Chile exported US$100.3 billion worth of goods around the globe in 2023. That dollar amount results from a 37.8% increase compared to $72.8 billion 5 years earlier during 2019.
From 2022 to 2023, the overall value of Chilean exports diminished by -2.3% starting from $102.6 billion in 2022.
The 5 best customers for Chile during 2023 comprise a diversified subset of countries: mainland China, United States of America, Japan, South Korea and Brazil. Collectively, that cohort of leading importers approached three-quarters (71.5%) of Chile’s total exports.
Applying a continental lens, well over half (56.3%) of Chile’s exports by value was delivered to Asian countries while 19.8% was sold to importers in North America. Chile shipped another 12.2% worth of products to fellow members of Latin America excluding Mexico but including the Caribbean.
Smaller percentages went to buyers located in Europe (10.9%), Africa (0.6%), then Oceania (0.3%) led by Australia and New Zealand.
Chile’s Top Trading Partners
Below is a list showcasing 25 of Chile’s top trading partners, countries that imported the most Chilean shipments by dollar value during 2023. Also shown is each importing country’s percentage of Chile’s total exported products.
- mainland China: US$37.7 billion (37.6% of Chile’s total exports)
- United States: $16.4 billion (16.4%)
- Japan: $6.9 billion (6.8%)
- South Korea: $6.2 billion (6.1%)
- Brazil: $4.7 billion (4.6%)
- Peru: $2.2 billion (2.2%)
- Netherlands: $1.8 billion (1.8%)
- Mexico: $1.8 billion (1.8%)
- Spain: $1.6 billion (1.6%)
- Canada: $1.5 billion (1.5%)
- India: $1.4 billion (1.4%)
- France: $1.28 billion (1.3%)
- Taiwan: $1.26 billion (1.3%)
- Germany: $1.22 billion (1.2%)
- Belgium: $1.07 billion (1.1%)
- Argentina: $1.05 billion (1.0%)
- Colombia: $1.03 billion (1.0%)
- Italy: $862.8 million (0.9%)
- Bolivia: $843.5 million (0.8%)
- Switzerland: $827.7 million (0.8%)
- Ecuador: $739.8 million (0.7%)
- Thailand: $640.8 million (0.6%)
- United Kingdom: $584.3 million (0.6%)
- Russia: $465.1 million (0.5%)
- Malaysia: $336.1 million (0.3%)
Well over nine-tenths (93.9%) of Chilean exports in 2023 was delivered to the above 25 trade partners.
From 2022 to 2023, the fastest increases resulting from Chile’s export sales track back to Bolivia (up 57.6%), Italy (up 35.5%), France (up 35.1%), Malaysia (up 27.9%), Belgium (up 24.8%) and Ecuador (up 15.5%).
Year over year, there were 6 double-digit percentage decliners. The reductions belonged to customers in the Netherlands (down -33.2% from 2022), United Kingdom (down -28.6%), Taiwan (down -19.5%), Switzerland (down -15.5%), Japan (down -11.6%) and Colombia (down -10.2%).
Countries Causing the Greatest Trade Deficits for Chile
As defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have a negative trade balance or deficit.
It would be unrealistic for any exporting nation to expect across-the-board positive trade balances with all its importing partners. Similarly, that export country doesn’t necessarily post a negative trade balance with each individual partner with which it exchanges exports and imports.
Chile incurred the highest trade deficits with the following countries.
- Argentina: -US$4.6 billion (country-specific trade deficit in 2023)
- Brazil: -$4.2 billion
- Germany: -$1.6 billion
- Paraguay: -$1.1 billion
- Vietnam: -$795.4 million
- Trinidad/Tobago: -$582.9 million
- Italy: -$580.5 million
- Ecuador: -$381 million
- Sweden: -$376.8 million
- Austria: -$327.3 million
Among Chile’s trading partners that cause the greatest negative trade balances, Chilean deficits with Paraguay was the sole deficit to expand from 2022 to 2023.
These cashflow deficiencies clearly indicate Chile’s competitive disadvantages with the above countries, but also represent key opportunities for Chile to develop country-specific strategies to strengthen its overall position in international trade.
Countries Generating the Greatest Trade Surpluses for Chile
Chile earned an overall US$19.8 billion trade surplus in 2023, reversing Chile’s -$6.6 billion trade deficit for 2022.
Based on Investopedia’s definition of net importer, a country whose total value of all imported goods is lower than its value of all exports is said to have a positive trade balance or surplus.
Chile incurred the highest trade surpluses with the following countries.
- mainland China: US$19.7 billion (country-specific trade surplus in 2023)
- South Korea: $4.9 billion
- Japan: $4.6 billion
- Netherlands: $1.3 billion
- Taiwan: $1 billion
- Canada: $674.3 million
- Bolivia: $647.7 million
- Belgium: $565.9 million
- Switzerland: $522.7 million
- Peru: $491.7 million
Among Chile’s trading partners that generate the greatest positive trade balances, Chilean surpluses with Bolivia (up 574.5%), Canada (up 550.5%) and Peru (up 302%) grew at the fastest pace from 2022 to 2023.
These positive cashflow streams clearly indicate Chile’s competitive advantages with the above countries, but also represent key opportunities for Chile to develop country-specific strategies to optimize its overall position in international trade.
Chile’s Major Companies
According to Forbes Global 2000 rankings, the following 8 companies are examples of leading Chilean companies.
- AntarChile (investment services)
- BCI-Banco Credito (regional bank)
- Cencosud (food retail)
- CorpBanca (regional bank)
- Falabella (department stores)
- Latam Airlines (airline)
- Quinenco (investment conglomerate)
- SQM Materials (diversified chemicals)
See also Chile’s Top 10 Imports, Chile’s Top 10 Exports, Brazil’s Top 10 Exports and Top South American Export Countries
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on November 14, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on November 14, 2024
International Trade Centre, Trade Map. Accessed on November 14, 2024