The volumes of EU-Chile trade in goods evolved very differently during the first years of the FTA’s implementation due to various factors, such as the difference in market size and relevance (the EU is Chile’s third trading partner after China and the USA, while Chile is the EU’s 37th trading partner), different tariff liberalisation schedules, alternative trading opportunities, remaining NTBs, and price volatility of commodities such as copper, a major Chilean export item. After 2010, trade volumes have converged significantly, which has led to fairly balanced trade values.
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