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Foreign Trade Annual Report - 2022
Uruguayan exports of goods grew by 16.5% in 2022, reaching USD 13,356 million and once again surpassing an all-time high. In 2022, there were two clearly ...
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- Uruguayan exports of goods grew by 16.5% in 2022, reaching USD 13,356 million and once again surpassing an all-time high. In 2022, there were two clearly distinct periods in terms of goods exports: between January and August there were year-on-year increases in all months, and in the last four months of the year there were drops in export requests.
- China was once again Uruguay’s main trading partner in 2022, accounting for 28% of all goods exports, with USD 3,675 million exported. In 2022, the European Union replaced Brazil and ranked second, accounting for 15% of the total (with USD 1,950 million in exports). Brazil was the third largest export destination with USD 1,873 million in sales (14% of total exports). Argentina was the fourth largest export destination. With a 9% share, sales to the neighboring country totaled USD 1,250 million, more than double the figure recorded in 2021. Exports of goods to the United States, the fifth largest export destination, totaled USD 784 million in 2022.
- Beef was the main product exported in 2022 worth USD 2,557 million, accounting for almost 20% of total exports. It was followed by soybean exports (USD 1,922 million), which more than doubled the values exported in 2021 (USD 892 million). Cellulose ranked third among products, with exports totaling USD 1,818 million in 2022, accounting for almost 13% of total exports.
- In a more adverse international context, with commodity prices below the 2022 average and a regional situation of economic slowdown, it is estimated that in 2023 Uruguayan exports of goods will total almost USD 13,000 million, which would imply a slight reduction of 2% in exported values. • The year 2022 was a busy one for Uruguay’s external insertion agenda. In April, Uruguay and Turkey agreed on the terms of reference for the start of an exploratory dialogue on FTA negotiations. In July, the joint feasibility study to advance FTA negotiations with China was concluded. In December, Uruguay applied to join the CPTPP bloc. Within Mercosur, in July, the members agreed on a reduction of the common external tariff (CET) for almost 6900 NCM codes. Negotiations between Singapore and Mercosur were also concluded. Finally, bilaterally with Brazil, a new trade agreement for products produced in free trade zones was signed in June 2022.
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