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Chile's external sector: copper, exports, trade partners and the balance of payments
Argentina. For full detail on Argentina, go to The Argentine Thread.
Last verified: 2026-10-26 · Status: Changing
Chile exported a record US$107,004 million of goods and services in 2025 (up 7.9 percent), with copper alone at US$55,188 million, 51.6 percent of the total, and mining at 59.1 percent; China took 35.4 percent of exports and half of copper shipments. The current account deficit was US$4,349 million, 1.2 percent of GDP, because profits and interest paid to foreign investors outweighed a large goods surplus, while foreign direct investment into Chile reached US$14,513 million and Central Bank reserves ended 2025 at US$49,468 million. The State owns all mines under the Constitution, foreign exchange operations are free, and 96.3 percent of trade is with partners covered by trade agreements.
Trade and balance of payments figures are official US dollar figures. Peso equivalents use the Central Bank rate of CLP 986.58 per US dollar published in the Diario Oficial for 23 October 2026 (Ley Nº 18.840 art. 44), for orientation only.
Key facts
| Exports of goods and services, 2025 (record) | 107004 USD millionSUBREI, Informe Comercial 2025, as of 2025-12-31 · in force |
|---|---|
| Export growth, 2025 | 7.9 %SUBREI, as of 2025-12-31 · in force |
| Total trade (exports plus imports), 2025 | 199667 USD millionSUBREI, as of 2025-12-31 · in force |
| Imports, 2025 | 92662 USD millionSUBREI, as of 2025-12-31 · in force |
| Trade balance, 2025 | 20795 USD millionSUBREI, as of 2025-12-31 · in force |
| Copper exports, 2025 (51.6 percent of exports) | 55188 USD millionSUBREI, as of 2025-12-31 · in force |
| Copper share of total exports, 2025 | 51.6 %SUBREI, as of 2025-12-31 · in force |
| Mining share of total exports, 2025 | 59.1 %SUBREI, as of 2025-12-31 · in force |
| Share of exports going to China, 2025 | 35.4 %SUBREI, as of 2025-12-31 · in force |
| Share of copper exports going to China, 2025 | 50.6 %SUBREI, as of 2025-12-31 · in force |
| Share of trade with partners under trade agreements in force, 2025 | 96.3 %SUBREI, as of 2025-12-31 · in force |
| Argentina's rank among Chile's goods trading partners, 2025 | 5 rankSUBREI, as of 2025-12-31 · in force |
| Goods trade with Argentina, 2025 (4.0 percent of the total) | 7983 USD millionSUBREI, as of 2025-12-31 · in force |
| Goods exports, January to June 2026 (up 14.2 percent) | 60354 USD millionSUBREI, as of 2026-06-30 · in force |
| Current account balance, 2025 | -4349 USD millionBanco Central de Chile, balance of payments 2025, as of 2025-12-31 · in force |
| Current account balance, 2025 | -1.2 % of GDPBanco Central de Chile, as of 2025-12-31 · in force |
| Direct investment by foreigners in Chile (liabilities), 2025 | 14513 USD millionBanco Central de Chile, as of 2025-12-31 · in force |
| Accrued income of foreign direct investment in Chile, 2025 | 22870 USD millionBanco Central de Chile, as of 2025-12-31 · in force |
| Net international investment position, end 2025 (19.2 percent of GDP) | -71624 USD millionBanco Central de Chile, as of 2025-12-31 · in force |
| Gross external debt, end 2025 (74.4 percent of GDP) | 277421 USD millionBanco Central de Chile, as of 2025-12-31 · in force |
| Central Bank international reserves, end 2025 | 49468 USD millionBanco Central de Chile, as of 2025-12-31 · in force |
| Average copper price, 2025 (Cochilco, cited by SUBREI) | 451.1 US cents per lbSUBREI citing Cochilco, as of 2025-12-31 · in force |
The rule
