That dollar amount results from a 37.8% increase from $72.8 billion five years earlier during 2019.
Year over year, the overall value of Chile’s exports fell by -2.3% compared to $102.6 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 made its exports paid for in stronger US dollars relatively less expensive for international buyers.
Chile’s most valuable export products are copper ores and concentrates plus refined and unrefined copper. Those copper-related product categories represent well over two-fifths (43.5%) of overall revenues from Chilean exports in 2023.
Chile Best International Trade Customers
The latest available country-specific data shows that 83% of products exported from Chile were bought by importers in: mainland China (37.6% of the Chilean total), United States of America (16.4%), Japan (6.8%), South Korea (6.1%), Brazil (4.6%), Peru (2.2%), Netherlands (1.8%), Mexico (1.77%), Spain (1.6%), Canada (1.5%), India (1.4%) and France (1.3%).
From a continental perspective, 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 goods to fellow members of Latin America excluding Mexico but including the Caribbean.
Smaller percentages went to buyers in Europe (10.9%), Africa (0.6%), then Oceania (0.3%) led by Australia and New Zealand.
Given Chile’s population of 19.96 million people, the total $100.3 billion in 2023 Chilean exports translates to roughly $5,000 for every person in the Latin American nation. That per-capita amount results from an increase over an average $4,600 for 2022.
Chile’s Top 10 Exports
The following export product groups represent the highest dollar value in Chilean global shipments during 2023. Also shown is the percentage share each export category represents in terms of overall exports from Chile.
- Ores, slag, ash: US$28.6 billion (28.5% of total exports)
- Copper: $20.4 billion (20.4%)
- Inorganic chemicals: $10.2 billion (10.2%)
- Fish: $7.3 billion (7.3%)
- Fruits, nuts: $6.7 billion (6.7%)
- Woodpulp: $2.7 billion (2.7%)
- Wood: $2.2 billion (2.2%)
- Machinery including computers: $1.8 billion (1.8%)
- Beverages, spirits, vinegar: $1.6 billion (1.6%)
- Gems, precious metals: $1.6 billion (1.5%)
Chile’s top 10 exports accounted for 82.8% the overall value of overall Chilean shipments.
Gems and precious metals was the fastest grower among the top 10 export categories, up by 22.1% from 2022. Gold was a major component for the increased revenues for this product category.
In second place for improving export sales was machinery including computers via a 8.7% advance.
Chile’s shipments of ores, slag and ash posted the remaining gain in value, up by 4.9% year over year.
The severest decliner among Chile’s top 10 export categories was wood, pulled down by a -28.8% setback.
Note that the results listed above are at the categorized two-digit Harmonized Tariff System (HTS) code level.
At the detailed four-digit HTS code level, the most valuable Chilean exports were copper ores and concentrates, refined copper plus unwrought alloys, carbonates and percarbonates, molybdenum ores and concentrates, miscellaneous fruits including apricots, cherries, peaches, nectarines and plums, non-dissolving chemical woodpulp, unrefined copper, frozen whole fish, then iron ores and concentrates. Collectively, those products represent 64.3% of Chile’s total export sales.
Products Generating Biggest Trade Surpluses for Chile
Chile recorded an overall US$19.8 billion trade surplus in 2023, reversing Chile’s -$6.6 billion trade deficit for one year earlier for 2022.
The following types of Chilean product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports equal the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Ores, slag, ash: US$27.8 billion (Up by 4.5% since 2022)
- Copper: $20.3 billion (Down by -5%)
- Inorganic chemicals: $8.7 billion (Up by 8.3%)
- Fish: $7.2 billion (Down by -1.7%)
- Fruits, nuts: $6.3 billion (Down by -17.7%)
- Woodpulp: $2.6 billion (Down by -5.3%)
- Wood: $2 billion (Down by -29.3%)
- Gems, precious metals: $1.4 billion (Up by 28.4%)
- Beverages, spirits, vinegar: $1.2 billion (Up by 1.5%)
- Aircraft, spacecraft: $519.1 million (Up by 92.1%)
Chile has highly positive net exports in the international trade of copper, molybdenum, iron and zinc ores and concentrates. In turn, these cashflows indicate Chile’s strong competitive advantages for these essential construction materials under the ores, slag and ash category.
Products Causing Greatest Trade Deficits for Chile
Below are exports from Chile that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Chile’s goods trail Chilean importer spending on foreign products.
- Mineral fuels including oil: -US$15.2 billion (Down by -44% since 2022)
- Machinery including computers: -$8.3 billion (Down by -7.7%)
- Vehicles: -$7.6 billion (Down by -35.6%)
- Electrical machinery, equipment: -$7.4 billion (Down by -9.5%)
- Plastics, plastic articles: -$2.1 billion (Down by -29.5%)
- Pharmaceuticals: -$2 billion (Down by -3.5%)
- Optical, technical, medical apparatus: -$1.6 billion (Up by 5.2%)
- Knit or crochet clothing, accessories: -$1.2 billion (Down by -36.2%)
- Cereals: -$1.12 billion (Down by -37.7%)
- Articles of iron or steel: -$1.1 billion (Down by -25.6%)
Chile has highly negative net exports and therefore deep international trade deficits for energy products notably refined and processed petroleum oils, petroleum gas and coal.
These cashflow deficiencies clearly indicate Chile’s competitive disadvantages in the international mineral fuels including oil markets, but also represent key opportunities for Chile to improve its position in the global economy through focused innovations.
Chile’s Major Export Companies
According to Forbes Global 2000 rankings, the following 8 companies are examples of major Chilean export 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)
In macroeconomic terms, Chile’s total exported goods represent 16.8% of its overall Gross Domestic Product for 2023 ($597.5 billion valued in Purchasing Power Parity US dollars). That 16.8% for exports to overall GDP in PPP for 2023 compares to 17.8% for 2022. Those percentages suggest a relatively decreasing reliance on products sold on international markets for Chile’s total economic performance, albeit based on a short timeframe.
Another key indicator of a country’s economic performance is its unemployment rate. Chile’s unemployment rate averaged 8.827% for 2023, up from an average 7.878% one year earlier according to International Monetary Fund statistics.
Chile’s capital city is Santiago.
See also Chile’s Top 10 Imports, Chile’s Top Trading Partners, Brazil’s Top 10 Exports and Top South American Export Countries
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on March 28, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on March 28, 2024
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on March 28, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on March 28, 2024
International Trade Centre, Trade Map. Accessed on March 28, 2024
Investopedia, Net Exports Definition. Accessed on March 28, 2024
Wikipedia, Gross domestic product. Accessed on March 28, 2024
Wikipedia, List of Companies of Chile. Accessed on March 28, 2024
Wikipedia, Purchasing power parity. Accessed on March 28, 2024