U.S. energy and technology.
What is the trade balance between Chile and United States?
Chile recorded a trade deficit of $990M with the U.S. in Q4 2023, though the gap narrowed slightly compared to Q4 2022.
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.
Chile - United States Trade 2024 Whole Year: Resource-for-Tech Exchange
Explore Chile's $31.2B trade with the U.S. in 2024, highlighting the resource-for-tech exchange. Discover Chile United States top trading products like copper and machinery via yTrade data.
