Located in the southeastern part of South America, the Oriental Republic of Uruguay shipped US$10.2 billion worth of exported products around the globe in 2024.

That dollar metric results from a 46.9% acceleration from $7 billion five years earlier in 2020.

Year over year, the overall value of Uruguay’s exports grew by 11.5% compared to $9.2 billion starting from 2023.

Based on the average exchange rate for 2024 on a Purchasing Power Parity basis, the Uruguayan peso depreciated by -4.2% against the US dollar since 2020 but appreciated by 3.3% from 2023 to 2024. Uruguay’s weaker local currency compared to 2020 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 62.2% of products imported into Uruguay was furnished by exporters in: Brazil (20.1% of the Uruguayan total), mainland China (13.6%), United States of America (9.3%), Argentina (5.3%), Türkiye (3%), Netherlands (2.4%), Algeria (2%), Mexico (1.7%), Chile (1.6%), Paraguay (1.2%), Israel (1.1%) and Italy (1%).

From a continental perspective, 39.7% of Uruguayan exports by value was delivered to Latin America excluding Mexico but including the Caribbean countries while 28.6% was sold to Asian importers. Uruguay shipped another 14.3% worth of goods to buyers in North America.

Smaller percentages went to customers located in Europe (12.1%), Africa (5%) then Oceania (0.2%) led by Australia, French Polynesia and New Zealand.

Given Uruguay’s population of 3.51 million people, its total $10.2 billion in 2024 exports translates to roughly $2,900 for every resident in the South American country. That dollar metric surpasses the average $2,600 per capita one year earlier in 2023.

Uruguay’s Top 10 Exports

The following export product groups represent the highest dollar value in Uruguayan global shipments during 2024. Also shown is the percentage share each export category represents in terms of overall exports from Uruguay.

1. Meat: US$2.3 billion (22% of total exports)
2. Wood: $1.31 billion (12.8%)
3. Oil seeds: $1.28 billion (12.5%)
4. Cereals: $1 billion (10.1%)
5. Dairy, eggs, honey: $821.2 million (8%)
6. Vehicles: $505.4 million (4.9%)
7. Plastics, plastic articles: $314.7 million (3.1%)
8. Live animals: $303.8 million (3%)
9. Milling products, malt, starches: $292.2 million (2.9%)
10. Animal/vegetable fats, oils, waxes: $291 million (2.8%)

Uruguay’s top 10 exports accounted for 82% of the overall value of its global shipments.

Oil seeds: was the fastest grower among the top 10 export categories, up by 103.4% from 2023 to 2024.

In second place for improving export sales were shipments of live animals rising by 28%.

Uruguay’s exports of vehicles posted the third-fastest gain in value, up by 22.6% year over year.

The leading decliner among Uruguay’s top 10 export categories was animal or vegetable fats, oils and waxes which recorded a -16.6% setback.

From the more granular four-digit Harmonized Tariff System code level, Uruguay’s most valuable exported products in 2024 were frozen beef (15% of total Uruguayan exports), soya beans (11.8%), rough wood (9.6%), concentrated or sweetened milk and cream (5.8%), rice (5.4%), fresh or chilled beef (4.5%), trucks (4.1%), wheat (3.5%), live bovine animals (3%), then malt (2.8%).

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.

1. Meat: US$1.9 billion (Down by -5.2% since 2023)
2. Wood: $1.2 billion (Up by 11.2%)
3. Oil seeds: $1.2 billion (Up by 115.8%)
4. Cereals: $954.1 million (Up by 41.9%)
5. Dairy, eggs, honey: $783.9 million (Up by 0.1%)
6. Live animals: $296.7 million (Up by 28.4%)
7. Milling products, malt, starches: $271.4 million (Up by 9.5%)
8. Animal/vegetable fats, oils, waxes: $127.1 million (Down by -27.6%)
9. Wool: $119.8 million (Up by 21.1%)
10. Raw hides, skins not furskins, leather: $99.6 million (Up by 16.2%)

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$2.3 billion trade deficit during 2024, down by -31% from the -$3.3 billion in red ink one year earlier for 2023.

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.

1. Mineral fuels including oil: -US$1.7 billion (Down by -16.4% since 2023)
2. Vehicles: -$1.3 billion (Up by 9.9%)
3. Machinery including computers: -$1.2 billion (Up by 0.9%)
4. Electrical machinery, equipment: -$815.2 million (Up by 2.2%)
5. Fertilizers: -$358.6 million (Up by 0.4%)
6. Plastics, plastic articles: -$287.5 million (Up by 14.3%)
7. Other chemical goods: -$287.2 million (Up by 2.3%)
8. Pharmaceuticals: -$228.4 million (Up by 11.2%)
9. Furniture, bedding, lighting , signs, prefab buildings: -$221 million (Up by 8.6%)
10. Articles of iron or steel: -$217.6 million (Up by 3.4%)

Uruguay has highly negative net exports and therefore deep international trade deficits notably 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 8.3% of its overall Gross Domestic Product for 2024 ($123.3 billion valued in Purchasing Power Parity US dollars). That 8.3% for exports to overall GDP in PPP for 2024 compares to 9% one year earlier in 2023. Those percentages suggest a relatively decreasing 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 8.183% for 2024, down from the average 8.325% in 2023 per International Monetary Fund statistics.

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 July 3, 2025

EXCHANGE-RATES.org Uruguay Peso (UYU) To US Dollar (USD) Exchange Rate History, for 2024. Accessed on July 3, 2025

Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on July 3, 2025

International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on July 3, 2025

International Trade Centre, Trade Map. Accessed on July 3, 2025

Investopedia, Net Exports Definition. Accessed on July 3, 2025

Richest Country Reports, Key Statistics Powering Global Wealth. Accessed on July 3, 2025

Wikipedia, Categories: Companies of Uruguay. Accessed on July 3, 2025

Wikipedia, Gross domestic product. Accessed on July 3, 2025

Wikipedia, Purchasing power parity. Accessed on July 3, 2025

Wikipedia, Uruguay. Accessed on July 3, 2025