Chile - United States Trade 2024 Whole Year: Resource-for-Tech Exchange
Key Market Takeaways: Chile - United States Trade
The bilateral trade relationship between Chile and United States shows growth with high volatility in 2024.
- $31.2B total trade volume with a $720M deficit for Chile, reflecting balanced but uneven flows—exports rebounded sharply after early-year slumps.
- Resource-for-Tech exchange: Chile supplies copper (38% of exports) and seafood, while the U.S. dominates with mineral fuels (43% of imports) and machinery, per bilateral trade data.
- Asymmetric interdependence: Chile’s commodity-driven exports face U.S. demand swings, while its energy imports lock in strategic reliance.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Chile-United States Trade Trend in Whole Year 2024
Chile Export Performance: Shipments to United States
- Total Volume: $15.25B for 2024.
- Growth Trend & Context:
- Mixed YoY performance, with sharp declines early in the year (e.g., -40.49% in March) followed by strong recovery in Q2 and H2 (e.g., +34.12% in December).
- No news context provided to explain volatility.
- Key Volatility: June (+26.58% YoY) and December (+34.12% YoY) were standout months, while March (-40.49% YoY) marked the lowest point.
Chile Import Performance: Sourcing from United States
- Total Volume: $15.97B for 2024.
- Growth Trend & Context:
- Overall YoY contraction, with 7 of 12 months showing declines (e.g., -23.95% in September).
- April (+32.45% MoM) and July (+45.98% MoM) saw sharp but short-lived rebounds.
- Key Volatility: July ($1.64B, +13.28% YoY) was the peak month, while September ($1.10B, -23.95% YoY) was the weakest.
Chile - United States Trade Balance & Market Dynamics
- Net Position: Trade deficit of $720M (Imports $15.97B > Exports $15.25B).
- Relationship Status: Chile remains a net importer from the U.S., though the deficit is relatively narrow, suggesting balanced dependency. Volatility in both directions highlights sensitivity to external demand shifts.
Chile Import Trend from United States 2024 Whole Year (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 1.36B | 10.58% | 23.7% |
| Feb | 1.32B | -3.14% | -13.58% |
| Mar | 1.28B | -2.96% | -15.88% |
| Apr | 1.69B | 32.45% | 5.08% |
| May | 1.29B | -23.49% | -12.15% |
| Jun | 1.12B | -13.39% | -20.21% |
| Jul | 1.64B | 45.98% | 13.28% |
| Aug | 1.39B | -15.05% | -11.73% |
| Sep | 1.10B | -20.8% | -23.95% |
| Oct | 1.31B | 19.33% | -12.24% |
| Nov | 1.14B | -13.07% | -14.54% |
| Dec | 1.32B | 15.55% | 7.41% |
| Total | 15.97B | - | - |
Chile Export Trend to United States 2024 Whole Year (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 1.05B | 3.21% | -14.48% |
| Feb | 1.06B | 0.91% | -28.58% |
| Mar | 1.05B | -0.37% | -40.49% |
| Apr | 1.27B | 20.73% | 8.56% |
| May | 1.30B | 1.87% | 4.25% |
| Jun | 1.50B | 15.89% | 26.58% |
| Jul | 1.46B | -2.73% | 44.27% |
| Aug | 1.51B | 3.19% | 32.14% |
| Sep | 1.18B | -21.95% | 17.35% |
| Oct | 1.22B | 3.91% | 14.92% |
| Nov | 1.29B | 5.2% | 30.05% |
| Dec | 1.36B | 5.93% | 34.12% |
| Total | 15.25B | - | - |
Get Historical Chile United States Trade Records
Chile-United States Top Trading Products in Whole Year 2024
Chile Export Profile: What Does Chile Sell to United States
- Top Commodity: Copper (HS Code 74) dominates with 38.45% share.
- Demand Driver: United States uses these for industrial processing (e.g., electronics, construction).
