What does Chile depend on?

Chile's economy depends heavily on exports, particularly of copper and other natural resources, which accounted for 65% of total goods and services exports in 2021. The country is the world's largest copper producer, responsible for about 25% of global production. Copper exports accounted for 49.5% of total goods and services exports in 2021. Other important exports include molybdenum, iron ore, fresh fruit, wine, and fishmeal.

Chile also relies on imports, primarily of capital goods, consumer goods, and intermediate inputs for use in its export-oriented industries. Capital goods, such as machinery and equipment, accounted for 26.3% of total goods and services imports in 2021. Consumer goods accounted for 21.8% of imports, while intermediate inputs accounted for 20.9%.

The country's dependence on exports and imports makes it vulnerable to fluctuations in global demand and commodity prices. When global demand for copper and other natural resources is strong, Chile's economy benefits. However, when demand is weak, Chile's economy can suffer.