From 2022 to 2023, the overall cost of Chile’s imported products shrank by -26.3% starting from $109.3 billion in 2022.
Based on the average exchange rate for 2023, the Chilean peso depreciated by -19.5% against the US dollar since 2019 but appreciated by 3.8% from 2022 to 2023. Chile’s weaker local currency since 2019 makes its imports paid for in stronger US dollars relatively more expensive when converted starting from Chilean pesos.
Domestically, Chile’s inflation rate averaged 7.583% in 2023 in terms of consumer prices down from 11.645% for 2022.
Best International Suppliers for Chile’s Imports
The latest available country-specific data shows that 78.5% of products imported into Chile was furnished by exporters in: mainland China (22.3% of the Chilean total), United States of America (20.2%), Brazil (11%), Argentina (7%), Germany (3.5%), Japan (2.8%), Spain (2.26%), Mexico (2.19%), Peru (2.17%), Italy (1.8%), India (1.63%) and South Korea (1.62%).
Applying a continental lens, one-third (33.3%) of Chile’s total imports by value in 2023 was purchased from Asian countries. North American trade partners supplied 26.8% of import purchases made by Chile while 23.7% worth of goods originated from Latin America excluding Mexico but including the Caribbean.
At 14.9%, a smaller percentage came from European exporters.
Tinier percentages were shipped from Oceania (0.9%) led by Australia and New Zealand, and Africa (0.4%).
Given Chile’s population of 19.96 million people, its total $80.5 billion in 2023 imports translates to roughly $4,050 in yearly product demand from every person in the South American country. That per-capita metric lags the average $5,500 for 2022.
Chile’s Top 10 Imports
The following product groups represent the highest dollar value in Chile’s import purchases during 2023. Also shown is the percentage share each product category represents in terms of overall imports into Chile.
- Mineral fuels including oil: US$16.4 billion (20.4% of total imports)
- Machinery including computers: $10.2 billion (12.6%)
- Vehicles: $7.9 billion (9.8%)
- Electrical machinery, equipment: $7.8 billion (9.7%)
- Plastics, plastic articles: $2.4 billion (3%)
- Pharmaceuticals: $2.2 billion (2.8%)
- Meat: $1.9 billion (2.4%)
- Optical, technical, medical apparatus: $1.7 billion (2.2%)
- Inorganic chemicals: $1.5 billion (1.9%)
- Articles of iron or steel: $1.4 billion (1.7%)
Chile’s top 10 imports accounted for two-thirds (66.6%) of the overall value of its product purchases from other countries.
Imports of optical, technical and medical apparatus posted the sole growth in value among the top 10 import categories, up by a modest 2.9% from 2022 to 2023.
Among the top decliners, Chile’s imports of mineral fuels including oil (down -42% from 2022), inorganic chemicals (down -36.3%) and vehicles (down -34.4%) posted the severest reductions.
Please note that the results listed above are at the 2-digit Harmonized Tariff System code level.
A at the more detailed 4-digit HTS code level, Chile’s costliest imported products are processed petroleum oils (9% of the South American country’s total import spending), crude oil (6.5%), cars (3.9%), trucks (3.4%), petroleum gases (3.3%), phone devices including smartphones (2.8%), medication mixes in dosage (1.8%), fresh or chilled beef (1.6%), coal including solid fuels made from coal (1.5%), then computers including optical readers (also 1.5%).
Chile’s Top Mineral Fuels Imports Including Oil
In 2023, Chilean importers spent the most on the following 10 subcategories of mineral fuels-related products.
