Uruguayan exports of goods declined by 33% in June compared to the same month in 2022, totaling US$829.3 million, according to the monthly report from the Exporters Union of Uruguay.
The report reveals that in 2023, excluding shipments from free zones, Uruguayan exports witnessed a cumulative drop of 22.1% compared to the same period the previous year.
In June, including sales from free zones, the total value of goods exported by Uruguay reached $954 million, also representing a 31% decrease compared to June 2022.
Brazil saw an increase of 23.3% in imports from Uruguay, driven by higher placements of dairy products, milling products, and cereals.
On the other hand, exports to China, the United States, Argentina, and exports through the Nueva Palmira free trade zone declined.
China’s imports declined due to lower placements of meat and soybeans, while the United States saw decreases in meat and fruit imports.
Argentina experienced a decline in soybean imports following exceptional sales in 2022.
According to the report excluding free trade zones, beef was the top exported product in June 2023, despite a 38% year-on-year decrease in foreign sales, amounting to US$182.5 million.
Timber ranked second with US$154 million in shipments, followed by cereals with sales of US$76.9 million.
Dairy products (US$71 million) and seeds and oilseeds (US$44 million) rounded out the list of top exported products.
The largest decrease among the top 20 export products was in seeds and oilseeds, mainly soybeans, due to the effects of drought and lower prices.
The largest increase was in live animals destined for Turkey and China.
On a positive note, services exports experienced a 52.8% increase in the first quarter of 2023 compared to the same period in 2022, reaching US$1.957 billion.
The recovery of inbound tourism played a significant role in this growth, with the sector accounting for 53.2% of the total services exports.