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.
- What happened Uruguay’s goods trade deficit narrowed to US$35.3 million in September 2026; market calendars had forecast US$181 million.
- Exports Goods exports rose 7.8% to US$1.14 billion, led by meat and manufactured goods.
- Imports Imports edged down 0.6% to US$1.18 billion, as oil purchases fell 53%.
- The bigger picture The deficit for January to September is US$1.26 billion, more than three times last year’s.
- Power Index Uruguay ranks 7th of 14 in The Rio Times Latin America Power Index, with 45.9 points (October 2026 edition).
Uruguay’s goods trade deficit narrowed to US$35.3 million in September 2026, far smaller than the US$181 million that market calendars forecast, the Banco Central del Uruguay (BCU), the country’s central bank, reported on Friday 30 October. Exports rose 7.8% to US$1.14 billion, while imports edged down 0.6% to US$1.18 billion.
For US readers, the report shows a small, farm-driven economy between Brazil and Argentina that sells beef, soybeans and wood to the world and still buys more than it sells. It matters to US buyers, because Uruguayan shipments to the United States jumped 33.7% in the month to US$123.2 million.
What Happened in September
Customs data compiled by the BCU show goods exports of US$1,140.2 million in September, up from US$1,057.6 million a year earlier. Imports valued free on board, meaning without freight and insurance, were US$1,175.4 million, down 0.6%, and with freight and insurance they were US$1.27 billion, up 0.1%.
The deficit was US$35.3 million, compared with US$124.5 million in September 2025 and the US$42.8 million deficit we reported for August. The result beat the forecast by about US$146 million.
From January to September the goods deficit is US$1.26 billion, against US$369 million a year earlier. Over the 12 months to September it is US$1.80 billion, with exports up 1.9% and imports up 9.0%.
Why the Gap Narrowed
Two things closed the gap: stronger exports and a sharp drop in oil purchases. Imports of oil and fuels fell 53.3% to about US$74 million after the surge of crude shipments that widened the August deficit.
Without oil, fuels and electricity, imports actually rose 7.7% to US$1.20 billion measured with freight. Consumer goods rose 9.9%, led by cars and other transport vehicles, which jumped 28.1%, while machinery and equipment fell 8.4%.
China supplied US$363.5 million of imports, up 17.1%, and Brazil US$252.3 million, up 2.1%. Argentina sold Uruguay US$212.6 million, down 5.7%.
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Beef, Wood and Farm Exports
Manufactured goods, a group that includes meatpacking, rose 11.5% to US$700.7 million, about three-fifths of all exports. Meat products rose 11.4% to US$284.9 million, the largest single line in the BCU table.
Primary products from farms and forests rose 2.0% to US$425.6 million. Forestry and wood grew 16.5%, while crops fell 2.8% to US$243.9 million and dairy exports dropped 22.1% to US$65.3 million.
Brazil, Argentina and China
Brazil was the biggest buyer in the customs data, taking US$217.1 million, up 47.0%. China took US$176.9 million, down 16.8%, and Argentina took US$47.6 million, down 17.8%.
The United States bought US$123.2 million, up 33.7%, and the European Union US$83.9 million, up 14.9%. Exports of transport equipment jumped about 264% to US$67.6 million, a sharp swing for a small line.
Why Another Measure Looks Different
The US$35.3 million is the BCU’s own measure, exports minus imports valued free on board, under a United Nations trade system that leaves out goods made in the production free zones, such as the big pulp mills. Even with freight and insurance added to imports, the BCU deficit would be US$129.4 million, still well below the US$181 million forecast.
We could not establish how the US$181 million forecast was built, so the gap may reflect a different definition, such as one that counts free zones, or simply a forecast miss. Uruguay XXI, the government export-promotion agency, does count free zones, and its goods-export total for September was US$1,398 million, up 10%.
Uruguay XXI names soybeans, beef, pulp, dairy products and drink concentrates as the main sales of the month, and puts January to September exports at US$10.37 billion, up 1%. The two agencies count different things, so their September export totals differ by about US$258 million.
What It Means for You
For US importers, Uruguay is a steady meat supplier, and the BCU data show US purchases of Uruguayan goods up 33.7% to US$123.2 million in September. Buyers of wood pulp and soybeans watch the same figures, because Uruguay’s shipments to China and Europe set the supply on those markets.
For investors, a smaller deficit should ease pressure on the Uruguayan peso, but a 12-month goods gap of US$1.8 billion is still large for a country of 3.5 million people. The strong sales to Brazil show that Uruguay still depends on its two big neighbors, while the 17.8% drop in sales to Argentina shows how weak demand there remains.
Travelers and expats need not change plans, because the report does not affect prices for visitors or residents. The figures matter most for exporters, shippers and anyone who invests in the region’s currencies.
What Would Change the Picture
A new crude oil cargo could widen the gap again in a single month, as it did in August. A larger soybean harvest would lift crop exports in the coming months.
Weaker Chinese demand would hit beef and soy first, and a stronger Brazilian real would help Uruguayan sales next door. Another drop in Argentine purchases would keep the pressure on the border trade.
What Is Not Known
It is not known whether the fall in oil imports is a lasting change or just timing. The BCU figures are preliminary, and the two agencies’ totals will keep differing because of free-zone trade.
It is also not known how the US$181 million forecast was built, so part of the miss may come from a different definition. The report also does not show services, such as tourism, which are part of the current account.
More: Uruguay news in English, every day from The Rio Times.
Frequently Asked Questions
What Is Uruguay’s Trade Balance?
Uruguay had a goods trade deficit of US$35.3 million in September 2026, according to the central bank. Exports were US$1.14 billion and imports were US$1.18 billion.
What Does Uruguay Export?
Beef, soybeans, wood pulp, wood and dairy products are Uruguay’s main exports. Pulp is shipped from free trade zones, so the central bank’s monthly figures do not include it.
Who Buys Uruguay’s Exports?
In September 2026 the largest buyers in the central bank data were Brazil, China and the United States. Argentina bought less than a year earlier.
Sources: Banco Central del Uruguay, monthly goods trade report, September 2026 (preliminary figures; compiled from National Customs Directorate data), 30 October 2026; Uruguay XXI, monthly foreign trade report, September 2026.
Editorial responsibility: Matthias Camenzind, Editor-in-Chief · Editorial standards · Report an error