Industry Focus >>Fastening Tools

Trade Statistics and Analysis in

智利緊固工具貿易統計分析
Overview of Chile1

Hardware & Fastener Components - no.57/2023

After an impressive recovery from the Covid-19 pandemic, the Chilean economy is undergoing a necessary transition towards sustainablegrowth. In light of an effective, sizable, and multi-pronged policy response, the economy recovered very fast from the fallout of the pandemic,
which resulted in the build-up of macroeconomic imbalances. Amid a positive output gap, inflationary pressures, and an elevated current
account deficit, the authorities have adequately tightened macroeconomic policies, while supporting lagging employment and protecting
the most vulnerable. Chile’s GDP growth is projected to decline from 11.7 percent in 2021 to 2.1 percent in 2022 and turn negative at 1.3
percent in 2023, before returning to an estimated potential rate of 2.5 percent over the medium term. The balance of risks is tilted to thedownside. External risks include the possibility of an abrupt global slowdown or recession, with an associated spike in global risk premiumand commodity price volatility; a possible de-anchoring of inflation expectations in major economies alongside further tightening of global
financial conditions; commodity price shocks; or an intensification of spillovers from Russia’s war in Ukraine. Domestic risks relate to highinflation persisting for longer than expected, social discontent over high food and energy prices, or slow progress to meet social demands. The
constitutional reform process is expected to continue but uncertainty over possible outcomes has narrowed.

Trend of Chilean Fastening Tools Industry
The Import Sector
As it has been said that the industries are declining in Chile, it has
affected the fastening tools industry in Chile as well.
If we take 2017 as the basis year, the import value of Chile’s fasteningtools was 119.408 million US dollars in 2022, which in 2018 increased by
8.3% to 129.301 million US dollars.
Chile’s imported fastening tools got constant in 2019, which was130.019 million US dollar, 0.6% higher than 2018. In 2020, due to theproblems of Covid-19 and Chile’s economy problem, Chile’s imported
fastening tools value declined by 12.5%. In 2020, Chile’s fastening importvalue was 113.728 million US dollars. In 2021, its import experienced
a 60.5% growth and reached over 188.977 million US dollars.
These numbers include two HS Codes- 8205 and 8207. Table 1 shows theshare of each HS Code.

Table 1 Chile's Import of Fastening Tools
Year2017

2018

2019

2020

2021

HS Code 8205

37.30140.33038.72635.37072.7828.1%-4.00%-8.7%

105.8%

88.97191.29378.358 110.195

GrowthHS Code 8207

82.107Growth8.4%

2.6%-14.2%

40.6%

Numbers are in million US dollar

Table 2 Chile's Export of Fastening Tools
Year20172018

2019

2020

2021

HS Code 8205

2.506

1.999

3.687

2.297

3.932

-20.2%

84.4%-37.7%

71.2%

19.02013.42212.45014.738-18.6%-13.8%

26.6%

GrowthHS Code 8207
Growth20.244-7.6%

Numbers are in million US dollar

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1. https://www.imf.org/en/News/Articles/2022/10/28/chile-staff-concluding-statement-of-the-2022-article-iv-mission

Industry Focus >>The Export Sector

The Export Sector

Chile exported 18.670 million US dollars in 2021,
which is a growth of 26.6% compared to 2020. Of course,
we should note that in 2017 (22.750 million US dollars), 2018
(21.019 million US dollars), 2019 (17.109 million US dollar) and2020 (14.747 million US dollar), that is, 2021 was the first yearof growth after 3 consecutive years of decline. These numbers
include two HS Codes, 8205 and 8207. Table 2 shows theshare of each HS Code.

HS Code 8205: USA is the main buyer of Chilean fastening tools.
In 2021, USA imported 1.069 million US dollars of fastening tools fromChile, which is equivalent to 27.2 % of their total imports. Peru is the2nd buyer of Chilean fastening tools. In 2021, Peruvians imported
0.585 million dollars of fastening tools from Chile, which is equivalent
to 14.9 % of their total imports. Other countries bought 57.9% of Chile’s
exported fastening tools.

Chile’s Partners for Fastening Tools
The Import Sector

Hardware & Fastener Components - no.57/2023

HS Code 8205: China is the largest
exporter of fastening tools to Chile.
In 2021, 68.2% of Chile’s imports weremade to China, which means thatChinese exports to Chile were equal
to 49.637 m illion US dolla rs.
USA is the 2nd exporter offastening to Chile. In 2021,
9.9% of Chile’s imports weremade to USA, which meanst hat USA expor ts to Ch ile
were equal to 7.224 million USdollars. Other countries had
21.9% of Chile’s imports.
HS Code 8207: China is thelargest exporter of fastening
tools to Chile. In 2021, 28.5% ofChile’s imports were made to China,
which means that Chinese exports toChile were equal to 31.385 million USdollars. India is the 2nd exporter of fastening
tools to Chile. In 2021, 12.7% of Chile’s imports weremade to Indian suppliers, which means that India exports toChile were equal to 13.991 million US dollars. USA is the 3rdexporter of fastening tools to Chile. In 2021, 10.8% of Chile’s
imports were made to USA, which means that USA exports toChile were equal to 11.887 million US dollars. Other countries
had 48.0% of Chile’s imports.

HS Code 8207: Argentina is the main buyer of Chilean fastening
tools. In 2021, Argentina imported 3.785 million US dollars of fastening
tools from Chile, which is equivalent to 25.7 % of their total imports. USAis the 2nd buyer of Chilean fastening tools. In 2021, USA
imported 2.348 million dollars of fastening tools fromChile, which is equivalent to 15.9 % of their total
imports. Brazil is the 3rd buyer of Chilean
fastening tools. In 2021, Brazil imported
2.283 million US dollars of fastening tools
from Chile, which is equivalent to 15.5%of their total imports. Peru is the 4thbuyer of Chilean fastening tools. In2021, Peru imported 1.461 million USdollars of fastening tools from Chile,which is equivalent to 9.9 % of their
total imports. UK is the 5th buyer ofChilean fastening tools. In 2021, UK
imported 1.014 million US dollars
of fastening tools from Chile, whichis equivalent to 6.9 % of their total
imports. Other countries bought 26.1%of Chile’s exported fastening tools.

Last Word
According to the statistics of the first 10
months of 2022, the import of fastening tools
from Chile was 154.642 million US dollars, and thisnumber is expected to reach USD 186 million US dollars. Table 3
shows the detailed data (Numbers in the table are in thousand USD).
According to the statistics of the first 10 months of 2022, theexport of fastening tools from Chile was 116.176 million US dollars,
and this number is expected to reach USD 140 million. Table 4shows the detailed data (Numbers in the table are in thousand USD).

Table 3 Chile's Fastening Tool Import (Jan-Oct 2022; Unit: USD 1,000)
MonthJan.

Feb.

Mar.

Apr.

May

Jun.

Jul.

Aug.

Sep.

Oct.

HS Code 8205

7,761

6,702

5,997

4,561

4,194

3,976

5,223

5,681

4,100

3,295

HS Code 8207

8,066

10,42911,301

10,361

9,935

11,06011,831

9,735

9,346

11,088

Aug.

Sep.

Oct.

Table 4 Chile's Fastening Tool Export (Jan-Oct 2022; Unit: USD 1,000)
MonthJan.

Feb.

Mar.

Apr.

May

Jun.

Jul.

HS Code 8205

135266423

98,421

304

1,377

311

214

414

255

HS Code 8207

1,399

1,402

1,334

809

1,235

1,647

1,486

2,329

772

1,643

Article by Sharareh Shahidi Hamedani

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