- Concentration: Trade is moderately concentrated, with copper and seafood (HS Code 03) accounting for over 55% combined.
Chile Import Profile: What Does Chile Buy from United States
- Top Commodity: Mineral fuels (HS Code 27) lead at 42.54% share.
- Dependency Nature: Energy security dependency, as Chile relies on U.S. for oil and coal.
Chile - United States Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity. Chile exports raw materials (copper, seafood) and imports energy and machinery.
- Value Chain Position: United States holds higher value-add, supplying advanced goods (HS Codes 84, 85, 90) while Chile provides commodities.
Import Analysis by Product: United States to Chile (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 27 | 6.79B | 42.54% |
| 84 | 2.42B | 15.15% |
| 87 | 1.15B | 7.18% |
| 85 | 612.73M | 3.84% |
| 90 | 436.31M | 2.73% |
| 28 | 436.24M | 2.73% |
| 39 | 415.42M | 2.60% |
| 29 | 368.96M | 2.31% |
| 30 | 360.76M | 2.26% |
| 40 | 335.17M | 2.10% |
Export Analysis by Product: Chile to United States (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 74 | 5.86B | 38.45% |
| 03 | 2.64B | 17.33% |
| 08 | 1.80B | 11.79% |
| 44 | 1.07B | 7.00% |
| 28 | 584.47M | 3.83% |
| 71 | 469.02M | 3.08% |
| 40 | 359.20M | 2.36% |
| 27 | 220.00M | 1.44% |
| 72 | 182.16M | 1.19% |
| 02 | 181.86M | 1.19% |
Check Detailed Chile-United States Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
The Chile - United States trade relationship is poised for moderate growth in 2025, driven by sustained U.S. demand for Chilean copper and seafood, despite lingering volatility. The narrow trade deficit suggests balanced dependency, but exporters must prepare for potential swings in commodity prices and energy costs. With copper remaining a critical input for U.S. industrial sectors, Chile should capitalize on this demand while diversifying its export basket to reduce over-reliance on a single commodity. Meanwhile, importers of U.S. mineral fuels should anticipate supply chain adjustments as global energy markets remain unpredictable.
Strategic Moves
- Lock in Copper Contracts: Chilean exporters should secure long-term agreements with U.S. buyers to stabilize revenue streams and hedge against price fluctuations in the global copper market.
- Diversify Energy Sources: Given Chile’s heavy reliance on U.S. mineral fuels, importers must explore alternative suppliers or invest in renewable energy to mitigate supply risks.
- Expand Non-Commodity Exports: Chilean firms should target high-growth U.S. sectors like processed foods and specialty chemicals to reduce dependence on raw material sales and capture higher-margin opportunities.
Frequently Asked Questions
How did Chile - United States trade perform in 2024 Whole Year?
Chile's exports to the U.S. totaled $15.25B in 2024, showing mixed YoY performance with sharp declines and recoveries, while imports from the U.S. reached $15.97B, marking an overall contraction.
What are the top exports from Chile to United States?
Copper (HS Code 74) dominates Chile's exports to the U.S., accounting for 38.45% of shipments, followed by seafood (HS Code 03), together representing over 55% of total exports.
What does Chile import from United States?
Mineral fuels (HS Code 27) are the top U.S. imports to Chile, making up 42.54% of shipments, reflecting Chile's energy security dependency on the U.S.
What is the trade balance between Chile and United States?
Chile recorded a trade deficit of $720M with the U.S. in 2024, as imports ($15.97B) exceeded exports ($15.25B), though the gap remains relatively narrow.
Chile - United States Trade 2023 Q4: Deficit Narrows
Chile's United States trade trend shows a $990M deficit, with top trading products like copper and mineral fuels. Insights from yTrade reveal a resource-for-tech exchange.
Chile - United States Trade 2024 Q3: Slowing Momentum
Chile's trade surplus with the U.S. narrows as copper exports slow. Explore Chile United States trade trends and top trading products via yTrade data.
