Record Exports Drive Chile’s Largest-Ever Trade SurplusRecord Exports Drive Chile’s Largest-Ever Trade Surplus

Record exports pushed Chile’s trade surplus to an all-time high in the first nine months of 2026, according to preliminary figures from the country’s Undersecretariat for International Economic Affairs (Subrei).

Chile’s foreign trade totaled $166.985 billion between January and September, up 12.9% from the same period a year earlier. The country posted a historic trade surplus of $25.721 billion, $10.512 billion above the result for the first nine months of 2025.

The result surpassed the previous surplus record of $20.373 billion, set in 2007.

Goods exports rose 18.5% to a record $93.837 billion, exceeding $90 billion for the first time in a January-September period.

In September alone, exports totaled $10.584 billion, up 14.1% from the same month of 2025, or an additional $1.306 billion. It was also the highest export value ever recorded for the month.

“The record level of our exports and the largest trade surplus in our history are positive signals for Chile. Foreign trade is a driver of our economy because it creates opportunities for companies, boosts productive activity and helps generate more investment and employment. Ultimately, strengthening our international integration also contributes to the country’s growth and development,” said Paula Estévez, Chile’s undersecretary for International Economic Affairs.

Mining Drives Chile’s Record Trade Surplus

Mining accounted for 62.7% of Chilean exports during the period, totaling $58.873 billion, up 25.7% from a year earlier.

Copper accounted for a large share of the sector, generating $49.247 billion in export revenue, up 18.7%. Copper concentrates totaled $31.565 billion, while cathodes reached $14.839 billion.

The increase in copper exports continued to be supported by high international prices, which averaged $6.09 per pound between January and September 2026.

The leading destinations for Chilean copper were China, with $21.122 billion; the United States, with $8.687 billion; Japan, with $6.139 billion; South Korea, with $3.336 billion; and India, with $2.817 billion.

India moved ahead of Brazil to become Chile’s fifth-largest copper destination after more than doubling its purchases, which rose 101.3% from the same period last year.

Lithium exports, meanwhile, nearly tripled from the same period in 2025, reaching $4.745 billion. The number of export destinations increased from 16 in 2025 to 20 in 2026, with China accounting for 74.5% of shipments, followed by South Korea at 15.9% and Japan at 2.8%.

Belgium, Germany, the United Kingdom and India also recorded growth, while new destinations included Indonesia, with $43 million; Poland, with $25 million; and Turkey, with $2.8 million.

Gold exports reached $3.401 billion, another record for the period, while shipments of silver, iron and molybdenum concentrates also increased.

Non-mining exports accounted for 37.3% of Chile’s total shipments, reaching a record $34.963 billion, up 8.2%.

Growth was driven by chemicals, salmon, machinery and equipment, fresh fruit such as kiwifruit, avocados, plums and apples, as well as agro-industrial products including frozen fruit and vegetable seeds.

The food industry exported $10.712 billion, up 5.2% and the highest value ever recorded for the period. Salmon accounted for 45% of those shipments, generating $4.770 billion in revenue, its highest level for a comparable period and 8% more than in 2025, an increase of $354 million.

The United States remained the leading market for salmon, with $1.975 billion in purchases, up 3% despite the tariff environment. Brazil ranked second with $773 million, followed by Japan with $606 million. China, Russia, Mexico and Canada followed at a greater distance.

With contributions from horse mackerel, frozen mussels, hake, trout and Patagonian toothfish, fisheries and aquaculture exports totaled $7.453 billion, exceeding $7 billion for the first time during the first nine months of a year.

Frozen fruit exports also reached a record, totaling $617 million.

Export Markets Become More Diversified

China remained Chile’s largest buyer of goods, with imports from the country totaling $31.089 billion, up 9%, and accounting for 33.1% of Chile’s total exports.

Products shipped to China included lithium, iron, molybdenum, methanol, gold, chilled salmon products, beef, squid, hazelnuts and avocados.

The United States ranked second, with $15.967 billion, up 21.3% and representing 17% of Chilean exports. Major products included copper cathodes, ferromolybdenum, salmon products, lithium carbonate, rhenium, kiwifruit, fruit juices, apples and pulp.

Although both China and the United States reached record levels for a comparable period, Chile also recorded greater diversification across other markets.

Of the additional $14.673 billion exported during the first nine months of 2026 compared with the same period in 2025, 63.4% went to destinations other than China and the United States.

India stood out, with Chilean exports reaching $5.096 billion, up 99.1%, driven by higher shipments of copper, gold, iodine, fresh apples, wood pulp, lithium, seeds, frozen salmon products and salt.

Japan, South Korea and Switzerland also recorded significant gains, increasing their purchases by $1.857 billion, $1.472 billion and $685 million, respectively.

Exports also increased to Bulgaria, Belgium, Canada, Bolivia, Brazil, Italy, the United Kingdom, Panama, Indonesia and Vietnam.

“As we consolidate and deepen our presence in our main markets, such as China and the United States, we are also reaching other markets with increasing strength, moving forward with the diversification of our exports. That is precisely where our efforts are focused today: consolidating and diversifying, because the more and better alternatives our exporters have, the more opportunities they will have in the current international environment,” Estévez added.

The export expansion was also supported by a broader base of companies. During the first nine months of 2026, 8,029 companies exported goods and services, 3% more than in the same period a year earlier, an increase of 232 companies and the highest number of exporters ever recorded for a comparable period.

Manufacturing, services, mining and the forestry industry were the sectors that added the largest number of exporting companies.

Finally, services exports reached an all-time high of $2.718 billion, up 17.3%. Digital services posted a record $960 million, led by information technology and consulting services.

The United States accounted for 53.6% of Chile’s digital services exports, while shipments to Mexico, Peru, Spain and Brazil also increased.

Source: PortalPortuario

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