Located in the southeastern part of South America, the Oriental Republic of Uruguay shipped US$9.2 billion worth of exported products around the globe in 2023.

That dollar metric results from a 17.6% increase from $7.8 billion five years earlier in 2019.

Year over year, the overall value of Uruguay’s exports shrank by -17.9% compared to $11.2 billion starting from 2022.

Based on the average exchange rate for 2023 on a Purchasing Power Parity basis, the Uruguayan peso dropped by -10.1% against the US dollar since 2019 but appreciated by 5.7% from 2022 to 2023. Uruguay’s weaker local currency compared to 2019 makes Uruguayan exports paid for in stronger US dollars relatively less expensive for international buyers.

Uruguay’s Best Exports Customers

The latest available country-specific data shows that 65% of products exported from Uruguay was bought by importers in: Brazil (20.5% of the Uruguayan total), mainland China (16.8%), United States of America (8.1%), Argentina (5%), Türkiye (2.8%), Chile (2.6%), Netherlands (2.3%), Mexico (1.8%), Paraguay (1.3%), Algeria (also 1.3%), Spain (1.2%) and Portugal (also 1.2%).

From a continental perspective, 40.5% of Uruguay exports by value was delivered to Latin America excluding Mexico but including the Caribbean countries while 29.8% was sold to importers in Asia. Uruguay shipped another 13.1% worth of goods to Europe with 12.6% going to buyers in North America.

Smaller percentages went to customers in Africa (3.8%) and Oceania (0.2%) led by Australia, French Polynesia and New Zealand.

Given Uruguay’s population of 3.57 million people, its total $9.2 billion in 2023 exports translates to roughly $2,600 for every resident in the South American country. That dollar metric lags the average $3,100 per capita one year earlier in 2022.

Uruguay’s Top 10 Exports

The following export product groups represent the highest dollar value in Uruguayan global shipments during 2023. Also shown is the percentage share each export category represents in terms of overall exports from Uruguay.

1. Meat: US$2.3 billion (25.3% of total exports)
2. Wood: $1.2 billion (12.9%)
3. Cereals: $902.2 million (9.8%)
4. Dairy, eggs, honey: $822.8 million (9%)
5. Oil seeds: $628.9 million (6.8%)
6. Vehicles: $412.3 million (4.5%)
7. Animal/vegetable fats, oils, waxes: $349.1 million (3.8%)
8. Milling products, malt, starches: $344.5 million (3.7%)
9. Plastics, plastic articles: $316 million (3.4%)
10. Live animals: $237.3 million (2.6%)

Uruguay’s top 10 exports accounted for 81.9% of the overall value of its global shipments.

Live animals represent the fastest grower among the top 10 export categories, up by 208.1% from 2022 to 2023.

In second place for improving export sales was animal or vegetable fats, oils and waxes which advanced by 19%.

Uruguay’s shipments of milling products, malt and starches posted the third-fastest gain in value, up by 19% year over year.

The leading decliner among Uruguay’s top 10 export categories was oil seeds which fell -70.6% compared to 2022.

From the more granular four-digit Harmonized Tariff System code level, Uruguay’s most valuable exported products in 2023 were frozen beef (17.5% of total Uruguayan exports), rough wood (8.9%), soya beans (17.2%), concentrated or sweetened milk and cream (6.6%), rice (6.5%), soya beans (4.5%), fresh or chilled beef (also 4.5%), malt (3.7%), trucks (3.1%), wheat (2.7%), then live bovine animals (2.6%).

Products Generating Uruguay’s Largest Trade Surpluses

The following types of Uruguayan product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.

In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.

