Chile exported US$102.6 billion worth of goods around the globe in 2022. That dollar amount results from a 35.3% increase compared to $75.8 billion during 2018.
From 2021 to 2022, the overall value of Chilean exports rose by 10.5% from $92.9 billion.
The 5 best customers for Chile during 2022 comprise a diversified subset of countries: mainland China, United States of America, Japan, South Korea and Brazil. Collectively, that cohort of leading importers approached three-quarters (71.4%) of Chile’s total exports.
Applying a continental lens, almost three-fifths (57.6%) of Chile’s exports by value was delivered to Asian countries while 18.5% was sold to importers in North America. Chile shipped 12% worth of goods to Latin America excluding Mexico but including the Caribbean, with another 10.9% sent to Europe.
Tinier percentages were exported to Africa (0.6%), then Oceania (0.4%) led by Australia and New Zealand.
Chile’s Top Trading Partners
Below is a list showcasing 25 of Chile’s top trading partners, countries that imported the most Chilean shipments by dollar value during 2022. Also shown is each importing country’s percentage of Chile’s total exported products.
- China: US$38.9 billion (37.9% of Chile’s total exports)
- United States: $15.6 billion (15.2%)
- Japan: $7.8 billion (7.6%)
- South Korea: $6.1 billion (6%)
- Brazil: $4.9 billion (4.8%)
- Netherlands: $2.7 billion (2.6%)
- Peru: $2.2 billion (2.1%)
- Mexico: $1.9 billion (1.8%)
- Taiwan: $1.6 billion (1.5%)
- Spain: $1.5 billion (1.5%)
- Canada: $1.42 billion (1.4%)
- India: $1.28 billion (1.2%)
- Colombia: $1.14 billion (1.1%)
- Germany: $1.1 billion (1.1%)
- Argentina: $1.06 billion (1%)
- Switzerland: $980 million (1%)
- France: $948.6 million (0.9%)
- Belgium: $858.5 million (0.8%)
- United Kingdom: $817.9 million (0.8%)
- Thailand: $677.2 million (0.7%)
- Ecuador: $640.6 million (0.6%)
- Italy: $636.6 million (0.6%)
- Bolivia: $535.4 million (0.5%)
- Russia: $442.8 million (0.4%)
- Vietnam: $416.3 million (0.4%)
Well over nine-tenths (93.6%) of Chilean exports in 2022 were delivered to the above 25 trade partners.
From 2021 to 2022, the fastest increases resulting from Chile’s export sales were with the Netherlands (up 79.1%), Belgium (up 56.9%), Vietnam (up 49.2%), Bolivia (up 43.4%), Colombia (up 35.1%) and Thailand (up 30.4%).
There were 5 double-digit decliners year over year. The reductions belonged to customers in Russia (down -28.9% from 2021), Taiwan (down -19.5%), France (down -19.2%), Italy (down -14.3%) and Spain (down -11.9%).
Countries Causing the Greatest Trade Deficits for Chile
Chile recorded an overall -$6.6 billion trade deficit in 2022, expanding by 191.2% from Chile’s -$2.3 billion in red ink for 2021.
As defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have a negative trade balance or deficit.
It would be unrealistic for any exporting nation to expect across-the-board positive trade balances with all its importing partners. Similarly, that export country doesn’t necessarily post a negative trade balance with each individual partner with which it exchanges exports and imports.
Chile incurred the highest trade deficits with the following countries.
- United States: -US$10.5 billion (country-specific trade deficit in 2022)
- Brazil: -$6.1 billion
- Argentina: -$5.4 billion
- Germany: -$1.8 billion
- Colombia: -$1.1 billion
- Paraguay: -$1.07 billion
- Italy: -$945.6 million
- Vietnam: -$902.5 million
- Australia: -$822.2 million
- Ecuador: -$736.4 million
Among Chile’s trading partners that cause the greatest negative trade balances, Chilean deficits with Australia (up 596.2%), United States of America (up 251%) and Brazil (up 74.7%) grew at the fastest pace from 2021 to 2022.
These cashflow deficiencies clearly indicate Chile’s competitive disadvantages with the above countries, but also represent key opportunities for Chile to develop country-specific strategies to strengthen its overall position in international trade.
Countries Generating the Greatest Trade Surpluses for Chile
Based on Investopedia’s definition of net importer, a country whose total value of all imported goods is lower than its value of all exports is said to have a positive trade balance or surplus.
Chile incurred the highest trade surpluses with the following countries.
- mainland China: US$13.7 billion (country-specific trade surplus in 2022)
- Japan: $4.9 billion
- South Korea: $4.3 billion
- Netherlands: $2.1 billion
- Taiwan: $1.3 billion
- Switzerland: $585.3 million
- Costa Rica: $361.1 million
- Russia: $351.8 million
- Panama: $312.6 million
- Belgium: $215.9 million
Among Chile’s trading partners that generate the greatest positive trade balances, Chilean surpluses with Belgium (up 408.6%), Netherlands (up 130%) and Costa Rica (up 75.9%) grew at the fastest pace from 2021 to 2022.
These positive cashflow streams clearly indicate Chile’s competitive advantages with the above countries, but also represent key opportunities for Chile to develop country-specific strategies to optimize its overall position in international trade.
Chile’s Major Companies
According to Forbes Global 2000 rankings, the following 8 companies are examples of leading Chilean 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)
See also Chile’s Top 10 Imports, 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 April 22, 2023
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on April 22, 2023
International Trade Centre, Trade Map. Accessed on April 22, 2023
