The following export product groups represent the highest dollar value in Uruguayan global shipments during 2019. Also shown is the percentage share each export category represents in terms of overall exports from Uruguay.

1. Meat: US$2.1 billion (26.9% of total exports)
2. Oil seeds: $1 billion (13.4%)
3. Wood: $957.5 million (12.3%)
4. Dairy, eggs, honey: $664.6 million (8.5%)
5. Cereals: $471.3 million (6%)
6. Plastics, plastic articles: $260.8 million (3.3%)
7. Milling products, malt, starches: $223.5 million (2.9%)
8. Wool: $185.9 million (2.4%)
9. Raw hides, skins not furskins, leather: $155.1 million (2%)
10. Vehicles: $154.1 million (2%)

Uruguay’s top 10 exports accounted for almost four-fifths (79.5%) of the overall value of its global shipments.

Oil seeds represent the fastest grower among the top 10 export categories, up by 81.8% since 2018. In second place for improving export sales was meat thanks to a 11.5% gain. Uruguay’s shipments of cereals posted the third-fastest gain in value up by 10.6% year over year.

The leading decliner among Uruguay’s top 10 export categories was the raw hides, skins not furskins and leather which fell -30.2%

From the more granular four-digit Harmonized Tariff System code level, Uruguay’s most valuable exported products in 2019 were frozen beef (19.3% of Uruguay’s total exports), soya beans (12.9%), rough wood (8.9%), concentrated or sweetened milk and cream (5.8%), rice (4.8%), fresh or chilled beef (4.3%), malt (2.8%), red meat offal (1.9%), plastic packing goods, lids and caps (also 1.9%) then trucks (1.5%).

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 (Up by 7.8% since 2018)
2. Oil seeds: $1 billion (Up by 90.6%)
3. Wood: $911.1 million (Down by -6.3%)
4. Dairy, eggs, honey: $640.7 million (Down by -4.9%)
5. Cereals: $390.6 million (Up by 40.6%)
6. Milling products, malt, starches: $209.3 million (Up by 9.6%)
7. Wool: $123 million (Down by -31.2%)
8. Raw hides, skins not furskins, leather: $104.9 million (Down by -33%)
9. Live animals: $98.6 million (Down by -63.2%)
10. Fish: $86.2 million (Up by 2.7%)

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.

Overall Uruguay incurred a -$497.6 million trade deficit during 2019, down by -63.4% from the -$1.4 billion 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.

1. Mineral fuels including oil: -US$1 billion (Down by -14.6% since 2018)
2. Machinery including computers: -$753.9 million (Down by -3.8%)
3. Vehicles: -$620.9 million (Up by 0.7%)
4. Electrical machinery, equipment: -$602.7 million (Down by -7.9%)
5. Fertilizers: -$223.5 million (Up by 1.7%)
6. Other chemical goods: -$222.2 million (Down by -0.7%)
7. Plastics, plastic articles: -$183.7 million (Down by -17%)
8. Knit or crochet clothing, accessories: -$133.6 million (Down by -8.6%)
9. Organic chemicals: -$132.9 million (Down by -12%)
10. Food industry waste, animal fodder: -$132.3 million (Up by 3.8%)

Uruguay has highly negative net exports and therefore deep international trade deficits for crude and refined petroleum oils as well as petroleum gases.

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)