That dollar amount reflects a 36.4% increase from 2017 to 2021 and a 33% uptick from 2020 to 2021.
Based on the average exchange rate for 2021, the Chilean peso depreciated by -17% against the US dollar since 2017 but increased by 4.3% from 2020 to 2021. Chile’s stronger local currency after 2020 makes its exports paid for in weaker US dollars relatively more expensive for international buyers.
Chile’s most valuable export products are copper ores and concentrates plus refined and unrefined copper. Those copper product categories represent well over half (54.9%) of international revenues from Chilean exports in 2021.
The latest available country-specific data shows that 84.2% of products exported from Chile were bought by importers in: mainland China (38.3% of the global total), United States of America (16.5%), Japan (7.7%), South Korea (5.1%), Brazil (5%), Taiwan (2.2%), Peru (1.8%), Spain (1.7%), Netherlands (1.6%), Mexico (also 1.6%), Canada (1.4%) and France (1.3%).
From a continental perspective, 57.3% of Chile’s exports by value were delivered to Asian countries while 19.4% were sold to importers in North America. Chile shipped another 11.3% worth of goods to Europe ahead of the 11% supplied to Latin America excluding Mexico but including the Caribbean.
Tinier percentages went to Africa (0.6%) then Oceania (0.4%) led by Australia and New Zealand.
Given Chile’s population of 19.7 million people, the total $89.8 billion in 2021 Chilean exports translates to roughly $4,600 for every person in the Latin American nation. That per-capital amount is an increase over an average $3,500 for 2020.
Chile’s Top 10 Exports
The following export product groups represent the highest dollar value in Chilean global shipments during 2021. Also shown is the percentage share each export category represents in terms of overall exports from Chile.
- Ores, slag, ash: US$30.8 billion (34.3% of total exports)
- Copper: $23.2 billion (25.8%)
- Fruits, nuts: $6.5 billion (7.2%)
- Fish: $5.8 billion (6.5%)
- Woodpulp: $2.7 billion (3%)
- Wood: $2.6 billion (2.9%)
- Inorganic chemicals: $2.4 billion (2.7%)
- Beverages, spirits, vinegar: $2 billion (2.2%)
- Meat: $1.4 billion (1.6%)
- Gems, precious metals: $1.3 billion (1.5%)
Chile’s top 10 exports accounted for 87.6% of the overall value of its global shipments.
Ores, slag and ash was the fastest grower among the top 10 export categories, up by 51.4% from 2020 to 2021 propelled by greater international sales of iron ore and concentrates
In second place for improving export sales was copper via a 47.4%.
Chile’s shipments of woodpulp posted the third-fastest gain in value thanks to a 29.6% expansion.
The most modest increase among Chile’s top 10 export categories belongs to gems and precious metals (up 4.5% year over year).
Note that the results listed above are at the categorized two-digit Harmonized Tariff System (HTS) code level. For a more granular view of exported goods at the four-digit HTS code level, see the section Searchable List of Chile’s Most Valuable Export Products further down below.
Products Generating Biggest Trade Surpluses for Chile
Chile earned an overall $2.8 billion trade surplus in 2021, down -77.1% from Chile’s $12.2 billion in black ink for 2020.
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$30 billion (Up by 50.7% since 2020)
- Copper: $23 billion (Up by 47.1%)
- Fruits, nuts: $6.1 billion (Up by 9.9%)
- Fish: $5.7 billion (Up by 16.7%)
- Woodpulp: $2.7 billion (Up by 29.7%)
- Wood: $2.1 billion (Up by 3.7%)
- Beverages, spirits, vinegar: $1.3 billion (Down by -11.8%)
- Inorganic chemicals: $1.2 billion (Down by -7.2%)
- Gems, precious metals: $1.1 billion (Down by -3.7%)
- Vegetable/fruit/nut preparations: $286.6 million (Down by -13%)
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$13 billion (Up by 88.8% since 2020)
- Machinery including computers: -$10.2 billion (Up by 41.3%)
- Electrical machinery, equipment: -$9.4 billion (Up by 35.2%)
- Vehicles: -$9 billion (Up by 118.7%)
- Plastics, plastic articles: -$3.1 billion (Up by 73.6%)
- Pharmaceuticals: -$2.3 billion (Up by 46.2%)
- Iron, steel: -$1.7 billion (Up by 147.8%)
- Optical, technical, medical apparatus: -$1.61 billion (Up by 37.3%)
- Articles of iron or steel: -$1.55 billion (Up by 56.9%)
- Knit or crochet clothing, accessories: -$1.3 billion (Up by 55.9%)
Chile has highly negative net exports and therefore deep international trade deficits for refined and processed petroleum oils, petroleum gas and coal.
These cashflow deficiencies clearly indicate Chile’s competitive disadvantages in the international mineral fuels including oil markets, but also represent key opportunities for Chile to improve its position in the global economy through focused innovations.