1. The State has absolute, exclusive, inalienable and imprescriptible ownership of all mines, including metal bearing sands, salt flats, coal and hydrocarbon deposits and other fossil substances, regardless of who owns the surface land. A constitutional organic law decides which substances, other than liquid or gaseous hydrocarbons, can be granted as exploration or exploitation concessions; these are always granted by court resolution, and the holder's ownership of the concession is protected as property. Substances that cannot be granted as concessions may be exploited by the State or its companies, or through administrative concessions or special operating contracts on conditions the President sets by supreme decree.Constitución Política de la República (Decreto Nº 100 of 2005), Art. 19 Nº 24, incisos sexto to décimo, 2005-09-22 official text · verified 2026-10-26
2. The Central Bank's mandate includes the normal functioning of external payments. Anyone may freely carry out international exchange operations, defined broadly to include any act that creates, changes or extinguishes an obligation payable in foreign currency, even without a transfer of funds. The Bank may require specific operations to be reported to it and to be carried out in the Formal Exchange Market, made up of banks and other entities it authorizes.Ley Nº 18.840, Ley Orgánica Constitucional del Banco Central de Chile, Art. 3, art. 39, art. 40 and art. 41, 1989-10-10 official text · verified 2026-10-26
3. Chile's structural balance rule removes the cyclical part of copper revenue using a long term copper reference price estimated each year by a committee of independent experts, with the Autonomous Fiscal Council acting as observer and able to review and comment on the calculation. For the 2027 budget the reference price is 537 US cents per pound for every year of the 2027 to 2031 horizon, against a 2026 reference of 438 cents.Ley Nº 21.148 (Autonomous Fiscal Council); DIPRES Informe de Finanzas Públicas, third quarter 2026, Ley Nº 21.148 art. 2 letters a) and b); IFP 3T26 section III.6, 2026-10-06 official text · verified 2026-10-26
4. Trade with Argentina runs under the Chile Argentina Trade Agreement, contained in the 61st Additional Protocol to Economic Complementation Agreement Nº 35 between Mercosur and Chile, promulgated by Supreme Decree Nº 27 of 26 February 2019 and published in the Diario Oficial on 6 June 2019. Its provisions can be suspended or adjusted by exchange of notes, which Chile announces in the Diario Oficial, as happened in July 2020 with the 30 day suspension of articles 10.24.1 to 10.24.4.Decreto Supremo Nº 27 of 2019, Ministerio de Relaciones Exteriores (ACE Nº 35, 61st Additional Protocol), Promulgation decree; Diario Oficial notice under Constitution art. 54 Nº 1, 2019-06-06 official text · verified 2026-10-26
| Rank | Destination | 2025 exports | Share |
|---|---|---|---|
| 1 | China | 38,969 | 35.4% |
| 2 | United States | 18,371 | 16.7% |
| 3 | Japan | 8,580 | 7.8% |
| 4 | South Korea | 5,015 | 4.6% |
| 5 | Brazil | 4,894 | 4.4% |
| 6 | India | 4,069 | 3.7% |
| 15 | Argentina | 1,141 | 1.0% |
Top export destinations, 2025, goods and services (SUBREI Informe Comercial 2025, US$ million).
| Item | 2025 | Comment |
|---|---|---|
| Goods exports (FOB, BoP basis) | 110,363 | Up 11.6 percent; mining 66,736 |
| Goods imports (FOB) | 86,516 | Capital goods up 25.0 percent |
| Goods balance | 23,847 | |
| Services balance | minus 8,936 | |
| Net income | minus 19,353 | Direct investment income deficit 16,403 |
| Current account | minus 4,349 | 1.2 percent of GDP |
| Direct investment in Chile | 14,513 | Mostly reinvested earnings and capital contributions |
| Chilean direct investment abroad | 8,685 | |
| International reserves (stock, end year) | 49,468 | Reserve accumulation program started August 2025 |
Balance of payments, 2025 (Banco Central de Chile annual report, US$ million).
| Rank | Partner | Trade | Share |
|---|---|---|---|
| 1 | China | 65,332 | 32.7% |
| 2 | United States | 33,908 | 17.0% |
| 3 | Brazil | 12,654 | 6.3% |
| 4 | Japan | 10,642 | 5.3% |
| 5 | Argentina | 7,983 | 4.0% |
Main goods trading partners, 2025 (SUBREI, total trade in goods, US$ million).
