Xile: Visió econòmica i política
Chile has a very open economy, highly dependent on international trade, which represents around 75% of its GDP (latest data available). In 2022, the country mainly exported copper (which accounted for 45% of exports), carbonates (mostly lithium, 8%), fish fillets and other fish meat (4%), chemical wood pulp (2.7%), and apricots, cherries, and peaches (2.5%). Imports involved petroleum oils (16.6%), motor cars and other vehicles (5%), motor vehicles for the transport of goods (3.5%), and petroleum gas (3.3% - data Comtrade). In the same year, the number of exporting companies increased to 7,781, representing a 7% increase compared to 2021. The manufacturing sector saw the highest number of new exporters in 2022 (+456), followed by services (+33), mining (+23), fishing and aquaculture (+9), and wines (+7).
Chile's 2022 top exporting partners were China (39.4%), the United States (13.9%), Japan (7.6%), South Korea (6.2%), and Brazil (4.6%); whereas imports came chiefly from China (25.3%), the United States (20.9%), Brazil (9.7%), Argentina (5.8%), and Germany (2.7% - data Comtrade). In 2022, the country's exports were directed to a total of 194 destinations, with increases in the value of shipments recorded in 126 of these. The largest increases in terms of exported value were seen in China (USD 4.437 billion), South Korea (USD 1.333 billion), Japan (USD 748 million), Mexico (USD 447 million), Belgium (USD 304 million), Peru (USD 299 million), Costa Rica (USD 286 million), Colombia (USD 271 million), and India (USD 190 million – data National Bank). Chile has signed Free Trade Agreements (FTAs) with several important economies, notably the European Union, the United States, China, and South Korea and is a member of the Pacific Alliance since 2012 with Mexico, Colombia and Peru. Its comparative economic advantages (revenue from mining, competitive and counter-seasonal agriculture sector) have given it access to the large markets of North America, Europe and the Asia-Pacific (and recently to other South American countries, especially Brazil). Chile also signed a trade continuity agreement with the UK, ensuring continued trade relations.
Chile's trade balance has been fluctuating in recent years. According to WTO data, in 2022, Chile exported USD 98.5 million worth of goods, while its imports stood at USD 104.5 million. Exports and imports of services in the same year amounted to USD 8.5 million and USD 22.9 million, respectively. In the same year, the World Bank estimated the country’s trade balance to be negative by 3.7% of GDP (from -0.8% one year earlier). According to the latest figures from the National Bank, Chile's trade exchange recorded during January to August of 2023 reached a total amount of USD 117.517 billion (FOB), a figure that showed a negative variation of 8.5% compared to the same period in 2022. Total exports amounted to USD 66.8 billion (of which 58.7% was from the mining sector), against USD 68.2 billion in imports.
Foreign Trade Values | 2019 | 2020 | 2021 | 2022 | 2023 |
Imports of Goods (million USD) | 69,855 | 59,207 | 92,397 | 104,529 | 85,506 |
Exports of Goods (million USD) | 68,794 | 74,023 | 94,775 | 98,549 | 94,937 |
Imports of Services (million USD) | 16,547 | 13,027 | 18,291 | 23,353 | 19,524 |
Exports of Services (million USD) | 8,462 | 5,554 | 5,973 | 8,529 | 9,866 |
Source: World Trade Organisation (WTO) ; Latest available data
Foreign Trade Indicators | 2018 | 2019 | 2020 | 2021 | 2022 |
Foreign Trade (in % of GDP) | 58.2 | 57.5 | 58.1 | 64.7 | 75.0 |
Trade Balance (million USD) | 4,409 | 3,016 | 18,917 | 10,470 | 3,807 |
Trade Balance (Including Service) (million USD) | -2,933 | -5,069 | 11,444 | -1,848 | -11,017 |
Imports of Goods and Services (Annual % Change) | 8.6 | -1.7 | -12.3 | 31.8 | 0.9 |
Exports of Goods and Services (Annual % Change) | 4.9 | -2.5 | -0.9 | -1.4 | 1.4 |
Imports of Goods and Services (in % of GDP) | 29.6 | 29.7 | 26.8 | 32.7 | 39.3 |
Exports of Goods and Services (in % of GDP) | 28.5 | 27.8 | 31.3 | 32.0 | 35.7 |
Source: World Bank ; Latest available data
Foreign Trade Forecasts | 2023 | 2024 (e) | 2025 (e) | 2026 (e) | 2027 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | 0.1 | 6.2 | 5.0 | 2.8 | 2.4 |
Volume of imports of goods and services (Annual % change) | -11.7 | 4.1 | 4.5 | 3.0 | 2.6 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
Main Customers (% of Exports) |
2023 |
China | 39.4% |
United States | 15.1% |
Japan | 7.2% |
South Korea | 6.3% |
Brazil | 4.5% |
See More Countries | 27.5% |
Main Suppliers (% of Imports) |
2023 |
China | 23.2% |
United States | 20.1% |
Brazil | 10.3% |
Argentina | 6.7% |
Germany | 3.3% |
See More Countries | 36.5% |
Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
To go further, check out our service Import-Export Flows.
9.8 bn USD of services exported in 2023 | |
36.38% | |
24.54% | |
Personal travelPersonal travel | 20.52% |
OtherOther | 39.08% |
Business travelBusiness travel | 4.02% |
20.85% | |
6.01% | |
4.57% | |
3.17% | |
3.00% | |
0.81% | |
0.67% |
20.6 bn USD of services imported in 2023 | |
34.69% | |
14.86% | |
Personal travelPersonal travel | 12.79% |
OtherOther | 50.45% |
Business travelBusiness travel | 2.07% |
14.85% | |
13.14% | |
10.03% | |
6.59% | |
3.53% | |
2.05% | |
0.26% |
Source: United Nations Statistics Division, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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Actualitzacions: July 2024