Uruguai: Visió econòmica i política
Uruguay has an open economy, with foreign trade representing 57% of its GDP, according to the World Bank's latest available data. In 2023, the ranking of exported products was led by beef, constituting 18% of the total exports. Cellulose held the second position with a comparable share, followed by dairy products, beverage concentrates, rice, meat by-products, wood, soybeans, and vehicles. The largest import category in 2023 was industrial supplies, accounting for 28% of the total, followed by vehicles and their parts (17%), and food and beverage (14%).
Uruguay's main export partners in 2023 were China, Brazil, the EU, the U.S., and Argentina. Other relevant export destinations included Turkey, Mexico, Chile, and Paraguay. In terms of imports, they mainly came from Brazil, China, the EU, and Argentina. Uruguay is a founding member of MERCOSUR and a member of ALADI, a trade association that includes ten South American countries as well as Cuba, Mexico, and Panama. Uruguay enjoys special preferential access to trade with several countries under ALADI’s Economic Complementation Agreements.
As Uruguay mainly exports agricultural products, they are highly vulnerable to international price fluctuations. In 2023, imports of goods, excluding petroleum, derivatives, and energy, decreased by 2% compared to 2022, while exports declined by 13% compared to the previous year, which was a record year for exports. Service exports, on the other hand, totaled USD 6.07 billion in the twelve-month period ending in September 2023, with tourism exports rebounding.
Foreign Trade Values | 2019 | 2020 | 2021 | 2022 | 2023 |
Imports of Goods (million USD) | 8,246 | 7,564 | 10,320 | 12,973 | 12,486 |
Exports of Goods (million USD) | 7,680 | 6,864 | 9,535 | 11,184 | 9,193 |
Imports of Services (million USD) | 4,751 | 3,528 | 3,923 | 5,451 | 6,021 |
Exports of Services (million USD) | 5,357 | 3,729 | 3,746 | 5,473 | 6,397 |
Source: World Trade Organisation (WTO) ; Latest available data
Foreign Trade Indicators | 2018 | 2019 | 2020 | 2021 | 2022 |
Foreign Trade (in % of GDP) | 47.9 | 49.6 | 46.0 | 54.4 | 57.2 |
Trade Balance (million USD) | 2,385 | 3,113 | 2,153 | 4,473 | 3,452 |
Trade Balance (Including Service) (million USD) | 3,280 | 3,724 | 2,428 | 4,486 | 3,784 |
Imports of Goods and Services (Annual % Change) | 0.6 | 1.3 | -12.2 | 18.2 | 12.5 |
Exports of Goods and Services (Annual % Change) | -1.1 | 4.6 | -16.3 | 11.7 | 11.1 |
Imports of Goods and Services (in % of GDP) | 21.4 | 21.7 | 20.8 | 23.9 | 25.9 |
Exports of Goods and Services (in % of GDP) | 26.5 | 27.8 | 25.2 | 30.5 | 31.3 |
Source: World Bank ; Latest available data
Foreign Trade Forecasts | 2023 | 2024 (e) | 2025 (e) | 2026 (e) | 2027 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | -4.7 | 7.3 | 4.0 | 3.7 | 3.4 |
Volume of imports of goods and services (Annual % change) | 3.3 | 6.6 | 4.9 | 4.7 | 4.2 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
Main Customers (% of Exports) |
2023 |
Brazil | 20.5% |
China | 16.8% |
United States | 8.1% |
Argentina | 5.0% |
Türkiye | 2.8% |
See More Countries | 46.7% |
Main Suppliers (% of Imports) |
2023 |
Brazil | 21.9% |
China | 19.1% |
Argentina | 12.0% |
United States | 8.8% |
Nigeria | 4.3% |
See More Countries | 33.9% |
Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
To go further, check out our service Import-Export Flows.
8.1 bn USD of services exported in 2022 | |
49.71% | |
Merchanting and other trade-related...Merchanting and other trade-related services | 34.60% |
Miscellaneous business,...Miscellaneous business, professional, and technical services | 15.11% |
21.53% | |
Personal travelPersonal travel | 20.40% |
OtherOther | 20.23% |
Education-related expenditureEducation-related expenditure | 0.12% |
Health-related expenditureHealth-related expenditure | 0.05% |
Business travelBusiness travel | 1.13% |
OtherOther | 1.13% |
12.04% | |
7.90% | |
Sea transportSea transport | 2.23% |
FreightFreight | 1.32% |
OtherOther | 0.90% |
Air transportAir transport | 1.04% |
OtherOther | 1.04% |
3.48% | |
2.63% | |
Telecommunications servicesTelecommunications services | 2.62% |
Postal and courier servicesPostal and courier services | 0.02% |
1.01% | |
Audiovisual and related servicesAudiovisual and related services | 0.64% |
Other personal, cultural, and...Other personal, cultural, and recreational services | 0.37% |
0.78% | |
0.64% | |
0.28% | |
ReinsuranceReinsurance | 0.27% |
5.0 bn USD of services imported in 2022 | |
31.65% | |
Sea transportSea transport | 18.54% |
FreightFreight | 18.54% |
Air transportAir transport | 6.28% |
PassengerPassenger | 4.53% |
FreightFreight | 1.74% |
27.48% | |
Miscellaneous business,...Miscellaneous business, professional, and technical services | 27.48% |
19.82% | |
Personal travelPersonal travel | 18.98% |
OtherOther | 18.66% |
Education-related expenditureEducation-related expenditure | 0.21% |
Health-related expenditureHealth-related expenditure | 0.11% |
Business travelBusiness travel | 0.84% |
OtherOther | 0.84% |
7.28% | |
3.67% | |
2.65% | |
ReinsuranceReinsurance | 1.78% |
2.27% | |
Telecommunications servicesTelecommunications services | 2.26% |
2.20% | |
Audiovisual and related servicesAudiovisual and related services | 2.05% |
Other personal, cultural, and...Other personal, cultural, and recreational services | 0.15% |
2.05% | |
0.89% | |
0.03% | |
Construction in the compiling...Construction in the compiling economy | 0.03% |
Source: United Nations Statistics Division, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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Actualitzacions: November 2024