That dollar metric results from a 46.4% increase from $7.64 billion in 2018.
Year over year, the overall value of Uruguay’s exports grew by 17.3% compared to $9.54 billion for 2021.
Based on the average exchange rate for 2022 on a Purchasing Power Parity basis, the Uruguayan peso dropped by -34% against the US dollar since 2018 but appreciated by 5.5% from 2021 to 2022. Uruguay’s weaker local currency compared to 2018 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 63.3% of products exported from Uruguay were bought by importers in: mainland China (21.5% of the Uruguayan total), Brazil (15.0%), Argentina (8.1%), United States of America (6.2%), Netherlands (2.6%), Algeria (2.0%), Mexico (1.8%), Chile (1.5%), Paraguay (1.3%), Egypt (1.2%), Portugal (1.1%) and United Kingdom (0.9%).
From a continental perspective, 36.7% of Uruguay exports by value was delivered to Latin America excluding Mexico but including the Caribbean countries while 34.6% was sold to Asian importers. Uruguay shipped another 12.2% worth of goods to buyers in Europe with 10.6% going to buyers in North America.
Smaller percentages went to Africa (5.6%) and Oceania (0.3%) led by French Polynesia and Polynesia.
Given Uruguay’s population of 3.56 million people, its total $11.2 billion in 2022 exports translates to roughly $3,100 for every resident in the South American country. That dollar metric exceeds the average $2,700 per capita one year earlier in 2021.
Uruguay’s Top 10 Exports
The following export product groups represent the highest dollar value in Uruguayan global shipments during 2022. Also shown is the percentage share each export category represents in terms of overall exports from Uruguay.
- Meat: US$2.9 billion (25.8% of total exports)
- Oil seeds: $2.1 billion (19.1%)
- Wood: $1.1 billion (9.7%)
- Dairy, eggs, honey: $894.8 million (8%)
- Cereals: $819.1 million (7.3%)
- Vehicles: $438 million (3.9%)
- Plastics, plastic articles: $352.8 million (3.2%)
- Animal/vegetable fats, oils, waxes: $293.4 million (2.6%)
- Milling products, malt, starches: $289.5 million (2.6%)
- Pharmaceuticals: $184.6 million (1.6%)
Uruguay’s top 10 exports accounted for 83.9% of the overall value of its global shipments.
Vehicles represent the fastest grower among the top 10 Uruguayan export categories, up by 128.2% from 2021 to 2022.
In second place for improving export sales was oil seeds which was up by 114.9%.
Uruguay’s shipments of animal or vegetable fats, oils and waxes posted the third-fastest gain in value, up by 39.1% compared to 2021.
The most modest gainer among Uruguay’s top 10 export categories was pharmaceuticals which rose 2.1%.
From the more granular four-digit Harmonized Tariff System code level, Uruguay’s most valuable exported products in 2022 were frozen beef (19% of total Uruguayan exports), soya beans (17.2%), rough wood (6%), concentrated or sweetened milk and cream (5.5%), rice (4.5%), fresh or chilled beef (3.9%), trucks (2.8%), malt (2.5%), wheat (2.1%), then red meat offal (1.8%).
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.
- Meat: US$2.6 billion (Up by 2.1% since 2021)
- Oil seeds: $2.1 billion (Up by 127%)
- Wood: $1 billion (Up by 3.4%)
- Dairy, eggs, honey: $858.4 million (Up by 16.3%)
- Cereals: $738.1 million (Up by 36.7%)
- Milling products, malt, starches: $182.1 million (Up by 44.8%)
- Wool: $115.8 million (Down by -13.4%)
- Raw hides, skins not furskins, leather: $114.5 million (Up by 11.3%)
- Animal/vegetable fats, oils, waxes: $108.6 million (Up by 47.7%)
- Fish: $94.1 million (Up by 24.5%)
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$1.8 billion trade deficit during 2022, up by 128.8% from the -$779.4 million in red ink one year earlier.
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.
- Mineral fuels including oil: -US$2.1 billion (Up by 120.5% since 2021)
- Machinery including computers: -$1.2 billion (Up by 24.1%)
- Vehicles: -$1 billion (Up by 13.8%)
- Electrical machinery, equipment: -$795.2 million (Up by 19.4%)
- Fertilizers: -$679.3 million (Up by 57.6%)
- Other chemical goods: -$382.3 million (Up by 18.7%)
- Plastics, plastic articles: -$297.5 million (Up by 7.1%)
- Iron, steel: -$194.3 million (Down by -9.1%)
- Articles of iron or steel: -$193.7 million (Up by 17.2%)
- Organic chemicals: -$189 million (Up by 19.7%)
Uruguay has highly negative net exports and therefore deep international trade deficits 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 11.6% of its overall Gross Domestic Product for 2022 ($96.8 billion valued in Purchasing Power Parity US dollars). That 11.6% for exports to overall GDP in PPP for 2022 compares to 11.1% one year earlier in 2021. Those percentages suggest a relatively increasing 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 7.867% for 2022, down from the average 9.375% in 2021 per statistics from the International Monetary Fund.
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 June 11, 2023
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on June 11, 2023
International Monetary Fund, Exchange Rates selected indicators (National Currency per U.S. dollar, period average). Accessed on June 11, 2023
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on June 11, 2023
International Trade Centre, Trade Map. Accessed on June 11, 2023
Investopedia, Net Exports Definition. Accessed on June 11, 2023
Richest Country Reports, Key Statistics Powering Global Wealth. Accessed on June 11, 2023
Wikipedia, Categories: Companies of Uruguay. Accessed on June 11, 2023
Wikipedia, Gross domestic product. Accessed on June 11, 2023
Wikipedia, Purchasing power parity. Accessed on June 11, 2023
Wikipedia, Uruguay. Accessed on June 11, 2023
World’s Capital Cities, Capital Facts for Montevideo, Uruguay. Accessed on June 11, 2023