Answer: Compost is decomposed organic matter: wood chips are organic but not decomposed. So technically, wood chips are a mulch and are not generally used as a soil amendment. Compost, on the other hand, is considered a mulch material and a soil amendment. If your goal is to add organic matter to improve your soil, I'd suggest raking back the wood chips and applying aged manure or compost around your plants with the intent of digging it into the soil in the spring to help improve the soil.
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