Exporting guide to

Chile

Overview

Chile is one of the UK’s largest trading partners in Latin America and has enjoyed long periods of growth. A pro-business sentiment and a strong drive for innovative solutions make it a great first stop for companies new to the region.

Trade statistics

£1.2 billion total UK exports to Chile for the four quarters to the end of Q3 2023

(Source: ONS UK total trade: all countries, seasonally adjusted
Last updated: January 2024)

62nd largest UK export market

(Source: ONS UK total trade: all countries, seasonally adjusted
Last updated: January 2024)

0.1% of total UK exports for the four quarters to the end of Q3 2023

(Source: ONS UK total trade: all countries, seasonally adjusted
Last updated: January 2024)

Shared values

Chile and the UK have enjoyed a long and vibrant trading and diplomatic history based on shared values. These include the commitment to democracy and human rights, the development of open markets and commerce, international cooperation and cultural links.

A strong and open market

A member of the Organization for Economic Cooperation and Development (OECD) and the Pacific Alliance, Chile has a developed financial market and economic institutions with well-trained professionals and good infrastructure.

The UK concluded negotiations to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on 31 March 2023 and signed the Protocol of Accession on 16 July 2023. Chile is a member of the CPTPP.

Top five UK goods exported to Chile , in the four quarters to the end of Q3 2023

Goods Value (£ million )
Mechanical power generators (intermediate) 74.1
Cars 71.3
Medicinal & pharmaceutical products 40.1
Specialised machinery (capital) 22.2
Other chemicals 20.8

Source: ONS Trade in goods: country-by-commodity exports
Last updated: February 2024
Download the latest trade and investment factsheet for Chile.

Top five UK services exported to Chile , in the four quarters to the end of Q2 2023

Service Value (£ million )
Insurance and Pension 129.0
Travel 120.0
Other Business Services 101.0
Intellectual property [Note 5] 81.0
Transportation 61.0

Source: ONS UK trade in services: service type by partner country, non-seasonally adjusted
Last updated: January 2024
Download the latest trade and investment factsheet for Chile.

Chile: at a glance

Economic growth

2.4%

Actual figure (IMF, 2022)
The UK is 4.1% (IMF, 2022, actual figure)

GDP per capita

$13,068

Actual figure (IMF, 2020)
The UK is $40,347 (IMF, 2020, actual figure)

Currency

Chilean peso

Business language

Spanish

You may need a translator

Time zone

GMT -4

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Opportunities for exporters

There are opportunities for UK companies across a broad range of industries. Our trade advisers in the Chile have identified particular opportunities for UK businesses in the following sectors:

Check for trade barriers

Trade barriers, such as tariffs or taxes, can raise costs, cause delays, or even stop you from exporting. Check for any issues that may impact your business when exporting.

See current trade barriers

See resolved trade barriers

Check duties and customs

Find information on how to export goods from the UK. View the duties, rules, restrictions, and the documents you need for your products.

See current duties and customs procedures

Doing business in Chile

Preparing to export

VAT

Value Added Tax (VAT) is charged at a flat rate of 19%.

Business profits tax, also known as first category tax, is charged at 20%.

Individual income tax, also known as second category tax, is charged at rates of 0% to 40% on salaries.

Tax

The UK and Chile have signed a double taxation agreement, meaning the same income is not taxed twice.

Operating in Chile

Intellectual property

As a first step, you should speak to an intellectual property lawyer if you think you need patent protection when exporting.

Intellectual property (IP) rights are territorial. Rights granted in the UK do not provide protection elsewhere.

The Intellectual Property Office’s International IP Service provides practical information to help you protect, manage and enforce your IP in Chile.

British Businesses looking for IP support can also contact the IP Attaché for Latin America and the Caribbean.

Business culture

Chile is a face-to-face culture and Chileans have a strong preference for doing business with somebody they have actually met. Chileans are serious, straightforward negotiators, using the ‘hard sell’ and other aggressive tactics will not go down well. Instead, specify your priorities, terms and conditions.

Visit the market. This is essential if you wish to be seen as keen to compete seriously in Chile.

Spanish is the official language of Chile; however senior managers are usually proficient in English.

Payment terms

Quote in CIF US Dollars or in Sterling with US dollar equivalent. It's advisable to use a secure term of payment such as an irrevocable letter of credit from a Chilean commercial bank.

Next steps

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