Uruguay’s Top 15 Trading Partners

Pavement mosaic (Pixabay)

Pavement mosaic (Pixabay)

Uruguay shipped US$7 billion worth of products around the globe in 2016. For perspective, that figure represents a mere 0.05% of overall global exports estimated at $16.236 trillion for 2015.

From a continental perspective, 32% of Uruguay’s total exports by value in 2015 were delivered to other Latin American countries (excluding Mexico) and the Caribbean.

Asian importers purchased 25.3% of Uruguayan shipments while 15.7% worth of products arrived in European countries.

At 9.7%, a smaller portion of Uruguayan exports were bought by North American importers another 1.9% delivered to 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 2016. Also shown is each import country’s percentage of total Uruguayan exports.

  1. Brazil: US$1.2 billion (17.7% of total Uruguayan exports)
  2. China: $1.1 billion (15.6%)
  3. United States: $442.8 million (6.3%)
  4. Argentina: $376.7 million (5.4%)
  5. Germany: $244.8 million (3.5%)
  6. Netherlands: $226.3 million (3.2%)
  7. Turkey: $214.5 million (3.1%)
  8. Mexico: $166.6 million (2.4%)
  9. Peru: $137.5 million (2%)
  10. Israel: $130.3 million (1.9%)
  11. Paraguay: $123.4 million (1.8%)
  12. Portugal: $100.7 million (1.4%)
  13. Chile: $98.9 million (1.4%)
  14. Russia: $98.2 million (1.4%)
  15. Italy: $81.1 million (1.2%)

Over two-thirds (68.2%) of Uruguayan exports in 2016 were delivered to the above 15 trade partners.

Among the top importers, Turkey increased its import purchases from Uruguay at the fastest pace, up 433.5% from 2009 to 2016. The second-leading growth importer was China with a 365.6% improvement followed by the United States up 357.9%.

Only two top importers reduced their purchases of Uruguayan goods: Russia (down -54.9%) and Italy (down -29.5%).

Deficits

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.

In 2016, Uruguay incurred the highest trade deficits with the following countries:

  1. Argentina: US-$745.8 million (country-specific trade deficit in 2016)
  2. Brazil: -$228.7 million
  3. United States: -$186.4 million
  4. Angola: -$134.6 million
  5. India: -$117 million
  6. Spain: -$114.2 million
  7. Nigeria: -$91.9 million
  8. Denmark: -$68.4 million
  9. South Korea: -$65.1 million
  10. Chile: -$50 million

Among Paraguay’s trading partners that cause the greatest negative trade balances, Paraguayan deficits with India (up 215.3%), Chile (up 168.8%) and South Korea (up 148.6%) grew at the fastest pace from 2009 to 2016.

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.

In 2016, Uruguay incurred the highest trade surpluses with the following countries:

  1. Netherlands: US$153.4 million (country-specific trade surplus in 2016)
  2. Israel: $118.4 million
  3. Peru: $109.4 million
  4. Portugal: $93.2 million
  5. Russia: $69.1 million
  6. Venezuela: $45.5 million
  7. Colombia: $38.1 million
  8. Algeria: $35.9 million
  9. Bolivia: $33.8 million
  10. Germany: $31.3 million

Among Paraguay’s trading partners that cause the greatest positive trade balances, Paraguayan surpluses with Colombia (up 790%), Portugal (up 406.2%) and Bolivia (up 243.2%) grew at the fastest pace from 2009 to 2016.

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 for 2015.

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 January 27, 2017

Trade Map, International Trade Centre, www.intracen.org/marketanalysis. Accessed on January 27, 2017

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