Chile’s lithium industry saw a robust start to 2026, with exports reaching $1.523 billion FOB during the first quarter. This performance represents a 185% increase compared to the $534 million reported during the first three months of 2025.
Data published this week by the Central Bank of Chile confirms this as the second-best first quarter in the country’s history. The record remains the first quarter of 2023, which saw $2.338 billion in lithium exports. The current figures reflect a significant recovery for the mineral, which suffered from depressed prices throughout 2024 and much of 2025.
Chile exports three primary lithium products: carbonate, hydroxide, and sulfate. Lithium carbonate remains the dominant export, accounting for $1.107 billion of the quarterly total. Shipments of lithium sulfate saw the most dramatic growth, rising 1,317% compared to the previous year, while hydroxide exports grew by 17%.
China dominates trade flow
China remains Chile’s primary trade partner for the mineral, accounting for 55% of all lithium sales in the first quarter. Chilean firms exported $840 million in lithium carbonate to China, a 137% increase over the $354 million recorded in the same period of 2025.
South Korea and Japan followed as the next largest importers, purchasing $166 million and $34 million worth of carbonate, respectively. In Europe, Belgium emerged as the leading buyer with $23.7 million in imports, closely followed by the United States at $23.1 million.
Market analysis from GEM shows the average price for lithium carbonate equivalent (LCE) hit $16,923 per ton during the quarter. This is an 81% jump from the $9,350 average seen in the first quarter of 2025.
Patricio Faúndez, head of economics at GEM, attributed the growth to a combination of volume, pricing, and contractual timing. "The most probable scenario is that there has been a recovery in export volumes or changes in the product mix," Faúndez said. He cautioned that because of long-term contracts, global price adjustments are often reflected in export data with a delay.
Victor Pérez, an academic at the Universidad Adolfo Ibáñez, warned that the surge in value does not necessarily signal a new supercycle. "The global market still has excess supply, and Chinese demand remains volatile," Pérez said. He noted that the current price levels represent a recovery from recent lows rather than a fundamental shift in market structure.
