Uruguay’s 2024 Meat Exports Generate $2.57 Billion Despite Slight Decline

Uruguay’s meat exports across all categories totaled $2.57 billion in 2024, marking a 3.6% decline compared to the previous year, according to the National Meat Institute (INAC).

In terms of volume, total shipments weighed 681,827 tons in 2024, down 3.1% from 2023. Despite the drop in revenue and volume, the average price per ton remained relatively stable, decreasing by only 0.4%.

For beef, the average export income per ton in 2024 was $4,225, representing a 1.2% increase over 2023. Sheep meat saw an even greater rise, with an average value of $4,006 per ton—up 5.8% year-on-year.

Key Export Metrics

Export Volumes – All Meats (Shipping Weight):
2024: 681,827 tons
2023: 704,168 tons
2022: 695,272 tons

Export Revenues – All Meats:
2024: $2.57 billion
2023: $2.67 billion
2022: $3.21 billion

Average Price per Ton – All Meats:
2024: $3,771
2023: $3,788
2022: $4,618

Average Export Income per Ton:
Beef (2024): $4,225 (+1.2%)
Sheep Meat (2024): $4,006 (+5.8%)
Top Markets for Uruguayan Meat

All Meats – 2024 (by Revenue):
China: $823.1 million (32% share; -33.6% YoY)
USMCA: $787.8 million (31% share; +32.2% YoY)
European Union: $387.8 million (15% share; +13.1% YoY)

Beef – 2024 (by Revenue):
USMCA: $701.3 million (34% share; +49% YoY)
China: $624.3 million (30% share; -36.9% YoY)
European Union: $355.1 million (17% share; +20.6% YoY)

Sheep Meat – 2024 (by Revenue):
Mercosur: $22.8 million (37% share; -7.9% YoY)
China: $13.3 million (22% share; -71.9% YoY)
Russian Federation: $3.4 million (6% share; +83.6% YoY)

Breakdown by Species

2024 Export Revenues and Volumes:

Beef: $2.09 billion for 362,137 tons
Sheep Meat: $61.4 million for 13,071 tons
Horse Meat: $33.8 million for 7,691 tons
Poultry Meat: $0.69 million for 772 tons
Pork: $0.11 million for 29 tons

Market Outlook

Uruguay’s meat industry faced challenges in 2024, particularly from reduced demand in China, its largest export market. However, strong performance in North America and Europe, coupled with rising average values for beef and sheep meat, helped cushion the overall decline. As geopolitical and market conditions evolve, Uruguay’s diversified meat export strategy will remain crucial to sustaining its global competitiveness.

Source: América Economía and Inac-Uruguay

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