Chile Current Account Deficit Narrows in Q2

Chile recorded a current account deficit of $441 million in the second quarter of 2026, narrowing sharply from a $1.98 billion deficit a year earlier. The result was driven by net income payments abroad and a wider services trade deficit, partly offset by a larger goods trade surplus. Net income posted a deficit of $6.95 billion, with direct investment income accounting for most of the shortfall through net payments abroad of $5.81 billion. Income accrued on foreign investment in Chile reached $7.42 billion, driven by mining companies, while income from Chilean investments abroad totaled $1.61 billion. The services trade deficit widened to $2.70 billion, as exports rose 3.1% to $3 billion and imports increased 5.0% to $5.71 billion. The goods trade surplus reached $8.87 billion, while net transfers posted a surplus of $344 million.

Chile posted a current account surplus of $1.9 billion in Q1 2026, the largest since Q1 2008, compared to a deficit of $0.3 billion shortfall in the same period a year ago. The goods surplus picked up to $9.6 billion from $6.3 billion in Q1 2025, as exports (14.7%) rose much faster than imports (+2.9%). Export growth was mainly fueled by mining shipments, which expanded 22.8% driven by copper (notably concentrates and cathodes), lithium carbonate, and gold. At the same time, the secondary income balance shifted to a surplus of $0.3 billion from a deficit of $0.1 billion, supported by higher net transfers, as inflows linked to additional tax revenue collection exceeded remittance outflows abroad. Conversely, the primary income shortfall rose to $6 billion from $4.6 billion, mainly driven by direct investment income, with net payments abroad totaling $5.2 billion. The services deficit increased to $2 billion from $1.9 billion, with exports falling 0.9% and imports rising 1.1%.

Chile posted a current account surplus of $1.3 billion in Q4 2025, the first since Q1 2024, reversing a deficit of $1.3 billion shortfall in the same period a year ago. The goods surplus picked up to $6.5 billion from $2.5 billion in Q4 2024, as the increase in exports outpaced that of imports. At the same time, the services deficit fell slightly to $2.2 billion from $2.3 billion; and the secondary income gap decreased to $9 million from $241 million. On the other hand, the primary income deficit climbed to $5.2 billion from $3.6 billion. In 2025, the economy posted a current account deficit of $4.349 billion, driven by net income payments abroad and a services trade deficit, partly offset by a surplus in the goods trade balance