Chile’s Major Export Companies
According to Forbes Global 2000 rankings, the following 8 companies are examples of major Chilean export companies.
- AntarChile (investment services)
- BCI-Banco Credito (regional bank)
- Cencosud (food retail)
- CorpBanca (regional bank)
- Falabella (department stores)
- Latam Airlines (airline)
- Quinenco (investment conglomerate)
- SQM Materials (diversified chemicals)
Searchable List of Chile’s Most Valuable Export Products
The following searchable table displays 100 of the most in-demand goods shipped from Chile during 2021. Shown beside each product label is its total export value then the percentage increase or decrease since 2020.
| Rank | Chile's Export Product | 2021 Value (US$) | Change |
|---|---|---|---|
| 1 | Copper ores, concentrates | $26,659,150,000 | +52.5% |
| 2 | Refined copper, unwrought alloys | $20,175,392,000 | +49.4% |
| 3 | Fish fillets, pieces | $3,095,723,000 | +21.6% |
| 4 | Unrefined copper | $2,495,836,000 | +35.9% |
| 5 | Chemical woodpulp (non-dissolving) | $2,365,957,000 | +16.2% |
| 6 | Iron ores, concentrates | $2,360,110,000 | +65.8% |
| 7 | Apricots, cherries, peaches, nectarines, plums | $2,051,517,000 | +33.7% |
| 8 | Wine | $1,967,165,000 | +7.7% |
| 9 | Molybdenum ores, concentrates | $1,608,869,000 | +28.9% |
| 10 | Whole fish (frozen) | $1,554,768,000 | +1.6% |
| 11 | Gold (unwrought) | $958,971,000 | +0.5% |
| 12 | Grapes (fresh or dried) | $954,276,000 | -9.1% |
| 13 | Sawn wood | $927,958,000 | +26.9% |
| 14 | Carbonates, percarbonates | $883,621,000 | +29.6% |
| 15 | Whole fish (fresh) | $853,283,000 | +55.1% |
| 16 | Miscellaneous fruits (fresh) | $795,642,000 | +9.8% |
| 17 | Apples, pears (fresh) | $714,583,000 | +5.3% |
| 18 | Miscellaneous nuts | $674,732,000 | +15% |
| 19 | Swine meat | $670,347,000 | -7.5% |
| 20 | Fluorine/chlorine/bromine/iodine | $606,286,000 | -8.5% |
| 21 | Poultry meat | $498,883,000 | +35.3% |
| 22 | Frozen fruits, nuts | $494,875,000 | +13.8% |
| 23 | Laminated wood (including plywood, veneer panels) | $430,611,000 | +21.4% |
| 24 | Inedible meat flour | $399,181,000 | -12.4% |
| 25 | Ligneous fiberboard including wood | $395,813,000 | +27.2% |
| 26 | Hydrazine, inorganic salts | $373,830,000 | +54.9% |
| 27 | Fresh or dried citrus fruit | $362,204,000 | -2.2% |
| 28 | Shaped wood | $360,932,000 | +44.7% |
| 29 | Coated paper | $342,245,000 | -0.3% |
| 30 | Nitrites, nitrates | $337,667,000 | +13% |
| 31 | Crustaceans, molluscs (preserved/prepared) | $336,999,000 | +5.3% |
| 32 | Copper wire | $332,743,000 | +151.5% |
| 33 | Chemical woodpulp (dissolving) | $328,085,000 | +673.3% |
| 34 | Silver (unwrought) | $316,749,000 | +26.3% |
| 35 | Rubber tires (new) | $309,151,000 | +28% |
| 36 | Acyclic alcohols | $299,481,000 | +39.2% |
| 37 | Processed petroleum oils | $299,036,000 | +55.3% |
| 38 | Iron ferroalloys | $293,849,000 | +179.4% |
| 39 | Fuel wood, wood chips, sawdust | $258,651,000 | -24.2% |
| 40 | Fruit and vegetable juices | $256,386,000 | +47.3% |
| 41 | Potassic fertilizers | $240,798,000 | +75.3% |
| 42 | Fertilizer mixes | $222,294,000 | +13.2% |
| 43 | Alloy steel bars, rods | $220,707,000 | +123.3% |
| 44 | Dates/figs/pineapples/mangoes/avocadoes/guavas | $214,523,000 | -2.3% |
| 45 | Dried fruit | $211,739,000 | +8.3% |
| 46 | Fish/marine mammal fats and oils | $175,032,000 | +3.3% |
| 47 | Sowing seeds, fruits, spores | $162,023,000 | -0.4% |
| 48 | Medication mixes in dosage | $157,510,000 | +5.7% |
| 49 | Tomatoes (prepared/preserved) | $153,657,000 | -0.5% |
| 50 | Salts, pure sodium chloride | $150,680,000 | +22.9% |
| 51 | Other food preparations | $138,764,000 | -23.7% |
| 52 | Miscellaneous preserved fruits | $135,983,000 | +1.3% |
| 53 | Jams, fruits, jellies, marmalades | $123,206,000 | +10.9% |
| 54 | Petroleum gases | $122,781,000 | +75.5% |
| 55 | Metal-containing ash, residues | $119,389,000 | -33.3% |
