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Foreign Trade Annual Report - 2023
Uruguayan goods exports amounted to US$ 11.52 billion in 2023, a drop of 13% compared to 2022, a record year for exports. During 2023, neither the external ...
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- Uruguayan goods exports amounted to US$ 11.52 billion in 2023, a drop of 13% compared to 2022, a record year for exports. During 2023, neither the external nor the internal context contributed to the export of Uruguayan goods. The meager growth of developed economies, the reduced demand from China and the drop in commodity prices created a complex external scenario. If we add internal factors such as the unprecedented drought the country suffered, affecting agricultural production -which has a considerable weight in the exports of goods- we can understand the aforementioned decline.
- The main export products in 2023 were beef, cellulose, dairy products, beverage concentrate and rice. Live cattle and cellulose were the items with the largest positive impact, while soybeans and beef accounted for a major part of the drop in exports.
- In terms of external insertion, in 2023 Uruguay continued its process of economic expansion. A Free Trade Agreement was signed between Mercosur (Common Market of the South) and Singapore, which established Asia as a key partner for Uruguay. Bilateral relations with China were strengthened and new markets were accessed. In addition, priority was given to closing negotiations with the European Union, with the hope of making headway during the first half of 2024.
- Imports of goods, excluding oil, derivatives and energy, totaled US$ 10.61 billion in 2023, a 2% fall compared to 2022. The main drop was recorded in imports of intermediate goods.
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