1. Meat: US$2 billion (Down by -21.9% since 2022)
2. Wood: $1.1 billion (Up by 10.2%)
3. Dairy, eggs, honey: $782.9 million (Down by -8.8%)
4. Cereals: $672.4 million (Down by -8.9%)
5. Oil seeds: $573 million (Down by -72.8%)
6. Milling products, malt, starches: $247.8 million (Up by 36.1%)
7. Live animals: $231.1 million (Up by 223.5%)
8. Animal/vegetable fats, oils, waxes: $175.6 million (Up by 61.8%)
9. Wool: $99 million (Down by -14.5%)
10. Fish: $90.9 million (Down by -3.4%)

Uruguay has highly positive net exports in the international trade of meat, and in particular beef. In turn, these cashflows indicate Uruguay’s strong competitive advantages under the meat product category.

Products Causing Uruguay’s Worst Trade Deficits

Uruguay incurred an overall -US$3.3 billion trade deficit during 2023, up by 84.6% from the -$1.8 billion in red ink one year earlier for 2022.

Below are exports from Uruguay that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Uruguay’s goods trail Uruguayan importer spending on foreign products.

1. Mineral fuels including oil: -US$2 billion (Down by -1.7% since 2022)
2. Machinery including computers: -$1.19 billion (Down by -2.5%)
3. Vehicles: -$1.18 billion (Up by 16.2%)
4. Electrical machinery, equipment: -$797.3 million (Up by 0.3%)
5. Fertilizers: -$357.2 million (Down by -47.4%)
6. Other chemical goods: -$280.6 million (Down by -26.6%)
7. Plastics, plastic articles: -$251.6 million (Down by -15.4%)
8. Food industry waste, animal fodder: -$218.9 million (Up by 21.9%)
9. Articles of iron or steel: -$210.3 million (Up by 8.6%)
10. Pharmaceuticals: -$205.4 million (Up by 16.8%)

Uruguay has highly negative net exports and therefore deep international trade deficits notably for crude and refined petroleum oils as well as petroleum gases under the mineral fuels including oil product category.

Uruguayan Export Companies

Not one Uruguayan corporation ranks among Forbes Global 2000.

Wikipedia lists exporters from Uruguay. Selected examples are shown below:

• Aeromás (airliner)
• Alas Uruguay (airlines start-up)
• Effa Motor (vehicles)
• Texlond Corporation (aircraft manufacturer)
• Union Agriculture Group (rice, soya beans, wheat, sheep, cattle)

 
In macroeconomic terms, Uruguay’s total exported goods represent 9% of its overall Gross Domestic Product for 2023 ($101.6 billion valued in Purchasing Power Parity US dollars). That 9% for exports to overall GDP in PPP for 2023 compares to 11.6% one year earlier in 2022. Those percentages suggest a relatively decreasing reliance on products sold on international markets for Uruguay’s total economic performance, albeit based on a short timeframe.

Another key indicator of a country’s economic performance is its unemployment rate. Uruguay’s unemployment rate averaged 8.325% for 2023, up from the average 7.867% in 2022 per International Monetary Fund statistics.

Uruguay’s capital city is Montevideo, Uruguay.

See also Uruguay’s Top 10 Imports, Uruguay’s Top Trading Partners, Brazil’s Top 25 Trading Partners, Argentina’s Top Trading Partners and Mexico’s Top Trading Partners

Research Sources:
Central Intelligence Agency, The World Factbook: Country Profiles. Accessed on September 26, 2024

Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on September 26, 2024

International Monetary Fund, Exchange Rates selected indicators (National Currency per U.S. dollar, period average). Accessed on September 26, 2024

International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on September 26, 2024

International Trade Centre, Trade Map. Accessed on September 26, 2024

Investopedia, Net Exports Definition. Accessed on September 26, 2024

Richest Country Reports, Key Statistics Powering Global Wealth. Accessed on September 26, 2024

Wikipedia, Categories: Companies of Uruguay. Accessed on September 26, 2024

Wikipedia, Gross domestic product. Accessed on September 26, 2024

Wikipedia, Purchasing power parity. Accessed on September 26, 2024

Wikipedia, Uruguay. Accessed on September 26, 2024