| 56 | Worked cereal grains (eg, hulled) | $118,840,000 | -10.9% |
| 57 | Flour/meal/starch/malt extract food preparations | $116,905,000 | -1.4% |
| 58 | Nitrogenous fertilizers | $114,456,000 | +2.8% |
| 59 | Vegetable saps, extracts | $113,725,000 | -5.9% |
| 60 | Copper waste, scrap | $109,534,000 | -41.3% |
| 61 | Locust beans | $106,026,000 | +21.4% |
| 62 | Red meat offal | $104,508,000 | +3% |
| 63 | Automobile parts/accessories | $100,768,000 | +5.5% |
| 64 | Wood carpentry, builders' joinery | $99,934,000 | +31.6% |
| 65 | Plastic plates, sheets, film, tape, strips | $98,139,000 | +28.1% |
| 66 | Miscellaneous iron or steel items | $96,954,000 | +34.8% |
| 67 | Particle board, other ligneous materials | $95,631,000 | +16.1% |
| 68 | Propylene/olefin polymers | $94,952,000 | +51.5% |
| 69 | Phone system devices | $90,133,000 | +43.7% |
| 70 | Crustaceans (including lobsters) | $88,082,000 | +44.5% |
| 71 | Corn | $82,585,000 | -10.6% |
| 72 | Machinery parts | $82,409,000 | -1.2% |
| 73 | Animal/vegetable boiled or oxidized fats, oils | $78,401,000 | +174.2% |
| 74 | Glass bottles, flasks, jars, pots | $76,845,000 | +60.1% |
| 75 | Other aquatic invertebrates | $76,799,000 | -21% |
| 76 | Moluscs | $75,273,000 | -18% |
| 77 | Frozen beef | $74,662,000 | -17.4% |
| 78 | Iron or steel scrap | $74,164,000 | -30.4% |
| 79 | Sort/screen/washing machinery | $72,169,000 | +37% |
| 80 | Packaged insecticides/fungicides/herbicides | $70,429,000 | -4.2% |
| 81 | Plastic packing goods, lids, caps | $62,042,000 | +0.1% |
| 82 | Dried, salted or smoked fish | $61,782,000 | +19.1% |
| 83 | Glycosides, ethers, esters | $61,472,000 | +4012% |
| 84 | Fish, caviar (preserved/prepared) | $60,791,000 | -12.3% |
| 85 | Zinc ores, concentrates | $55,904,000 | +99% |
| 86 | Olive oil | $55,306,000 | -3.3% |
| 87 | Onions, garlic, leeks | $55,238,000 | +5.9% |
| 88 | Boron oxides, boric acids | $53,833,000 | +7.3% |
| 89 | Aluminum waste, scrap | $53,311,000 | +47.7% |
| 90 | Plastic tubes, pipes, fittings | $51,587,000 | +44.2% |
| 91 | Computers, optical readers | $51,536,000 | -53.4% |
| 92 | Uncoated kraft paper | $51,007,000 | +24.6% |
| 93 | Concentrated/sweetened milk, cream | $49,392,000 | -7.3% |
| 94 | Self-adhesive plastic in rolls | $45,916,000 | +31.7% |
| 95 | Cigars/cigarellos, cigarettes | $44,849,000 | -36.4% |
| 96 | Animal/vegetable hydrogenated fats, oils | $43,148,000 | +13.6% |
| 97 | Miscellaneous animal feed preparations | $42,152,000 | -14.9% |
| 98 | Frozen vegetables | $42,142,000 | +4.1% |
| 99 | Pig, poultry fat | $41,943,000 | +9.2% |
| 100 | Chlorides, chloride-oxides | $41,446,000 | +25.9% |
These 100 exported goods were worth a subtotal of US$89.8 billion or 94.4% by value for all products exported from Chile during 2021.
In macroeconomic terms, Chile’s total exported goods represent 17.2% of its overall Gross Domestic Product for 2021 ($522.8 billion valued in Purchasing Power Parity US dollars). That 17.2% for exports to overall GDP in PPP for 2021 compares to 14.8% for 2020. Those percentages suggest a relatively increasing 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 was 9.052% at October 2021, down from an average 10.77% one year earlier according to the International Monetary Fund.
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 26, 2022
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on March 26, 2022
International Monetary Fund, Exchange Rates selected indicators (National Currency per U.S. dollar, period average). Accessed on March 26, 2022
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on March 26, 2022
International Trade Centre, Trade Map. Accessed on March 26, 2022
Investopedia, Net Exports Definition. Accessed on March 26, 2022
Wikipedia, Gross domestic product. Accessed on March 26, 2022
Wikipedia, List of Companies of Chile. Accessed on March 26, 2022
Wikipedia, Purchasing power parity. Accessed on March 26, 2022
