Chile Economic Statistics

Silvia Andreoletti

Silvia is a Reporter at Trade Finance Global. She is also currently finishing her BA in Philosophy, Politics, and Economics at New College, Oxford, with a focus on financial markets, game theory, and international relations.

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Importing from Chile

As a net exporter, Chile’s economy is highly dependent on trade, which makes up over three quarters of its GDP. Chile’s main export is copper, of which it is the world’s main producer; other important exports are carbonates, fruits, and fish. Chile’s most important export destination is China, followed by the US, South Korea, and Brazil. The country has a significant mining industry, producing a significant portion of the world’s lithium as well as copper. Much of the copper exported goes to China, although the US and Canada are also significant destinations. After a few years of lacklustre growth, government investment has caused production to rise, with the next few years seeing record production, which will in turn mean increased exports.

The US and Saudi Arabia are also looking into investing in Chile’s mining sector, drawn by the country’s large reserves and business-friendly government. Despite frequent earthquakes near mining sites, the industry has been resilient and is expected to remain an important part of Chile’s economy for years to come. Chile’s energy sector is also expected to grow as foreign investors fight over the country’s green energy resources, such as hydrogen and wind turbines. In pursuit of carbon neutrality by 2050, the government is focusing on green energy sources, especially hydrogen production; because of the sparsely populated and windy areas to the south, and the ample access to the sea, investment from countries working to meet their own carbon targets is rising. Accordingly, Chile is expected to become an important energy exporter in the next decades as its hydrogen is transported worldwide. 

Domestically, Chile is a peaceful country with a long-standing democratic tradition. Protest movements in 2019 over inequality and a dictatorship-era constitution led to unrest and instability, but the situation has since settled and there have been no further flare ups since then.

Importing from Chile: What is trade finance?

In a report presented by the Banco Central de Chile, the country averaged $2,755.71 million from 1991 until 2016 in terms of imports. The imports’ lowest point was $492.60 million in February 1991 and the highest point was reached in October 2012 at $7,875.12 million. On average, Chile’s imports from 1991 until 2016 is $2,755.71 million.

Chile’s primary import commodities are composed of petroleum products and fuel at 13% of the total imports, 7% comprising machinery and parts and cars, computers, mobile phones with 10%, chemicals made up 6% and metal products at 5%.

Out of all Chile’s major import partners, China and the United States both receive 20% of the total imports, Brazil obtains 9%, while Argentina, South Korea and Germany at 4% each.

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