What are the Top 10 exports of Chile in 2023-24?

Chile is a country known for its diverse and rich export industry. Chile has much to offer from precious metals to fresh produce to the global market. According to the latest Chile export statistics, Chile exported goods worth $25.45 billion in 2024 Q1 with a 4% increase as compared to the previous financial year of 2023 Q1.

Chile’s major exports in the first quarter of 2024 are Ores, slag, and ash ($7.13 billion), Copper and articles thereof ($4.83 billion), Edible fruit and nuts ($3.53 billion), Fish and other aquatic invertebrates ($1.93 billion), and Inorganic chemicals ($1.53 billion). Chile's exports accounted for a total value of $100.29 billion in 2023 with a decrease of 2% from the previous year.  The top exports of Chile in 2023-24 are Ores, slag, and ash ($28.58 billion), Copper and articles thereof ($20.41 billion), and Inorganic chemicals ($10.19 billion). 

According to the Economic Complexity Index (ECI), Chile's economy ranked 45th in the world in terms of GDP (current US dollars), 44th in terms of total exports, 62nd in terms of GDP per capita (current US dollars), and 74th most complicated in terms of overall economic complexity. In this article, we will delve into the top 10 exports of Chile, exploring their significance and impact on the country's economy as we look at the fiscal years 2023-24 and beyond.

Latest Chile’s Exports Trends 

• The most recent data on exports from Chile shows that in the first quarter of 2024, exports totaled $25.45 billion.
• The cost of Chilean lumber exports decreases by 0.7% in June 2024.
• Currently exporting grapes worth $1.7 billion, Chile is the world's largest grapes exporter.
• Chile has obtained authority to export poultry meat and related goods to Paraguay, which has been a long-awaited permit.
• The EU-Chile Agreement improves the availability of raw materials and increases EU exports.
• The EU-Chile agreement will guarantee the supply of essential raw materials and clean energy while increasing EU exports to Chile by up to €4.5 billion.
• Chile is now the largest fruit exporter in South America, with fruit exports surpassing $6 billion in 2023.
• The US accepts a new protocol for Chile's table grapes following more than two decades of negotiations.
• As per the latest statistics on US-Chile trade, Chile exported $905 million worth of grapes in 2023, of which $431 million went to the US.
• The US decided to send more US pork products to Chile in 2023 while on an agribusiness trade mission led by the USDA. 

These are Chile's top 10 exports

Mining and minerals are the biggest export sectors of Chile in the 2023-24 season. Chile’s top 10 exports encompass a wide array of varieties. Ores, slag, and ash are Chile’s biggest export worth $28.58 billion in 2023. Let us take a close look at Chile’s biggest exports in 2023:-

1. Ores, slag, and ash: $28.58 billion (28.5%)

Ores, slag, and ash are among the top exports of Chile, representing a significant portion of the country's total export value. In 2023, this category saw a 5% increase from the previous year, highlighting the growing demand for Chilean mineral resources. Chile exported the most ores, slag, and ash to China worth $18.83 billion in 2023. The HS code for ores, slag, and ash is 26.

2. Copper and articles thereof: $20.41 billion (20.35%)

Copper is a highly valuable export for Chile, with the country being one of the world's largest producers of this metal. Although there was a slight decrease of 5% from the previous year, copper continues to be a pillar of Chile's export industry. The HS code for copper and articles thereof is 74. Chile exports the most copper to China worth $7.26 billion in 2023.

3. Inorganic chemicals or inorganic compounds of precious metals: $10.19 billion (10.17%)

Inorganic chemicals and compounds of precious metals are another significant export for Chile. Despite a 2% decline from the previous year, this category remains an important contributor to Chile's export revenue. The HS code for inorganic chemicals is 28. Chile exports the most inorganic chemicals to China worth $5.57 billion in 2023.

4. Fish, crustaceans, and other aquatic invertebrates: $7.30 billion (7.28%)

Chile's marine assets are a prime export commodity, with fish, crustaceans, and different aquatic invertebrates making up a vast portion of the nation's exports. This category noticed a 2% lower from the preceding 12 months. The HS code for fish, crustaceans, and other aquatic invertebrates is 03. Chile exported the maximum number of fish and aquatic invertebrates to the USA worth $2.86 billion in 2023.

5. Edible fruit and nuts; peel of citrus fruit or melons: $6.67 billion (6.65%)

Fresh produce is a top export for Chile, with edible fruit and nuts being a famous desire in the global marketplace. Despite a 17% lower from the previous year, this category remains a big contributor to Chile's export company. The HS code of safe to eat fruit and nuts is 08. Chile exported the most edible fruit and nuts to China worth $2.28 billion in 2023.