Worked example
- Why the current account is negative despite a trade surplus. In 2025 the goods surplus was US$23,847 million (about CLP 23.5 trillion), but net income paid abroad was US$19,353 million, mostly US$22,870 million of profits accrued to foreign direct investors. For an investor this is the flip side of a large, profitable foreign owned base: dividends and reinvested earnings are counted as income paid abroad.
- Copper concentration. Copper exports of US$55,188 million are about CLP 54.4 trillion. A 10 percent fall in copper export value would cut exports by about US$5.5 billion, roughly 5 percent of total 2025 exports, before any volume response.
- Argentina at a high level. Argentina was Chile's fifth goods trading partner in 2025 with US$7,983 million (4.0 percent of goods trade), while Chilean exports of goods and services to Argentina were US$1,141 million; most trade flows from Argentina to Chile. For the Argentine side of the relationship see https://theargentinethread.com/guide/.
Step by step
- 1. Price copper exposure first: check the latest DIPRES copper assumptions and the Central Bank's balance of payments releases before building revenue or FX scenarios.
- 2. If you export, check which of Chile's agreements covers your destination (96.3 percent of 2025 trade was with agreement partners) and the rules of origin; see trade/trade-agreements-and-rules-of-origin.
- 3. If you will remit dividends, remember FX operations are free (Ley Nº 18.840 art. 39) but may have to be reported; see fx/dividends-and-profit-repatriation.
- 4. For mining projects, start from the State ownership rule and court granted concessions (Constitution art. 19 Nº 24) and then the sector rules in sectors/mining-energy-and-key-sectors.
- 5. Follow SUBREI's monthly trade report and the Central Bank's quarterly balance of payments on your /calendar/ and /dashboard/.
Common traps
- Treating Chile as diversified because many products are exported. Mining was 59.1 percent of 2025 exports and copper alone 51.6 percent.
- Ignoring China concentration. China took 35.4 percent of exports and 50.6 percent of copper shipments in 2025, and supplied 28.5 percent of goods imports.
- Reading the current account deficit as an import problem. In 2025 it came from income paid to foreign investors and the services deficit, not from the goods account.
- Mixing statistical bases. SUBREI totals (exports of US$107,004 million including services) and the Central Bank's balance of payments goods exports (US$110,363 million FOB) use different coverage and methodology; do not mix them in one ratio.
- Assuming lithium and hydrocarbons work like copper concessions. Liquid and gaseous hydrocarbons can never be concessions, and substances not open to concession go through the State, administrative concessions or special operating contracts (Constitution art. 19 Nº 24).
Sources
- Banco Central de Chile, Balanza de Pagos, Posición de Inversión Internacional y Deuda Externa, results for 2025
- SUBREI, Informe Comercial 2025, Comercio Exterior de Chile (February 2026)
- SUBREI, monthly foreign trade report January to December 2025
- SUBREI, monthly foreign trade report January to June 2026
- DIPRES, Informe de Finanzas Públicas, third quarter 2026
- Constitución Política de la República, consolidated text, Biblioteca del Congreso Nacional
- Ley Nº 18.840, Ley Orgánica Constitucional del Banco Central de Chile, Biblioteca del Congreso Nacional
- Ley Nº 21.148, Autonomous Fiscal Council, Biblioteca del Congreso Nacional
- Diario Oficial notice on the Chile Argentina Trade Agreement (26 August 2020, CVE 1805467)
- Diario Oficial, Central Bank exchange rates for 23 October 2026 (CVE 2891564)
Related pages
- macro/economy-at-a-glance
- macro/public-finances-budget-and-sovereign-funds
- trade/trade-agreements-and-rules-of-origin
- trade/importing-and-exporting
- sectors/mining-energy-and-key-sectors
- fx/dividends-and-profit-repatriation
- /country/chile/
- Live dashboard
- https://theargentinethread.com/guide/
Related: Chile country profile · live dashboard · central bank and release calendar · our posts on X