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Written by Marijn Overvest | Reviewed by Sjoerd Goedhart | Fact Checked by Ruud Emonds | Our editorial policy
Chile Import and Export Statistics 2024 — 18 Key Figures
Key take-aways
- Chile’s high-income status, robust GDP, and diverse sectors position it as a key player in South America.
- Chile has a strategic export focus on copper, refined products, and emerging industries and sustains partnerships with major economies like China, the United States, and Japan.
- Chile’s commitment to sustainability is evident in its ambitious climate goals.
Chile’s import and export activities open a positive trade balance in the first quarter of 2023. Will the country continue this trend?
The World Bank ranks Chile as a high-income market economy. The country is one of South America’s most prosperous nations, leading the region in competitiveness, income per capita, globalization, economic freedom, and low perception of corruption. Thanks to its strong economic dynamic development and the World Bank’s 75 years of support.
The country took advantage of its first World Bank development loan through a joint learning process to address major development challenges and it paved the way as the country slowly progressed making it one of the wealthiest and most stable countries in Latin America.
Chile’s GDP averages $240 billion yearly which results in making it the fifth-largest economy in the region.
As a market oriented-economy that enjoys free trade agreements with over 65 countries, the country’s GDP accounts for 30% of its exports from copper, minerals, seafood, fruits, and wine.
Chile’s Import and Export Figures in 2024
The Observatory of Economic Complexity documents Chile’s import and export activities:
1. Chile’s top export products are:
- Copper Ore = $1.49B
- Refined Copper = $1.35B
- Carbonates = $768M
- Pitted Fruits = $456M
- Molybdenum Ore = $384M
2. Chile’s top import products are:
- Telephones = $325M)
- Computers = $247M
- Medical Instruments = $189M
- Excavation Machinery = $187M
- Orthopedic Appliances = $163M
3. Chile’s top export partners are:
- China = $2.64B
- United States = $1.42B
- Japan = $590M
- South Korea = $495M
- Heard Island and McDonald Islands = $354M
4. Chile’s top import partners are:
- The United States = $1.84B
- Switzerland =$598M
- Panama = $208M
- Germany = $205M
- Sweden = $197M
5. The top emerging export industries in Chile are:
- Construction and infrastructure
- Environmental infrastructure and wastewater
- Forestry
- Mining and Metals
- Power Energy
6. The top U.S. products exported to Chile are:
- beer ($178.2 million)
- feeds and fodders ($143.7 million)
- pork and pork products ($111.4 million)
- dairy products ($105.6 million)
- beef and beef products ($94.8 million)
7. According to IMF Foreign Trade Forecasts, the volume of Chile’s exports of goods and services will increase by 1.3% in 2023 and 3.5% in 202. Conversely, its volume of imports of goods and services will drop to -7.5% in 2023 before increasing to -1.4% in 2024.
8. Chile is one of the 5 largest world exporters of cherry and cranberry, one of the 10 largest world exporters of grape, apple, kiwi, peach, plum, and hazelnut, and the 9th largest producer of grapes in the world.
9. According to the European Commission, Chile is one of the world’s biggest lithium suppliers (40% of the global lithium supply and around 80% of all EU imports.
10. The European Union eyes Chile as one of the world’s three largest hydrogen exporters by 2040.
The World Resources Institute recorded the country’s sustainable import and export plans:
11. Chile’s NDC ( National Determined Contribution ) aims to lessen its greenhouse gas intensity to 95 MtCO2e by 2030 through the use of electric-powered vehicles and utilizing the country’s cheap and environment-friendly renewable resources.
12. Wine and grapes are the country’s top export commodities which also rely heavily on water. The Government reforms its Water Code Act to regulate its water market and aid vineyard farmers.
13. Chile along with the 14 countries signed the COP26 climate memorandum stating that import and export heavy vehicle sales will be 100% zero-emission by 2045.
14. Chile’s National Energy Efficiency Plan prompts vehicle importers in the country to follow their New Energy Efficiency Standards starting in 2024. This rule requires light-duty vehicles, medium-duty vehicles, and heavy-duty vehicles to pass their environment-friendly fuel consumption standards.
15. The International Council On Clean Transportation reports that by 2030, Chile aims to be a leading global producer and exporter of green hydrogen through its revolutionized copper mining practices which align with the global energy transition and emission reduction goals.
16. According to Euromonitor, Chile’s developed food processing and beverage industry will optimize its export capacity and will grow by 35% by 2030.
17. The International Trade Administration reports that Chile’s sustainable agricultural practices focus on achieving green cultivated imports like organic fruits and vegetables, quinoa, and sustainable coffee.
18. The country’s MSC (Marine Stewardship Council) promotes sustainable fishing practices to protect its marine ecosystems, specifically its exported seafood products like salmon and trout.
Sectoral Composition
The agriculture, industry, and services sectors are the top drivers of the Chilean economy. Below you can find more detailed accounts of said sectors.
Agriculture
The agriculture sector contributes 4% to its economy with the main products being fruits, vegetables, wine, and seafood.
With its favorable climate for agriculture, long growing season, relatively low pest and disease pressure, and the government’s sustainable farming projects, the country expects a 1364.00 CLP billion GDP record in the first quarter of 2023.
Industry Sector
The industry sector accounts for 20% of Chile’s workforce and 33% of its GDP. The country’s profitable mining industry attracted significant foreign direct investment in recent years which further boosted its copper and lithium exports.
Service Sector
Financial services, tourism, transportation, and telecommunications are the largest contributors to Chile’s GDP taking more than half of the country’s economic output.
After a low 8.4% growth rate during the pandemic, the country’s partnership with IMF projects forecasted a 3.7% development from 2023 to 2026.
Overall, Chile’s diverse industry sectors, open trade agreements, and foreign investments continue to support its economic growth and social stability.
Conclusion
Chile’s promising first-quarter trade balance sets the stage for sustained economic prosperity. As a high-income market economy, the nation excels in competitiveness, income per capita, and global influence.
With strategic sectors like agriculture, industry, and services, Chile’s robust GDP and open trade agreements reinforce its stability, presenting a positive outlook for continued growth.
Frequently asked questions
What contributes to Chile's economic prosperity?
Chile’s success stems from its high-income market economy, robust GDP, strategic sectors, and advantageous trade agreements, fostering competitiveness and stability.
How does Chile balance its import and export activities?
Chile leverages its diversified export portfolio, including copper, minerals, seafood, fruits, and wine, supported by favorable trade agreements with over 65 countries.
What sustainable initiatives is Chile undertaking in trade and development?
Chile’s National Determined Contribution focuses on reducing greenhouse gas intensity, promoting green energy, and adhering to environmentally friendly practices in agriculture, mining, and transportation.
About the author
My name is Marijn Overvest, I’m the founder of Procurement Tactics. I have a deep passion for procurement, and I’ve upskilled over 200 procurement teams from all over the world. When I’m not working, I love running and cycling.
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