6. Commodities not elsewhere specified: $3.24 billion (3.24%)

Commodities not elsewhere specified saw an extremely good 32% growth in export price from the preceding 12 months, showcasing the variety of Chile's export services. This category features an extensive variety of merchandise, highlighting Chile's versatility in the global market. The HS code for commodities not elsewhere specified is 99. Chile exported the maximum commodities, not elsewhere specified to the USA worth $799.60 million in 2023.

7. Pulp of wood or other fibrous cellulosic material: $2.65 billion (2.65%)

The pulp of wood and other fibrous materials is a vital export for Chile, with a 6% lower export cost from the previous 12 months. This class reflects Chile's thriving forestry enterprise and its contribution to the country's export revenue. The HS code for pulp of wood is 47. Chile exports the most pulp of wood to China worth $1.78 billion in 2023.

8. Wood and articles of wood; wood charcoal: $2.21 billion (2.2%)

Wood and articles of wood are precious exports for Chile, regardless of a 29% lower export value from the preceding year. This class highlights Chile's forestry sources and the global call for wood merchandise. The HS code for wood and articles of wood is 44. Chile exports the most wood and articles of wood to the United States worth $1.02 billion in 2023.

9. Nuclear reactors and machinery: $1.84 billion (1.64%)

Chile's export of nuclear reactors and equipment saw a 9% growth in export cost from the preceding year, showcasing the kingdom's growing presence inside the worldwide gadget marketplace. The HS code for nuclear reactors and equipment is 84. Chile exported the maximum number of nuclear reactors and machinery to the US well worth $716.64 million in 2023.

10. Beverages, spirits, and vinegar: $1.55 billion (1.56%)

Finally, beverages, spirits, and vinegar also are key exports for Chile, with a 19% lower export value from the preceding year. The HS code of beverages, spirits, and vinegar is 22. Chile exported the maximum beverages, spirits, and vinegar to China which became well worth $205.77 million in 2023.

Who are the top 10 export partners of Chile?

China is Chile's biggest export partner with exports worth $37.66 billion in 2023. Chile's top 10 export partners according to the latest Ukraine export statistics of 2023 include:

1. China: $37.66 billion (37.6%)
2. USA: $16.41 billion (16.4%)
3. Japan: $6.85 billion (6.8%)
4. South Korea: $6.15 billion (6.1%)
5. Brazil: $4.65 billion (4.6%)
6. Peru: $2.23 billion (2.2%)
7. Netherlands: $1.80 billion (1.8%)
8. Mexico: $1.77 billion (1.8%)
9. Spain: $1.55 billion (1.6%)
10. Canada: $1.50 billion (1.5%)

Chile exports more fruit than any other country in South America

Being the only nation in South America to rank in the top 5 exporters globally, Chile stands proud in the worldwide fruit export enterprise. Chile is in the 5th rank, with its main exports being sparkling grapes, cherries, and plums. Chile's fruit exports have surpassed the $6 billion mark in 2023. Cherries are now a popular product from Chile and are eaten up globally. This season's tough production situation for Chilean cherry exporters had been mainly introduced by the abundant rainfall of the previous spring. This is the primary reason for the minor decline in Chile's cherry exports in 2023 as compared to 2022—less than 4%.

EU-Chile Agreement improves access to raw materials and increases EU exports.

The EU-Chile Agreement demonstrates the breadth and depth of Europe's ties to Latin American nations. Trade, green transition, fuel and raw material supply, and sustainable development will all be aided by the pact. This agreement will guarantee the supply of essential raw materials and renewable energy while increasing EU exports to Chile by a total of €4.5 billion. Because the agreement eliminates tariffs on 99.9% of EU exports and reduces red tape through a specific SME chapter, smaller enterprises will be able to fully benefit from it. Under the agreement, EU companies will have a preferential advantage over Chilean government-funded contracts for concessions on goods, and investors from the EU will have the same status in Chile as Chilean businesses in the EU. Chile consents to the safety of over 200 historical EU food and drink goods' geographical indicators. Currently, more than 20,000 SMEs ship goods to Chile from Europe.

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Conclusion

In conclusion, Chile's top 10 exports showcase its diverse export industry and significance in the global market. From mining to agriculture, Chile continues to increase its export horizons. By staying attuned to market traits and customer needs, Chile can further decorate its function as a global export powerhouse. 

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