Uruguay Trade Balance Swings to US$42.8 Million Deficit in August 2026
URUGUAY · TRADE
Key Facts
- —The country Uruguay, a country of about 3.5 million people between Brazil and Argentina, lives largely from farm and forestry exports. Beef, wood pulp and soybeans are its main goods sold abroad.
- —The background The central bank’s monthly figures cover trade through Uruguay’s customs territory. Goods shipped from free trade zones, including the big pulp mills, are not counted in them.
- —Why now The Banco Central del Uruguay (BCU), the central bank, released its goods trade figures for August 2026 this week.
- —What happened In August Uruguay imported more than it exported: a goods trade deficit of US$42.8 million, against a surplus of US$322.5 million in August 2025.
- —The numbers Exports fell 13.4 percent to US$1,018.1 million. Imports, valued free on board, rose 24.3 percent to US$1,060.9 million, driven by a jump in crude oil purchases.
- —What it means for you For exporters and investors, the figures show farm sales to China weakening while spending on imported fuel and consumer goods rises.
- —Still open Whether the oil purchases were a one-off and how quickly farm exports recover. Uruguay’s full trade, including free zones, looks somewhat different.
The Uruguay trade balance swung to a deficit of US$42.8 million in August 2026, central bank figures show. A year earlier the country had a surplus of US$322.5 million.
Exports fell 13.4 percent, led by a slump in farm goods, while imports rose 24.3 percent. More than half of the import increase came from crude oil.
Exports: farm goods fall, factories hold
Exports from the customs territory totalled US$1,018.1 million in August, down from US$1,176.0 million a year earlier. By volume, they fell 17.3 percent.
Primary products, mostly farm goods sold with little processing, dropped 37.3 percent to US$299.3 million. Manufactured exports, which include meat-packing, rose 1.6 percent to US$694.3 million.
Sales to China, the largest single buyer, fell 32.5 percent to US$178.1 million. Exports to Brazil were almost flat at US$138.5 million, while sales to the United States rose 22.3 percent to US$113.5 million.
Imports: the oil bill
Imports valued free on board, without freight and insurance, rose to US$1,060.9 million from US$853.5 million. Measured with freight and insurance, they reached US$1,140.8 million.
Crude oil purchases explain much of the jump. Imports of oil and distillates rose to US$146.0 million, up 558 percent, as crude shipments arrived after almost none a year earlier.
Without oil, distillates and electricity, imports rose 11.2 percent to US$994.8 million. Consumer goods climbed 17.1 percent to US$387.7 million, while capital goods such as machinery fell 11.3 percent.
The central bank’s figures do not say why crude purchases rose so sharply in August.
The year so far
From January to August Uruguay ran a goods deficit of US$1,232.7 million, five times the US$244.6 million a year earlier. Exports were flat at US$7,401.0 million, while imports rose 12.8 percent.
Over the 12 months to August, the deficit reached US$1,901.6 million. The data arrive as the IMF has cut its 2026 growth forecast for Uruguay to 1.3 percent.
What the figure does not show
The central bank follows the United Nations special trade system. Goods leaving Uruguay from free trade zones, such as the pulp mills, are not counted as exports in these figures.
Uruguay XXI, the export promotion agency, counts them. With free zones included, August exports were US$1,121 million, down 16 percent, EFE reported.
In that wider measure, beef brought in US$214 million and pulp US$205 million. The two series should not be mixed: the US$42.8 million deficit is the central bank’s customs-territory measure.
What comes next
One month’s deficit does not mean Uruguay has a trade crisis; a single crude oil cargo can swing the monthly balance. It also does not settle the current account, a broader measure that includes services and income.
Exports of primary goods are down 8.1 percent so far this year. The next harvest and Chinese demand will shape the rest of 2026.
Frequently Asked Questions
What does Uruguay mainly export?
Beef, wood pulp and soybeans are Uruguay’s main exports. Pulp is mostly shipped from free trade zones, so it does not appear in the central bank’s monthly goods trade figures.
Why did Uruguay’s imports jump in August 2026?
Crude oil purchases rose to about US$146 million, from about US$4 million a year earlier. Without oil, distillates and electricity, imports rose a more moderate 11.2 percent.
Is this the same as Uruguay’s current account?
No. The trade balance covers only goods. The current account, which the central bank publishes quarterly, also includes services such as tourism, and income such as profits and interest.
Sources: Banco Central del Uruguay, goods trade report, August 2026 (Cuadros 1, 2, 3 and 5; preliminary figures), Banco Central del Uruguay, foreign trade statistics page, EFE via Infobae, Uruguay XXI export report, 1 September 2026. All retrieved 2 October 2026.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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