Chile Business Opportunities
Chile is a market-oriented economy characterized by a high level of foreign trade. The country features the longest coastline of any country in the world.
- Key Industries:
- Copper and Other Minerals, Iron and Steel, Lithium, Wood and Wood Products, Transport Equipment, Cement, Textiles, Food Stuffs, Fish Processing
- Key Imports:
- Petroleum and Petroleum Products, Chemicals, Electrical and Telecommunications Equipment, Industrial Machinery, Vehicles, Natural Gas
- Key Exports:
- Copper, Fruit, Fish Products, Paper and Pulp, Chemicals, Wine
In 2017, the Country’s leading markets for exports were China 27.5%, Japan 9.3%, U.S. 14.5%, Brazil 5.0% and South Korea 6.2%. Its leading suppliers were U.S. 18.1 %, China 23.9%, Argentina 4.5% and Brazil 8.6%.
Chile's commitment to trade liberalization continued with the signing of a free trade agreement with the US, which took effect on 1 January 2004. It claims to have more bilateral or regional trade agreements than any other country (26 agreements), with 60 such agreements (not all of them full free trade agreements); agreements include the European Union, Mercosur, China, India, South Korea, and Mexico. Chile is a member of the Trans Pacific Partnership (TPP) with 18 countries.
Business and Market Sector Opportunities
Energy • Industrial Products • Communications • Consumer Goods • Aviation • Gas • Water
Economic Background and Situation
Between 2003 and 2013, growth ranged between 5.0% 6.0% per year. Throughout this period Chile maintained a low rate of inflation with GDP growth coming from copper prices, export earnings (particularly forestry, fishing, and mining), and growing domestic consumption. GDP growth slowed in 2017 to 1.7%, but improved in 2018 to 2.8%.
Chile continues to attract foreign direct investment, with most foreign investment going into gas, water, electricity, and mining.
A new President, Mr. Pinero, took office in March 2018.