From 2023 to 2024, the overall value of Uruguay’s exports increased 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.
Applying a continental lens, 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.
Uruguay’s Top 25 Trading Partners
Below is a list showcasing 25 of Uruguay’s top trading partners in terms of export sales. That is, these countries imported the greatest Uruguayan shipments by dollar value during 2024. Also shown is each import country’s percentage of total Uruguayan exports.
- Brazil: US$2.1 billion (20.1% of total Uruguayan exports)
- mainland China: $1.4 billion (13.6%)
- United States: $955.5 million (9.3%)
- Argentina: $547.2 million (5.3%)
- Türkiye: $302.8 million (3%)
- Netherlands: $245.9 million (2.4%)
- Algeria: $201.9 million (2%)
- Mexico: $170.5 million (1.7%)
- Chile: $162.5 million (1.6%)
- Paraguay: $122.7 million (1.2%)
- Israel: $112.9 million (1.1%)
- Italy: $97.9 million (1%)
- Spain: $97.1 million (0.9%)
- Peru: $96.5 million (0.9%)
- Portugal: $89.8 million (0.9%)
- India: $82.2 million (0.8%)
- Germany: $81.9 million (0.8%)
- Russia: $77.1 million (0.8%)
- United Kingdom: $77.1 million (0.8%)
- Japan: $71.3 million (0.7%)
- Thailand: $70.3 million (0.7%)
- Vietnam: $50.2 million (0.5%)
- Canada: $48.9 million (0.5%)
- Bolivia: $46.2 million (0.5%)
- Iraq: $40.6 million (0.4%)
Under three-quarters (71.3%) of Uruguayan exports in 2024 was delivered to the above 25 trade partners.
Among the top importers, Iraq increased its import purchases from Uruguay at the fastest pace, up 96.9% from 2023 to 2024.
The second-leading growth customer was Israel via its 85.2% advance trailed by Algeria (up 67.1%), Vietnam (up 66.4%) then the United States of America (up 28.2%).
The most modest increases belong to buyers of Uruguayan exports in Italy (up 2.9% from 2023) and India (up 3.6%).
Countries Causing Uruguay’s Largest 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.
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.
- mainland China: -US$1.4 billion (country-specific trade deficit in 2024)
- Argentina: -$1.1 billion
- Brazil: -$596.9 million
- Nigeria: -$428.6 million
- Germany: -$219.3 million
- France: -$185.1 million
- Spain: -$180.3 million
- India: -$148.7 million
- South Korea: -$141.4 million
- Kazakhstan: -$116.4 million
Among Uruguay’s trading partners that cause the greatest negative trade balances, Uruguayan deficits with Kazakhstan (up 449.3%), South Korea (up 77.5%) and mainland China (up 64.6%) grew at the fastest pace from 2023 to 2024.
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.
Countries Generating Uruguay’s Best 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.
- Türkiye: US$166.9 million (country-specific trade surplus in 2024)
- United States: $148.7 million
- Algeria: $134.5 million
- Israel: $83.2 million
- Netherlands: $79.7 million
- Portugal: $73.8 million
- Peru: $63.3 million
- Iraq: $40.6 million
- Venezuela: $36.4 million
- Bolivia: $34.7 million
Among Uruguay’s trading partners that generate the greatest positive trade balances, Uruguayan surpluses with Israel (up 308.2%), Iraq (up 97.2%) and Algeria (up 93.3%) grew at the fastest pace from 2023 to 2024.
In addition, Uruguay reversed multi-million-dollar trade deficits in 2023 with the United States of America and the Netherlands to post the trade surpluses listed above.
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 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 Imports, Uruguay’s Top 10 Exports, 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 February 8, 2026
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on February 8, 2026
International Monetary Fund, Exchange Rates selected indicators (National Currency per U.S. dollar, period average). Accessed on February 8, 2026
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on February 8, 2026
International Trade Centre, Trade Map. Accessed on February 8, 2026
Investopedia, Net Exports Definition. Accessed on February 8, 2026
Wikipedia, Categories: Companies of Uruguay. Accessed on February 8, 2026
Wikipedia, Gross domestic product. Accessed on February 8, 2026
Wikipedia, Purchasing power parity. Accessed on February 8, 2026
Wikipedia, Uruguay. Accessed on February 8, 2026