The table below shows the balance of trade between the UK and Chile for 2020. It highlights the importance of the services exports to Chile, and the important flow of trade between the two nations.
Future growth will depend on trends in the mining sector and the commodity prices for copper and lithium, both important drivers of Chile’s international trade. A new opportunity for Chile to reduce its dependence on mining is the rapidly growing focus on Green Hydrogen, where Chile is well placed to capitalise on its almost infinite access to renewable energy.
Total trade in goods and services (exports plus imports) between the UK and Chile was £1.9 billion in the four quarters to the end of Q1 2025, an increase of 6.1% or £108 million in current prices from the four quarters to the end of Q1 2024. Of this £1.9 billion:
• Total UK exports to Chile amounted to £1.2 billion in the four quarters to the end of Q1 2025 (an increase of 1.9% or £23 million in current prices, compared to the four quarters to the end of Q1 2024);
• Total UK imports from Chile amounted to £658 million in the four quarters to the end of Q1 2025 (an increase of 14.8% or £85 million in current prices, compared to the four quarters to the end of Q1 2024).
Chile was the UK’s 72nd largest trading partner in the four quarters to the end of Q1 2025 accounting for 0.1% of total UKtrade.
At the end of 2023, the stock of FDI from the UK in Chile was £2.0 billion, 5.6% or £118 million lower than the end of 2022. At the end of 2023, Chile accounted for 0.1% of the total UK outward FDI stock.
At the end of 2023, the stock of FDI from Chile in the UK are not available due to data disclosure.
Although the UK has been trading with Chile for over 200 years, the current situation leaves the UK in 19th position (see Chile Imports by Country) and with a huge opportunity to compete with current incumbents. The sectors currently viewed as the most interesting for UK companies are:
We have provided sector reports for each of these industries for you.
However, the Union Jack sells well in Chile, and there are many UK companies already selling well in the retail and food and drink sectors, particularly at the luxury brand level.
