Uruguai: Visió econòmica i política
Uruguay has an open economy and foreign trade represents 46.4% of the GDP. The country mainly exports meat (18.5%), soya beans (11%), wood (9.9%), milk and cream (6.8%), and rice (6.7%). The main imports include petroleum oils (9%), electrical apparatus for line telephony (3.3%), motor vehicles (3.3%), insecticides (2.1%), and medicaments (2%). According to IMF Foreign Trade Forecasts, the volume of exports of goods and services decreased by 16.2% in 2020, while the volume of imports of goods and services decreased by 10.8%. The unprecedented fall in volume of imports and exports in 2020 was due to the global economic crisis following the outbreak of the COVID-19 pandemic.
Uruguay's main trade partners are China, Brazil, Argentina, the United States, Algeria, and Angola. The Uruguayan economy is based on industry, trade and banking services (in the capital Montevideo), as well as agriculture, livestock farming (in the centre of the country) and tourism (in the East). Uruguay is a founding member of MERCOSUR, upon which it strongly depends. The country is also a member of ALADI, a trade association that includes ten South American countries as well as Cuba, Mexico, and Panama. Under ALADI’s Economic Complementation Agreements, Uruguay enjoys and grants special preferential access to trade with Bolivia, Chile, Colombia, Cuba, Ecuador, Mexico, Peru, and Venezuela. Additionally, trade relations with Argentina and Brazil are extremely important, as those countries account for over half of Uruguay’s exports and imports, combined.
As Uruguay mainly exports agricultural products, they are highly vulnerable to international price fluctuations. In 2020, their exports of goods amounted to USD 6.8 million, while imports totalled USD 7.5 million. As for services, imports equalled USD 3.42 million, while exports reached USD 3.49 billion. As a result, the country had a trade surplus in terms of goods of USD 2.1 million and a trade surplus including services of USD 2.2 million.
Foreign Trade Values | 2017 | 2018 | 2019 | 2020 | 2021 |
Imports of Goods (million USD) | 8,458 | 8,893 | 8,246 | 7,564 | 10,320 |
Exports of Goods (million USD) | 7,888 | 7,498 | 7,680 | 6,857 | 9,539 |
Imports of Services (million USD) | 3,438 | 4,422 | 4,596 | 3,429 | 3,929 |
Exports of Services (million USD) | 4,959 | 5,350 | 5,206 | 3,499 | 3,776 |
Source: World Trade Organisation (WTO) ; Latest available data
Foreign Trade Indicators | 2017 | 2018 | 2019 | 2020 | 2021 |
Foreign Trade (in % of GDP) | 46.8 | 47.8 | 49.6 | 45.8 | 56.8 |
Trade Balance (million USD) | 1,957 | 2,291 | 3,075 | 2,076 | 3,963 |
Trade Balance (Including Service) (million USD) | 3,478 | 3,268 | 3,751 | 2,384 | 3,769 |
Imports of Goods and Services (Annual % Change) | 7.1 | -0.0 | 1.5 | -12.0 | 20.9 |
Exports of Goods and Services (Annual % Change) | 4.9 | -1.7 | 3.6 | -16.0 | 14.4 |
Imports of Goods and Services (in % of GDP) | 20.7 | 21.4 | 21.9 | 20.7 | 25.3 |
Exports of Goods and Services (in % of GDP) | 26.1 | 26.4 | 27.8 | 25.1 | 31.5 |
Source: World Bank ; Latest available data
Foreign Trade Forecasts | 2022 | 2023 (e) | 2024 (e) | 2025 (e) | 2026 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | 13.1 | 1.7 | 2.3 | 2.5 | 1.7 |
Volume of imports of goods and services (Annual % change) | 11.3 | 6.3 | 3.3 | 3.4 | 2.2 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
Main Customers (% of Exports) |
2020 |
China | 20.3% |
Brazil | 15.4% |
United States | 7.7% |
Argentina | 4.4% |
Algeria | 3.1% |
See More Countries | 49.2% |
Main Suppliers (% of Imports) |
2020 |
Brazil | 21.1% |
China | 19.0% |
Argentina | 13.0% |
United States | 11.4% |
Angola | 2.8% |
See More Countries | 32.6% |
Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
To go further, check out our service Import Export Flows.
6.4 bn USD of services exported in 2018 | |
44.04% | |
Merchanting and other trade-related...Merchanting and other trade-related services | 23.09% |
Miscellaneous business,...Miscellaneous business, professional, and technical services | 20.95% |
36.99% | |
Personal travelPersonal travel | 32.06% |
OtherOther | 31.83% |
Education-related expenditureEducation-related expenditure | 0.20% |
Health-related expenditureHealth-related expenditure | 0.03% |
Business travelBusiness travel | 4.94% |
OtherOther | 4.94% |
7.28% | |
Sea transportSea transport | 3.01% |
OtherOther | 2.25% |
FreightFreight | 0.76% |
Air transportAir transport | 1.22% |
OtherOther | 1.22% |
3.64% | |
Telecommunications servicesTelecommunications services | 3.60% |
Postal and courier servicesPostal and courier services | 0.04% |
3.04% | |
2.21% | |
1.33% | |
Other personal, cultural, and...Other personal, cultural, and recreational services | 1.28% |
Audiovisual and related servicesAudiovisual and related services | 0.05% |
0.89% | |
0.53% | |
0.05% | |
ReinsuranceReinsurance | 0.03% |
3.7 bn USD of services imported in 2018 | |
28.24% | |
Personal travelPersonal travel | 25.72% |
OtherOther | 25.55% |
Health-related expenditureHealth-related expenditure | 0.17% |
Business travelBusiness travel | 2.51% |
OtherOther | 2.51% |
27.72% | |
Sea transportSea transport | 13.16% |
FreightFreight | 13.16% |
Air transportAir transport | 8.81% |
PassengerPassenger | 7.14% |
FreightFreight | 1.67% |
23.47% | |
Miscellaneous business,...Miscellaneous business, professional, and technical services | 23.44% |
Research and developmentResearch and development | 0.03% |
7.17% | |
3.16% | |
2.48% | |
Telecommunications servicesTelecommunications services | 2.47% |
Postal and courier servicesPostal and courier services | 0.01% |
2.24% | |
Other personal, cultural, and...Other personal, cultural, and recreational services | 1.60% |
Audiovisual and related servicesAudiovisual and related services | 0.64% |
2.13% | |
2.07% | |
1.29% | |
ReinsuranceReinsurance | 1.11% |
0.03% | |
Construction abroadConstruction abroad | 0.03% |
Source: United Nations Statistics Division, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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Actualitzacions: January 2023