Uruguay’s Top 15 Trading Partners

Pavement mosaic (Pixabay)

Pavement mosaic (Pixabay)

Uruguay shipped US$7.7 billion worth of products around the globe in 2017. To give some perspective, that dollar figure represents a mere 0.05% of overall global exports estimated at $15.952 trillion one year earlier for 2016.

From a continental viewpoint, 35% of Uruguayan exports by value were delivered to other Latin American countries (excluding Mexico) and the Caribbean, while 32% were sold to Asian importers. Uruguay shipped another 20% worth of goods to Europe with another 10% arriving in North America.

Under 4% of Uruguayan exports were bought by importers in Africa.

Uruguay’s Top 15 Trading Partners

Top 15

Below is a list showcasing 15 of Uruguay’s top trading partners in terms of export sales. That is, these countries imported the most Uruguayan shipments by dollar value during 2017. Also shown is each import country’s percentage of total Uruguayan exports.

  1. China: US$1.7 billion (21.4% of total Uruguayan exports)
  2. Brazil: $1.4 billion (17.8%)
  3. United States: $456.4 million (5.9%)
  4. Argentina: $421.1 million (5.5%)
  5. Netherlands: $249.4 million (3.2%)
  6. Turkey: $236.7 million (3.1%)
  7. Germany: $202.4 million (2.6%)
  8. Mexico: $196.1 million (2.5%)
  9. Peru: $149.7 million (1.9%)
  10. Algeria: $140.4 million (1.8%)
  11. Israel: $131.4 million (1.7%)
  12. Paraguay: $121.0 million (1.6%)
  13. Russia: $117.9 million (1.5%)
  14. Chile: $91.1 million (1.2%)
  15. Italy: $86.7 million (1.1%)

Close to three-quarters (73%) of Uruguayan exports in 2017 were delivered to the above 15 trade partners.

Among the top importers, Algeria increased its import purchases from Uruguay at the fastest pace, up 222.5% from 2016 to 2017. The second-leading growth customer was China via its 85.4% improvement trailed by respective 21.1% and 19.6% gains for Russia and Mexico.

Only two top buyers reduced their purchases of Uruguayan goods, namely Germany (down -7.5%) and Chile (down -3.7%).

Deficits

Overall Uruguay incurred a -$645.5 million trade deficit for 2017, an amount that is -45% lower than its -$1.2 billion deficit during 2016.

As defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have a negative trade balance or deficit.

It would be unrealistic for any exporting nation to expect across-the-board positive trade balances with all its importing partners. Similarly, that export country doesn’t necessarily post a negative trade balance with each individual partner with which it exchanges exports and imports.

Uruguay incurred the highest trade deficits with the following countries:

  1. Argentina: -US$634.7 million (country-specific trade deficit in 2017)
  2. United States: -$413.7 million
  3. Brazil: -$259.4 million
  4. India: -$174.2 million
  5. Nigeria: -$165.1 million
  6. Estonia: -$146.3 million
  7. Spain: -$95.3 million
  8. South Korea: -$82.4 million
  9. France: -$64.8 million
  10. Denmark: -$59.6 million

Among Uruguay’s trading partners that cause the greatest negative trade balances, Uruguayan deficits with Estonia (up 11,545%), United States (up 264.5%) and India (up 24.3%) grew at the fastest pace from 2016 to 2017.

These cashflow deficiencies clearly indicate Uruguay’s competitive disadvantages with the above countries, but also represent key opportunities for Uruguay to develop country-specific strategies to strengthen its overall position in international trade.

Surpluses

Based on Investopedia’s definition of net importer, a country whose total value of all imported goods is lower than its value of all exports is said to have a positive trade balance or surplus.

Uruguay incurred the highest trade surpluses with the following countries:

  1. Turkey: US$178.4 million (country-specific trade surplus in 2017)
  2. Netherlands: $159.2 million
  3. Algeria: $135.3 million
  4. Israel: $116.7 million
  5. Peru: $112.5 million
  6. Russia: $69.1 million
  7. Portugal: $68.5 million
  8. Cuba: $57.5 million
  9. Iraq: $48.8 million
  10. Switzerland: $33.2 million

Among Uruguay’s trading partners that generate the greatest positive trade balances, Uruguayan surpluses with Algeria (up 312.6%), Cuba (up 109.6%) and Iraq (up 83.1%) grew at the fastest pace from 2016 to 2017.

These positive cashflow streams clearly indicate Uruguay’s competitive advantages with the above countries, but also represent key opportunities for Uruguay to develop country-specific strategies to optimize its overall position in international trade.

Companies

Companies Servicing Uruguayan Trading Partners

Not one Uruguayan corporation ranks among Forbes Global 2000.

Wikipedia lists exports-related companies 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)


 
See also Uruguay’s Top 10 Exports, Uruguay’s Top 10 Imports and Capital Facts for Montevideo, Uruguay

Research Sources:
The World Factbook, Field Listing: Imports – Commodities, Central Intelligence Agency. Accessed on February 7, 2018

Trade Map, International Trade Centre, www.intracen.org/marketanalysis. Accessed on February 7, 2018

Investopedia, Net Importer Definition. Accessed on December 21, 2016

Forbes 2015 Global 2000 rankings, The World’s Biggest Public Companies. Accessed on December 21, 2016

Wikipedia, Categories: Companies of Uruguay. Accessed on December 21, 2016