China and the United States account for 52% of Chile’s total exports worldwide. Copper concentrate represents 63% of exports to China, while refined copper to the United States accounts for 46% of all goods shipped to that country.
By Matías Vera
Copper prices, which are in themselves good news for Chile—the world’s leading exporter of the metal—have delivered a strong boost to national mining exports. The red metal, which reached US$6.02 per pound on Tuesday (January 6, 2026), has been posting near-daily record prices, driven by supply uncertainty caused over the past year by major mining accidents, among other factors.
These price levels have had a direct impact on the country’s 2025 mining export performance. According to public data from the Central Bank through November, Chile exported US$56.417 billion in mining products, including refined copper, concentrates, gold, lithium, and others.
This figure already exceeds the total recorded for all of 2024, when Chile exported US$56.163 billion in mining products. Based on a simple projection for December 2025, using the average of the previous eleven months, the final month of the year would register exports of US$5.128 billion. This would bring total mining exports for the year to US$61.546 billion—an all-time record, as Chile has never before surpassed the US$60 billion mark. The closest previous figure was recorded in 2021, with exports of US$57.949 billion.
Juan Carlos Guajardo, Chief Executive Officer of Plusmining, notes that “this result should be interpreted primarily as a price phenomenon rather than as a significant increase in physical export volumes. On a year-on-year basis, the value of mining exports shows growth in the order of 10%–12% compared with 2024, a magnitude that can hardly be explained by a similar increase in tonnage. In fact, copper production—the main component—has grown much more modestly, in the range of 1%–3%, reinforcing the view that the differential is dominated by price effects.”
“While copper export volumes remained relatively stable between January and October 2025 compared with the same period in 2024, higher copper prices this year have significantly boosted the total export value. In fact, by October the dollar amount recorded had already exceeded that of the entire year 2024,” adds Ignacio Martínez, economist at Itaú.
The weight of the major powers
The world’s two largest powers continue to be fundamental for Chile. China remains the country’s main trading partner, while the United States holds second place, posting stronger figures than in the previous year. Combined, total exports to both countries reached US$49.937 billion through November, accounting for 52% of Chile’s total trade with the world.
Through November, Chile’s total trade with China amounted to US$34.253 billion, of which 63% consisted solely of copper concentrate (US$21.694 billion).
“The data confirm that China not only continues to be the main destination for Chilean mining exports, but also maintains a structurally high trend. In recent years, exports to China have consistently remained within an elevated range: they exceeded US$38.8 billion in 2022, stayed above US$37 billion in 2024, and all indications suggest that in 2025 they will once again be close to those levels,” Guajardo explains.
This pattern is significant, he adds, because it shows that even in periods of slower Chinese economic growth, demand for minerals—particularly copper—does not contract significantly. “Instead, it adjusts at the margin, remaining on a high plateau that reflects China’s structural dependence on imported mineral inputs, as well as the gradual expansion of new uses linked to electromobility and the rising energy consumption of the digital era.”
Guajardo projects that exports to China could range between US$37 billion and US$38 billion by the end of 2025, “which would confirm that the mining trade relationship between the two countries is not cyclical, but strategic and long-term in nature.”
For its part, the United States—the second-largest export destination for Chile—surpassed any of its previous November records in terms of total exports, reaching US$15.684 billion. Copper was the main driver. The North American economy has never purchased as much copper from Chile as it did in 2025, which helped lift the year’s overall results. Through November, Chile exported US$7.274 billion in refined copper to the United States, with this product accounting for 46% of the total. The previous record had been set in 2021, at US$6.523 billion.
“It is worth recalling that during the first quarter of this year, record exports of refined copper to the United States were recorded, at a time when the threat of potential tariffs on this mineral—key for U.S. industry—may have influenced the behavior of American firms. In addition, higher copper prices have also boosted the total value of copper exports to the United States during 2025. For this year, it is very likely that total exports will be close to US$16 billion,” Martínez explains.
Another flagship Chilean export to the United States is fresh, chilled, or frozen salmon, which each year represents a significant share of the country’s export basket. Through November, exports of salmon products reached US$2.345 billion, compared with US$2.529 billion recorded in all of 2024.
Golden India
While the major powers account for the largest volumes, the performance of certain emerging markets is particularly striking—most notably India. Chile has significantly expanded its trade with the South Asian country after several years in which India did not feature among Chile’s top ten export destinations. It now holds sixth place, a position it had already reached in 2024.
Between 2018 and 2022, India did not appear in Chile’s top export rankings. In 2023, it returned to prominence, and in 2025 it reached record levels. Through November, Chile exported a total of US$3.493 billion to India, well above the US$2.575 billion recorded in all of 2024, representing a 36% increase.
A breakdown of exports shows copper concentrate and gold as the standout products. Through November, Chile exported US$1.760 billion in copper concentrate to India, compared with US$1.435 billion in the full year of 2024. While this represents a notable increase, it does not constitute a historical record, which was set in 2012 at US$2.284 billion. However, it was gold that ultimately drove the sharp increase in exports to India.
Whereas no gold exports to India were recorded in 2024, shipments through November 2025 reached US$841 million. This shift largely explains the surge. “India has become a very attractive destination for Chile and other emerging economies seeking to diversify their export baskets. In the case of gold, the metal has recently experienced periods of very strong returns, driven by its industrial and consumer uses, as well as its role as a reserve asset for central
banks,” Martínez notes.
Guajardo, for his part, argues that “the main driver has been the record price of gold, which has roughly doubled over the past two years. In a country like India, where gold plays a central role as a savings vehicle and cultural asset, high prices have not reduced demand in value terms.”
“As a secondary factor, the sustained increase in gold demand from central banks—seeking to bolster their reserves as a hedge against economic and geopolitical risks—has also been relevant. This phenomenon has helped sustain elevated prices, reinforcing gold’s appeal as a safe-haven asset and amplifying its impact on international trade.”
Guajardo adds that “the increase in gold exports to India primarily reflects the convergence of an exceptionally strong price cycle and very solid structural demand. By the end of 2025, it is reasonable to project exports to India in a range of US$3.7 billion to US$4.1 billion.”
Source: La Tercera