Uruguay’s Exports Surge 13% in 2024, Cellulose Takes the Lead

Uruguay XXI, the nation’s foreign trade promotion institute, reported a significant boost in Uruguay’s goods exports for 2024. The country’s exports reached $12.845 billion, marking a 13% increase from 2023. Cellulose emerged as the top export product for the first time, showcasing Uruguay’s evolving economic landscape.

Cellulose exports soared to $2.545 billion, representing a 35% increase. This surge was largely attributed to the full operation of UPM’s second cellulose plant in central Uruguay. As the country’s third major plant, it played a crucial role in driving export growth.

Beef exports claimed the second spot, totaling $2.026 billion. However, this figure was 2% lower than in 2023. The decline resulted from a 4% decrease in export volumes, despite a 2% increase in prices.

Soybean exports experienced a remarkable 193% jump, reaching $1.199 billion. Favorable weather conditions and optimal soil moisture led to a production of around three million tons. This output was five times higher than the drought-affected 2022-2023 season.

Dairy products held the fourth position with exports remaining relatively stable at $815 million. China maintained its status as Uruguay’s primary export destination, accounting for 24% of total exports at $3.125 billion, a 27% increase from the previous year.

Uruguay’s Exports Surge 13% in 2024, Cellulose Takes the Lead

The growth in exports to China was primarily driven by increased soybean sales, which quadrupled, and cellulose exports, which grew by 53%. However, beef exports to China saw a 37% decline over the past year.

Brazil and the European Union ranked as the second and third largest markets for Uruguayan products, representing 18% and 14% of exports respectively. Imports, excluding oil, derivatives, and energy, totaled $10.875 billion in 2024, showing a 2.1% increase from 2023.

This export growth marks a significant turnaround from 2023, when Uruguay’s goods exports fell by 13% to $11.518 billion compared to 2022. The 2024 figures demonstrate Uruguay’s economic resilience and its ability to capitalize on favorable conditions in key sectors.

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