Chile - United States Trade 2024 Q3: Slowing Momentum
Key Market Takeaways: Chile - United States Trade
The bilateral trade relationship between Chile and United States shows near-balanced trade with slowing momentum in Q3 2024.
- Economic Pulse: Chile holds a marginal $20M surplus ($4.15B exports vs. $4.13B imports), but export growth slowed sharply by September while imports contracted.
- Exchange Structure: Chile - United States trade statistics reveal a resource-for-tech complementarity—Chile supplies copper (45% of exports) and imports U.S. energy (45% of imports) and machinery.
- Strategic Interdependence: Highly complementary economies, with Chile as a commodity supplier and the U.S. dominating high-value tech and energy flows.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Chile-United States Trade Trend in Q3 2024
Chile Export Performance: Shipments to United States
- Total Volume: $4.15B in Q3 2024.
- Growth Trend & Context:
- YoY growth remained positive across all months (July: +44.27%, August: +32.14%, September: +17.35%), though momentum slowed sharply by September.
- No specific trade news to explain trends.
- Key Volatility: September saw a steep MoM drop (-21.95%), erasing gains from August’s 3.19% rise.
Chile Import Performance: Sourcing from United States
- Total Volume: $4.13B in Q3 2024.
- Growth Trend & Context:
- YoY turned negative in August (-11.73%) and September (-23.95%), reversing July’s 13.28% increase.
- Key Volatility: July posted a sharp MoM surge (+45.98%), followed by consecutive declines (August: -15.05%, September: -20.8%).
Chile - United States Trade Balance & Market Dynamics
- Net Position: Marginal trade surplus of $20M (Exports: $4.15B vs. Imports: $4.13B).
- Relationship Status: Near-balanced trade, with Chile maintaining a slight edge as a net exporter. Export growth resilience contrasts with import contraction.
Chile Import Trend from United States 2024 Q3 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jul | 1.64B | 45.98% | 13.28% |
| Aug | 1.39B | -15.05% | -11.73% |
| Sep | 1.10B | -20.8% | -23.95% |
| Total | 4.13B | - | - |
Chile Export Trend to United States 2024 Q3 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jul | 1.46B | -2.73% | 44.27% |
| Aug | 1.51B | 3.19% | 32.14% |
| Sep | 1.18B | -21.95% | 17.35% |
| Total | 4.15B | - | - |
Get Historical Chile United States Trade Records
Chile-United States Top Trading Products in Q3 2024
Chile Export Profile: What Does Chile Sell to United States
- Top Commodity: Copper (HS 74) dominates with 45.20% share.
- Demand Driver: United States uses these for industrial processing, particularly in electronics and construction.
- Concentration: Highly concentrated—copper alone accounts for nearly half of exports.
Chile Import Profile: What Does Chile Buy from United States
- Top Commodity: Mineral fuels (HS 27) lead at 44.69% share.
- Dependency Nature: Energy security dependency, likely oil or refined products.
Chile - United States Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity. Chile exports raw materials (copper, seafood, wood) and imports energy and machinery.
- Value Chain Position: United States holds higher value-add, supplying tech (HS 84, 85, 90) and energy, while Chile provides commodities.
Import Analysis by Product: United States to Chile (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 27 | 1.85B | 44.69% |
| 84 | 590.89M | 14.31% |
| 87 | 263.94M | 6.39% |
| 85 | 170.26M | 4.12% |
| 90 | 110.68M | 2.68% |
| 40 | 103.66M | 2.51% |
| 39 | 101.37M | 2.46% |
| 30 | 93.91M | 2.27% |
| 28 | 92.09M | 2.23% |
| 38 | 85.83M | 2.08% |
Export Analysis by Product: Chile to United States (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 74 | 1.87B | 45.20% |
| 03 | 672.88M | 16.23% |
| 08 | 315.16M | 7.60% |
| 44 | 292.02M | 7.04% |
| 28 | 149.87M | 3.61% |
| 40 | 114.29M | 2.76% |
| 71 | 110.06M | 2.65% |
| 84 | 54.97M | 1.33% |
| 02 | 47.42M | 1.14% |
| 20 | 44.41M | 1.07% |
Check Detailed Chile-United States Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
Chile’s trade surplus with the United States is expected to narrow in Q4 2024 as copper demand softens amid slowing global industrial activity, while energy imports remain volatile due to fluctuating oil prices. However, the structural complementarity—Chile’s raw materials for U.S. tech and energy—will sustain long-term trade resilience. Exporters should brace for near-term headwinds, but the Chile - United States trade forecast remains stable over 2025, assuming commodity prices stabilize and U.S. energy exports rebound.
Strategic Moves
- Lock in Copper Contracts: With copper dominating exports, Chilean miners should secure long-term supply agreements to hedge against price swings and U.S. demand fluctuations.
- Diversify Energy Suppliers: Reduce reliance on U.S. mineral fuels by exploring LNG contracts with other partners (e.g., Australia, Qatar) to mitigate import volatility.
- Push Agri-Tech Exports: Leverage Chile’s growing fruit and seafood sectors to target U.S. consumer markets, using trade agreements to bypass tariffs and gain shelf space.
Frequently Asked Questions
How did Chile - United States trade perform in 2024 Q3?
Chile's exports to the United States grew YoY but slowed by September, totaling $4.15B, while imports declined sharply to $4.13B.
What are the top exports from Chile to United States?
Copper (HS 74) dominates Chile's exports to the United States, accounting for 45.20% of total shipments.
What does Chile import from United States?
Mineral fuels (HS 27) are the top import from the United States, representing 44.69% of Chile's purchases.
What is the trade balance between Chile and United States?
Chile maintained a marginal trade surplus of $20M in Q3 2024, with exports slightly exceeding imports.
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.
Chile - United States Trade 2024 Q4: Robust Growth & Surplus
Chile's United States trade trend shows a $90M surplus, driven by copper exports and U.S. machinery imports. Explore Chile United States top trading products with yTrade data.