- Processed petroleum oils: US$7.2 billion (down -52.4% from 2022)
- Crude oil: $5.2 billion (down -5.9%)
- Petroleum gases: $2.7 billion (down -37.6%)
- Coal, solid fuels made from coal: $1.2 billion (down -60.5%)
- Asphalt/petroleum bitumen mixes: $63.8 million (down -56.5%)
- Petroleum jelly, mineral waxes: $12.5 million (down -46.8%)
- Peat: $11 million (down -26.9%)
- Coal tar oils (high temperature distillation): $5.3 million (down -29.2%)
- Petroleum oil residues: $1.2 million (down -75.1%)
- Coke, semi-coke: $1.1 million (down -97.5%)
Among these import subcategories, Chilean purchases of crude oil posted the mildest decline via a -5.9% drop from 2022 to 2023.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of mineral fuels-related imports among Chilean businesses and consumers.
Chile’s Top Machinery Imports Including Computers
In 2023, Chilean importers spent the most on the following 10 subcategories of machinery including computers.
- Computers, optical readers: US$1.2 billion (down -22.5% from 2022)
- Heavy machinery (bulldozers, excavators, road rollers): $960.5 million (up 7.2%)
- Machinery parts: $784.4 million (down -1.3%)
- Centrifuges, filters and purifiers: $572.7 million (up 16.4%)
- Liquid pumps and elevators: $501.5 million (up 12.4%)
- Transmission shafts, gears, clutches: $493.1 million (up 14.3%)
- Taps, valves, similar appliances: $443.4 million (up 1.9%)
- Sort/screen/washing machinery: $381 million (down -3.3%)
- Refrigerators, freezers: $284.2 million (down -18.2%)
- Air or vacuum pumps: $249.6 million (down -5%)
Among these import subcategories, Chilean purchases of centrifuges, filters and purifiers (up 16.4%), transmission shafts, gears and clutches (up 14.3%) then liquid pumps and elevators (up 12.4%) grew at the fastest pace from 2022 to 2023.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of machinery-related imports among Chilean businesses and consumers.
Chile’s Top Vehicles Imports
In 2023, Chilean importers spent the most on the following 10 subcategories of vehicles.
- Cars: US$3.1 billion (down -38.5% from 2022)
- Trucks: $2.8 billion (down -27.6%)
- Automobile parts/accessories: $604 million (down -27.5%)
- Public-transport vehicles: $598.9 million (down -16.6%)
- Tractors: $382.5 million (down -55.1%)
- Trailers: $125.2 million (down -37.6%)
- Special purpose vehicles: $99.3 million (up 13.5%)
- Motorcycles: $84.5 million (down -65.4%)
- Bicycles, other non-motorized cycles: $39.9 million (down -63.2%)
- Automobile bodies: $21.6 million (up 44.3%)
Among these import subcategories, Chilean purchases of automobile bodies (up 44.3%) and special purpose vehicles (up 13.5%) grew from 2022 to 2023.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of vehicles-related imports among Chilean businesses and consumers.
Chile’s Top Electronics Imports
In 2023, Chilean importers spent the most on the following 10 subcategories of electrical goods including consumer electronics.
- Phone devices including smartphones: US$2.2 billion (down -15.7% from 2022)
- Electric motors, generators: $943.3 million (down -26.2%)
- Electric generating sets, converters: $732.5 million (up 16.1%)
- Electrical converters/power units: $495 million (up 39.8%)
- Electric storage batteries: $483.5 million (up 118.8%)
- TV receivers/monitors/projectors: $429.5 million (down -8.3%)
- Insulated wire/cable: $381.9 million (down -22.1%)
- Lower-voltage switches, fuses: $227.1 million (down -0.9%)
- Electrical/optical circuit boards, panels: $191.2 million (down -2.8%)
- Electric water heaters, hair dryers: $178.6 million (down -35.6%)
Among these import subcategories, Chilean purchases of electric storage batteries (up 118.8%), electrical converters and power units (up 39.8%) then electric generating sets or converters (up 16.1%) grew from 2022 to 2023.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of electronics-related imports among Chilean businesses and consumers.
See also Chile’s Top Trading Partners, 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 May 13, 2024
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on May 13, 2024
International Trade Centre, Trade Map. Accessed on May 13, 2024