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Chile's Top Import And Exports 2022
Hello viewers, welcome to the Big Man Business Youtube channel, Here is another highly informative video. in this video, we're going to be talking about Chile's Top Import And Exports
The economy of Chile is one of the most stable in South America and has the highest gross domestic product per capita throughout Latin America. Its economy is the 44th largest in the world, both in exports and imports. In 2014, the country exported 77.3 billion dollars worth of goods and imported 69.1 billion dollars. This gave Chile a trade surplus of 8.22 billion dollars. Below is a closer look at the exports and imports of the economy of Chile.
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Chile’s Top 10 Imports
Chilean imports totaled 55.3 billion dollars in 2020, a 3.7 percent increase over 2016, but a minus 13.7 percent decrease from 2019 to 2020.
According to the average 2020 exchange rate, the Chilean peso has depreciated by minus 17.1 percent against the US dollar since 2016 and by minus 12.8 percent from 2019 to 2020.
Because of Chile's weaker local currency, imports paid for in stronger US dollars are relatively more expensive when converted from Chilean pesos.
From a continental standpoint, Asian countries accounted for 36.8 percent of Chile's total imports by value in 2020.
North American trade partners accounted for 22.2 percent of Chile's import purchases, while Latin America, excluding Mexico but including the Caribbean, accounted for 21.8 percent.
A smaller proportion of 16.9 percent came from European exporters.
Oceania accounted for 0.7 percent, led by Australia and New Zealand, as well as Africa had lower percentages of 0.5 percent.
With a population of 19.5 million people, Chile's total 55.3 billion dollars in 2020 imports equates to approximately 2,850 dollars in annual product demand from each person in the South American country.
During 2020, the following product groups have the highest dollar value in Chile's import purchases.
The percentage share of each product category in terms of total imports into Chile is also shown.
7.8 billion dollars for machinery, including computers accounting for 14 percent of total imports
Mineral fuels, including oil, totaled 7.2 billion dollars which are 13 percent
7.1 billion dollars in electrical machinery and equipment accounted for 12.9 percent
4.3 billion dollars for automobiles accounted for 7.7 percent
Plastics and plastic products accounted for 2.1 billion 3.9 percent
1.7 billion in pharmaceuticals accounted for 3.1 percent
1.5 billion dollars for meat accounted for 2.7 percent
Optical, technical, and medical equipment at 1.3 billion dollars all accounted for 2.3 percent
1.2 billion dollars in iron or steel articles accounted for 2.1 percent
1 billion dollars for iron and steel accounted for 1.9 percent
Chile's top ten imports accounted for nearly two thirds or 63.6 percent of the total value of its foreign product purchases.
Among the top ten import categories, imported electrical machinery and equipment grew the most in value, rising 19.6 percent from 2019 to 2020. The only other rise was a 5.6 percent increase in pharmaceuticals.
Chile's international purchases of vehicles were down by 40.8 percent year on year, mineral fuels including oil went down by minus 33.5 percent, and iron or steel as materials led the decliners down by minus 29.5 percent.
Chile’s Top 10 Exports
Chile, a South American country bordered by Argentina to the east, Peru to the north, and Bolivia to the northeast, shipped 67.6 billion dollars in goods around the world in 2020.
This figure represents a 17 percent increase from 2016 to 2020, but a minus 2.3 percent decrease from 2019 to 2020.
According to the average 2020 exchange rate, the Chilean peso has depreciated by minus 17.1 percent against the US dollar since 2016 and by minus 12.8 percent from 2019 to 2020.
Chile's weaker peso makes exports paid for in stronger US dollars less expensive for international buyers.
According to the most recent country specific data, 80.5 percent of Chilean exports were purchased by importers in the following countries: China with 31.3 percent of the global total, the United States with 14.1 percent, Japan with 9.2 percent, South Korea with 6.6 percent, Brazil with 4.6 percent, Peru with 2.8 percent, Spain with 2.4 percent, the Netherlands with 2.2 percent, Taiwan with also 2.2 percent, Mexico with 1.9 percent, India with 1.6 percent, and Switzerland with 1.5 percent.
From a continental standpoint, 57.7 percent of Chile's exports were delivered to Asian countries, while 16.8 percent were sold to North American importers.
Chile exported 12.2 percent of its total exports to Europe.
Latin America, excluding Mexico, but including the Caribbean with 11.5 percent, Africa with 0.5 percent, and Oceania, led by Australia, received smaller percentages of 0.46 percent.
Given Chile's population of 19.5 million people, the total 67.6 billion dollars in Chilean exports in 2020 equates to approximately 3,500 dollars for each person in the Latin American country.
The export product groups stated below have the highest dollar value in Chilean global shipments in 2020.
The percentage share of each export category in terms of total Chilean exports is also shown.
Ores, slag, and ash: 20.4 billion dollars account for 30.1 percent of total exports
15.7 billion dollars for copper accounts for 23.3 percent
5.8 billion dollars for fruits and nuts account for 8.6 percent
4.9 billion dollars for fish accounts for 7.3 percent
2.2 billion dollars for wood accounts for 3.3 percent
2.1 billion dollars for wood pulp accounts for 3.1 percent
2 billion dollars for inorganic chemicals account for 3 percent
1.8 billion dollars in beverages, spirits, and vinegar account for 2.7 percent
1.4 billion dollars for meat account for 2 percent
1.3 billion dollars in gems and precious metals account for 1.9 percent
Chile's top ten exports accounted for 85.2 percent of its total global shipments.
Meat was the fastest growing of the top ten export categories, increasing by 20.1 percent between 2019 and 2020.
Copper came in second for increasing export sales, with a 5.1 percent increase.
Chile's ores, slag, and ash shipments increased by 1.7 percent, propelled by increased international sales of iron ore and concentrates.
Gems and precious metals were the leading decliners among Chile's top ten export categories, falling by minus 8.9 percent year on year.
In terms of macroeconomics, Chile's total exported goods account for 14.8 percent of its overall GDP in 2020 456.4 billion dollars in Purchasing Power Parity US dollars.
In 2020, exports will account for 14.8 percent of total GDP in PPP terms, up from 13.8 percent in 2019.
Based on a short timeframe, this appears to indicate a relatively increasing reliance on products sold on international markets for Chile's total economic performance.
The unemployment rate is another important indicator of a country's economic performance.
According to the International Monetary Fund, Chile's unemployment rate was 10.2 percent in January 2021, up from an average of 6.966 percent the previous year.
Santiago is Chile's capital city.
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Sources :
Wikipedia
https://www.icontainers.com/us/2020/01/29/chile-main-imports-exports/#:~:text=Crude%20petroleum%2C%20which%20is%20Chile's,supplied%20by%20the%20United%20States.
https://www.worldatlas.com/articles/chile-exports-and-imports.html
https://www.worldstopexports.com/chiles-top-10-imports/
https://www.worldstopexports.com/chiles-top-10-exports/