Does Chile have high tariffs?

Does Chile have high tariffs?

Chilean imports are subject to the payment of the ad-valorem duty or tariff that is calculated on the CIF value (cost of goods + insurance coverage + freight transfer value). Since the 1st of January 2013, Chile applies a general tariff of 6\% on most products, making it one of the lowest tariffs in Latin America.

What is Chile’s import tax?

Imports into Chile are subject to custom duties at a general flat rate of 6\%, however, the Free Trade Agreements (FTA) that Chile has signed during the last 20 years lower this taxation. In most cases, and after a few years of implementation, the FTA´s often lower duty tax to zero.

How much is customs duty in Chile?

Customs duties As a general rule, the customs duty rate is 6\%. However, as Chile has an extended network of free trade agreements (FTAs), reduced or zero-rate customs duties are available. Duties on goods are imposed on the cost, insurance, and freight (CIF) price, without deducting special discounts.

What are Chile’s main imports?

Chile main imports are: energy products including crude and refined oil, coal, gas and lubricants (16 percent of total purchases); chemicals (6 percent); cars (5 percent); metallic products (5 percent); parts, other machinery and equipment (4 percent); wearing apparel (4 percent) and truck and cargo vehicles (3 percent …

What are Chile major imports and exports?

Chile happens to be the biggest importer of refined copper, followed by the United States. Copper ore, on the other hand, is imported by Japan and China. Apart from copper ore and refined copper, raw copper ($1.23 billion) and sulfate chemical woodpulp ($1.17 billion) are the two other items imported by Chile.

How many free trade agreements does Chile have?

Chile has negotiated 26 trade agreements of which 25 have entered into force, covering 65 markets, representing 88 percent of the world’s GDP.

What trade agreements does Chile have?

Chile has signed more or less comprehensive free trade agreements with the US, Canada, the European Union, EFTA, South Korea, Japan, Central America and Mexico. In June 2005, it finalized a four-way deal with Pacific neighbours Brunei, New Zealand, and Singapore (P-4). In June 2006, it signed an FTA with Panama.

Why do custom fees exist?

Customs Duty is a tariff or tax imposed on goods when transported across international borders. The purpose of Customs Duty is to protect each country’s economy, residents, jobs, environment, etc., by controlling the flow of goods, especially restrictive and prohibited goods, into and out of the country.

What are Chile’s top 3 imports?

Within these two categories are Chile’s three principal imports: crude petroleum ($5.43 billion, or 7.9\%), refined petroleum ($5.33 billion, or 7.7\%), and cars ($3.8 billion, or 5.5\%). Chile’s top three import partners are China ($14.8 billion, or 21\%), the US ($14 billion, or 20\%), and Brazil ($5.31 billion, 7.7\%).

What is Chile’s major imports and exports?