Forecast: Import of Iron and Steel to Chile

The import of iron and steel to Chile stood at $1.6286 billion in 2023. The historical data from 2013 to 2023 shows fluctuations with significant drops in 2015 and 2016, followed by periods of recovery. Notably, there was a robust increase of 32.84% in 2018, and a significant rise again in 2021 by 23.59%. The most recent figures show a year-on-year increase of 2.47% in 2022, and 2.36% in 2023, indicating a slow but steady growth trend in recent years.

Forecast for the next five years predicts a continued gradual increase in imports, with an average annual growth rate (CAGR) of 1.79%, propelling the value to $1.8248 billion by 2028. This suggests a stable import market driven by constant demand.

Future trends to watch for:

• Global economic conditions affecting steel demand.
• Technological advancements in steel production impacting competitive imports.
• Domestic production capabilities and policies in Chile that could alter import reliance.