Xile: Visió econòmica i política
Chile has a very open economy, highly dependent on international trade, which represented 57.8% of the country's GDP in 2020 (World Bank). The country mainly exports copper (which accounts for 51.8% of exports), fish fillets and other fish meat (3.5%), chemical wood pulp (2.8%); apricots, cherries, and peaches (2.6%), and wine (2.5%). Imports involve petroleum oils (8.9%), motor cars and other vehicles (5.4%), electrical apparatus for line telephony (4%), petroleum gas (2.4%), and automatic data processing machines(2.2%). According to IMF Foreign Trade Forecasts, the volume of exports of goods and services decreased by 0.1% in 2021 and is expected to increase by 5.1% in 2022 and 3.4% in 2023, while the volume of imports of goods and services increased by 30.8% in 2021 and is expected to reach 2.5% in 2022 and 2.4% in 2023.
Chile's top three exporting partners are China, the United States and Japan while its main importers are China, the United States and Brazil. 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. Challenges to Chilean trade include replacing the failed Union of South American Nations with ProSur to strengthen economic integration and trade relationships in the region (Buenos Aires Times). Additionally, with the world’s largest known copper reserves, Chile is a commodity-based, export-driven economy, which heightened Chile's exposure to the impact of the COVID-19 pandemic, since its economic performance is interlaced with patterns of global demand.
Chile's trade balance remains structurally positive, and attained USD 18,369 million in 2020, a significant increase from the previous year, mainly due to higher metal prices, which boosted export revenues and stood out the rebound in imports. Imports of goods and services decreased 12.7% in 2020, while exports decreased by 1% (World Bank). According to WTO data, in 2020, Chile exported 73,4 million USD worth of goods, while its imports stood at 59,2 million USD. As with regards to imports and exports of services in the same year, those amounted to 11,3 million USD and 6,3 million USD respectively.
Foreign Trade Values | 2017 | 2018 | 2019 | 2020 | 2021 |
Imports of Goods (million USD) | 65,258 | 74,685 | 69,888 | 59,226 | 92,197 |
Exports of Goods (million USD) | 68,859 | 74,708 | 68,763 | 73,485 | 94,677 |
Imports of Services (million USD) | 13,157 | 14,609 | 14,362 | 11,316 | 15,765 |
Exports of Services (million USD) | 10,098 | 9,940 | 9,259 | 6,318 | 6,618 |
Source: World Trade Organisation (WTO) ; Latest available data
Foreign Trade Indicators | 2017 | 2018 | 2019 | 2020 | 2021 |
Foreign Trade (in % of GDP) | 56.0 | 58.2 | 57.5 | 58.5 | 64.4 |
Trade Balance (million USD) | 7,490 | 4,409 | 3,016 | 18,976 | 10,528 |
Trade Balance (Including Service) (million USD) | 1,880 | -2,933 | -5,069 | 11,616 | -1,451 |
Imports of Goods and Services (Annual % Change) | 4.5 | 8.6 | -1.7 | -12.7 | 31.3 |
Exports of Goods and Services (Annual % Change) | -1.0 | 4.9 | -2.5 | -1.1 | -1.5 |
Imports of Goods and Services (in % of GDP) | 27.7 | 29.6 | 29.7 | 27.0 | 32.5 |
Exports of Goods and Services (in % of GDP) | 28.3 | 28.5 | 27.8 | 31.5 | 31.9 |
Source: World Bank ; Latest available data
Foreign Trade Forecasts | 2022 | 2023 (e) | 2024 (e) | 2025 (e) | 2026 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | -0.4 | 1.3 | 3.5 | 6.6 | 3.8 |
Volume of imports of goods and services (Annual % change) | -2.9 | -7.5 | -1.4 | 2.1 | 2.7 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
Main Customers (% of Exports) |
2021 |
China | 38.8% |
United States | 15.8% |
Japan | 7.7% |
South Korea | 5.1% |
Brazil | 4.8% |
Peru | 1.7% |
France | 1.7% |
Spain | 1.6% |
Netherlands | 1.6% |
Mexico | 1.5% |
India | 1.3% |
Canada | 1.2% |
Germany | 1.1% |
Switzerland | 1.0% |
Bolivia | 1.0% |
Argentina | 0.8% |
Italy | 0.8% |
Colombia | 0.7% |
Russia | 0.7% |
United Kingdom | 0.6% |
See More Countries | 27.9% |
Main Suppliers (% of Imports) |
2021 |
China | 29.9% |
United States | 17.4% |
Brazil | 8.4% |
Argentina | 5.3% |
Germany | 3.2% |
Mexico | 2.8% |
Japan | 2.4% |
Spain | 2.3% |
Peru | 1.9% |
South Korea | 1.9% |
Italy | 1.6% |
Colombia | 1.5% |
Vietnam | 1.4% |
India | 1.4% |
France | 1.3% |
Canada | 1.3% |
Ecuador | 1.3% |
Paraguay | 1.2% |
Thailand | 0.9% |
Türkiye | 0.7% |
See More Countries | 35.7% |
Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
To go further, check out our service Import Export Flows.
9.4 bn USD of services exported in 2019 | |
31.86% | |
26.92% | |
25.24% | |
Personal travelPersonal travel | 21.64% |
Business travelBusiness travel | 3.60% |
5.10% | |
3.50% | |
3.18% | |
3.04% | |
0.67% | |
0.48% |
14.5 bn USD of services imported in 2019 | |
33.73% | |
20.66% | |
16.71% | |
Personal travelPersonal travel | 14.72% |
Business travelBusiness travel | 1.98% |
12.11% | |
6.16% | |
4.62% | |
3.14% | |
2.60% | |
0.28% |
Source: United Nations Statistics Division, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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Actualitzacions: January 2023
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