Chile Posts Record January Trade on Copper Boom and Cherry Exports, but Tariff Clouds Loom

Chile kicked off 2026 with the strongest January trade performance in its history, crossing the $18 billion mark for the first time in the opening month of a year. Total trade exchange reached $18.04 billion, up 3.1% year-on-year, extending a remarkable streak of 17 consecutive months of growth, according to data released Wednesday by the Undersecretariat of International Economic Relations. Non-traditional exports also set a record, climbing 9.8% to $5.62 billion.

Exports alone accounted for $10.68 billion, an 8.5% jump driven by record performances across both traditional and non-traditional sectors. Mining led the way with $5.56 billion in shipments — a 12.1% increase — fueled by copper cathodes and concentrates that returned $4.55 billion. Gold, lithium carbonate, iron, molybdenum, and silver all posted gains exceeding $35 million each. Mining alone represented 52% of Chile‘s total exports.

The fruit sector contributed $1.77 billion, or 17% of all shipments, led by fresh cherries headed overwhelmingly to China. Over 90% of Chile’s cherry exports now go to a single market, where faster “Cherry Express” shipping routes and a zero-tariff trade agreement have transformed what was once a seasonal luxury into an everyday consumer product. The industry projects roughly 550,000 tons of cherries shipped this season, supporting around 200,000 jobs domestically. The food industry added another $1.32 billion, powered by salmon, frozen mackerel, and deep-sea cod.

The numbers are a vindication of Chile’s open-economy model, but the outlook is not without risk. Copper prices have surged past $13,000 per ton, partly driven by traders stockpiling metal in the U.S. ahead of potential tariffs. A Commerce Department review due by mid-2026 will determine whether phased tariffs of 15% to 30% on refined copper imports go ahead — a decision that could redirect Chilean shipments further toward China and compress margins for producers.

That growing reliance on Beijing is a strategic vulnerability Chile’s policymakers can no longer ignore. With copper and cherries both anchored to Chinese demand, any slowdown in the world’s second-largest economy — or escalation in U.S.-China trade tensions — would hit Santiago harder than almost any other capital in Latin America. For now, the record numbers tell a story of strength. The question is how long the tailwind holds.

Related coverage: Brazil’s Morning Call | Chile Joins Latin America’s Aid Push for Cuba as U.S. Oil Bl This is part of The Rio Times’ daily coverage of Chile affairs and Latin American financial news.

This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error