Uruguay’s Goods Exports See Up 14% Year-on-Year

Uruguay’s goods exports exceeded $1 billion in November, marking a 5% increase compared to the same month a year prior. Year-to-date, exports reached $11.9 billion, revealing a 14% growth over the same period in 2023 and falling just $200 million short of the record-high figure achieved in 2022.

This growth is primarily attributed to pulp, soybeans, and vehicle sales. The increase in pulp exports is linked to the launch of UPM’s second plant, while soybean sales rebounded following last year’s drought.

As for vehicles, investments made in recent years to expand production capacity at automotive plants have enabled Uruguay to capitalize on the regional automotive agreement, granting preferential access for Uruguayan-made vehicles to neighboring markets.

The import scenario also indicates growth. DataLiner data shows containerized product imports to Uruguay grew 1.2% year-to-date (January to October). See below a chart comparing container imports in Uruguay according to DataLiner data from Datamar.

Container Imports | Uruguay | Jan 2021 – Oct 2024 | TEUs

Source: DataLiner (click here to request a demo)

Export Destinations

Uruguay’s top export markets are China, Brazil, and the European Union, in that order. Key exports to China include pulp, meat, and soybeans. Brazil primarily imports vehicles, dairy products, and malted barley, while the EU is a significant buyer of pulp and meats, with rice sales to the bloc increasing in recent months.

Exports to China have grown, driven by the recovery in soybean production, while sales to the EU and Brazil have remained relatively stable compared to 2024. The United States ranks as the fourth-largest destination, with over $1 billion in exports this year—a nearly 40% increase over the previous year, largely due to higher meat exports to the U.S. market.

Source: Subrayado – Uruguay;  English translation by DatamarNews

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