In January, Uruguay saw a notable 8% growth in goods exports, totaling $917 million, compared to the same period in 2023.
Uruguay XXI, the national agency for trade promotion, credits this increase to the robust performance of beef and cellulose sectors.
Key exports like wheat, beef, malt, and meat by-products significantly contributed to this month’s growth despite a decrease in rapeseed sales.
Beef stood out as the leading export, soaring by 34% year-on-year to $176 million.
Following closely, cellulose exports also rose, contributing $174 million, a 3% increase.
Although dairy products faced a 13% decline, they brought in $75 million, while wheat demonstrated remarkable growth, skyrocketing by 308% to $63 million.
Brazil emerged as Uruguay’s top export destination, absorbing 22% of exports worth $173 million.
China held the position of the second-largest market, making up 13% of total purchases, equating to $100 million.
Overall, Uruguay’s 2023 exports experienced a downturn, reaching $11.518 billion, a 13% decline from the 2022 peak of $13.356 billion.
This performance underscores international trade’s dynamic nature and key sectors’ significant impact on Uruguay’s economic landscape.
Background
The surge in beef and cellulose exports aligns with Uruguay’s historical strengths in agriculture and forestry, sectors that have long been foundational to its economy.
This performance also illustrates the impact of strategic trade agreements and Uruguay’s focus on diversifying its export portfolio.
The decline in exports in 2023 from a record high in 2022 also points to the volatility inherent in commodity markets and the need for economies to remain agile.
Benchmarking against global standards and adopting best practices in trade facilitation and market access can further enhance Uruguay’s export competitiveness.