Chile Imports Jump 13.5% as Diesel Bill Nearly Triples

CHILE · ECONOMY

Chile’s diesel bill hit its highest level since at least 2013 in September, driving a 13.5% jump in imports.

Chile’s goods imports rose 13.5% on the year to US$8.54 billion in September, driven by a near-tripling of diesel purchases. Most of Chile’s imported diesel came from the US Gulf Coast in 2024, a state study cited by Chilean outlet Pauta found.

The Banco Central de Chile, the country’s central bank, published the data on Wednesday, 7 October. They also show a trade surplus of US$2.05 billion, above a forecast of US$1.25 billion and August’s US$1.69 billion.

La Tercera, a Santiago daily, reported the same 13.5% import rise on Wednesday. The export side, US$10.58 billion, is covered in Chile Exports Top US$10 Billion in September.

All figures are in US dollars as published. The import total excludes freight and insurance, while the central bank’s category figures include them.

Diesel Drove the Import Jump

Energy products, a category of intermediate goods, cost US$1.77 billion in September, up 73% from US$1.02 billion a year earlier. Diesel alone reached US$979 million, against US$347 million in September 2025 and US$484 million in August.

That is the highest monthly diesel bill in the central bank’s current import table, which begins in January 2013. The previous high was US$875 million in May 2022, during the fuel-price spike after Russia’s invasion of Ukraine.

Including freight and insurance, imports rose about US$1.14 billion on the year, and diesel accounts for US$632 million of that. Imports outside energy products rose about 6%.

Crude oil, which feeds the refineries of state oil company ENAP, was barely changed at US$390 million. A year earlier it was US$382 million.

Consumer Goods Rise, Investment Goods Fall

Consumer goods imports rose 13.1% to US$2.47 billion. Mobile phone imports rose 35% to US$256 million.

Car imports reached US$229 million, up 9.6% on the year but down by a third from August.

Capital goods, the machinery and equipment that signal business investment, fell 9.4% on the year to US$1.70 billion.

Over nine months, capital goods imports were flat at US$15.02 billion. That fits a soft domestic economy: the Imacec activity index fell 1% in August on a mining slump, Pauta reported.

The US Diesel Link

The United States sent 45.7 million barrels of distillate fuel, the category that includes diesel, to Chile in 2025. That made Chile the second-largest destination for US distillate exports after Mexico, data from the US Energy Information Administration show.

Chile’s state energy commission (CNE) found 83% of 2024 diesel imports came from the US Gulf Coast, Pauta reported.

That dependence became a live issue in late September. On Monday, 28 September, President Donald Trump said he was weighing a diesel export ban to curb US fuel prices, Pauta reported.

By Friday, 2 October, he had ruled it out, Argentine business daily El Economista reported. That followed a G7 deal to release 100 million barrels of crude and diesel.

G7 members, including the US, pledged to avoid energy export curbs among themselves, but Chile is not a member. The same report said US diesel had topped US$6.50 a gallon, with the Strait of Hormuz closed.

What It Means for You

For US refiners, Chile is the second-largest foreign market for distillate fuel, after Mexico. The central bank data do not show who supplied September’s cargoes.

For US policy, Chile shows how far a diesel export ban would reach abroad. An economist told Emol, a Santiago news site, that Chile would probably turn to Japan, South Korea or China.

For copper investors, analysts quoted by Emol named large-scale mining among the sectors most exposed to dearer diesel.

The bigger-than-expected surplus means more dollars flowing into Chile, which tends to support the Chilean peso.

What Is Not Known

The central bank reports import values, not volumes, so the split between higher prices and more barrels is unclear. Crude traded above US$100 a barrel in late September, Emol reported.

The figures do not show where September’s diesel came from. Nor do they show whether importers bought ahead because of the export-ban threat.

Monthly figures can be revised under the central bank’s publication policy.

What Comes Next

The central bank’s statistical calendar lists weekly trade figures for Thursday, 15 October, and Friday, 23 October. Those will show whether fuel purchases stayed high into October.

A bigger diesel bill does not by itself mean a shortage in Chile. It means the country is paying more, or buying more, for a fuel it largely imports.

Frequently Asked Questions

How much did Chile import in September 2026?

Chile imported goods worth US$8.54 billion, valued before freight and insurance, up 13.5% from a year earlier. The forecast was US$7.8 billion.

What was Chile’s trade surplus in September?

The surplus was US$2.05 billion, above a forecast of US$1.25 billion. It was also up from US$1.69 billion in August.

Why did Chile’s imports rise?

Energy imports rose 73% to US$1.77 billion, led by diesel at US$979 million. Consumer goods rose 13.1%, while capital goods fell 9.4%.

Will the US ban diesel exports?

President Trump weighed a ban in late September. He ruled it out on 2 October after a G7 stock-release deal.

Sources: Banco Central de Chile, imports of goods by category; Banco Central de Chile, trade balance; Banco Central de Chile, statistical calendar; US EIA, distillate exports by destination (annual); US EIA, distillate exports by destination (monthly); La Tercera, 7 October 2026; Pauta, 28 September 2026; Pauta, 1 October 2026; Emol, 30 September 2026; El Economista, 2 October 2026 (all accessed 8 October 2026).