Peru - Chile Trade 2024 Whole Year: $860M Surplus

Key Market Takeaways: Peru - Chile Trade

The bilateral trade relationship between Peru and Chile remains stable in 2024, with Peru maintaining a strong net exporter position.

• Economic Pulse: Peru holds a $860M trade surplus ($2.11B exports vs. $1.25B imports), reflecting steady volumes with no YoY growth.
• Exchange Structure: Peru - Chile trade statistics show a resource-for-tech complementarity—Peru supplies ores (31.8% of exports) while importing steel (10.7% of imports) for industrial use.
• Strategic Interdependence: The partnership is anchored in Peru’s raw material exports and Chile’s value-add industrial goods, reinforcing supply chain ties.

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

Peru-Chile Trade Trend in Whole Year 2024

Peru Export Performance: Shipments to Chile

• Total Volume: $2.11B in 2024.
• Growth Trend & Context: YoY data shows no change (0.0% across all months), indicating stable export levels year-over-year.
• Key Volatility: March saw the sharpest MoM surge (+29.82%), while October recorded the steepest drop (-7.41%).

Peru Import Performance: Sourcing from Chile

• Total Volume: $1.25B in 2024.
• Growth Trend & Context: YoY figures remained flat (0.0%), reflecting consistent import demand.
• Key Volatility: September imports plummeted (-22.76% MoM), rebounding sharply in October (+34.03%).

Peru - Chile Trade Balance & Market Dynamics

• Net Position: Peru holds a trade surplus of $860M (Exports $2.11B vs. Imports $1.25B).
• Relationship Status: Strong net exporter role, with exports to Chile exceeding imports by 68.8%.

Peru Import Trend from Chile 2024 Whole Year (Source: yTrade)**

Peru Export Trend to Chile 2024 Whole Year (Source: yTrade)**

Get Historical Peru Chile Trade Records

Peru-Chile Top Trading Products in Whole Year 2024

Peru Export Profile: What Does Peru Sell to Chile

• Top Commodity: Rank #1 export is HS Code 26 (Ores, slag, and ash) with 31.82% share.
• Demand Driver: Chile uses these raw materials for industrial processing, likely in mining or metallurgy.
• Concentration: Trade is moderately concentrated, with the top category (HS 26) accounting for nearly a third of exports.

Peru Import Profile: What Does Peru Buy from Chile

• Top Commodity: Rank #1 import is HS Code 72 (Iron and steel) with 10.67% share.
• Dependency Nature: Reflects industrial input dependency, as steel is critical for construction and manufacturing.

Peru - Chile Trade Relationship Dynamics

• The Exchange Model: Resource-for-Tech Complementarity. Peru exports raw materials (ores, agricultural products) and imports industrial goods (steel, machinery).
• Value Chain Position: Chile holds a higher value-add position, supplying processed industrial goods, while Peru provides raw materials.

Import Analysis by Product: Chile to Peru (Source: yTrade)

Export Analysis by Product: Peru to Chile (Source: yTrade)

Check Detailed Peru-Chile Trade HS Code Breakdown

Future Outlook & Strategic Recommendations

Forecast

Peru’s trade surplus with Chile is expected to hold steady in the near term, supported by sustained demand for raw materials (HS 26) and Chile’s reliance on Peruvian ores for industrial processing. However, flat YoY growth in 2024 signals a need for diversification beyond bulk commodities to avoid stagnation. Volatility in monthly trade flows—particularly the sharp swings in March and October—suggests exporters should brace for supply chain disruptions or pricing fluctuations. The Peru-Chile trade forecast remains stable but hinges on Peru’s ability to move up the value chain and reduce reliance on unprocessed exports.

Strategic Moves

• Lock in Long-Term Contracts: Peruvian mining exporters should secure fixed-price agreements with Chilean buyers to mitigate volatility, especially given the concentrated demand for ores (31.82% of exports).
• Diversify Export Mix: Peru must invest in processing capabilities (e.g., smelting) to export higher-value metallurgical products, reducing dependency on raw ore shipments.
• Optimize Logistics for Steel Imports: Importers of Chilean steel (HS 72) should streamline inventory management to navigate the sector’s sharp monthly swings, such as the 22.76% September drop followed by a 34.03% rebound.

Frequently Asked Questions

How did Peru - Chile trade perform in 2024 Whole Year?

Peru's trade with Chile remained stable in 2024, with exports totaling $2.11B and imports at $1.25B, both showing 0.0% year-over-year growth.

What are the top exports from Peru to Chile?

Peru's top export to Chile is HS Code 26 (Ores, slag, and ash), accounting for 31.82% of total exports.

What does Peru import from Chile?

Peru primarily imports HS Code 72 (Iron and steel) from Chile, making up 10.67% of total imports.

What is the trade balance between Peru and Chile?

Peru holds a trade surplus of $860M with Chile, with exports exceeding imports by 68.8%.