The annual report of Uruguay's foreign trade The forecast for 2024 reveals a remarkable 13% growth in goods exports, which reached a total of US$ 12.845 million. This increase is largely due to the strong recovery in soybean exports, which in 2023 suffered the impact of the drought, and to the increase in the sale of cellulose, which has consolidated itself as the country's main export product.
The report presented by Uruguay XXI The report details that cellulose surpassed beef in export value, registering a total of US$ 2.545 million, which represents 20% of the country's total exports. Beef, which in previous years led the ranking, was ranked second with US$ 2.026 million. Soybeans were ranked third, followed by dairy products and beverage concentrates.
María Silva, Minister of Economy and Finance, highlighted the importance of economic openness for the future of Uruguayan exports
Carlos Hernandez, Executive Director of Uruguay XXI, commented on these results:
"This growth in exports not only reflects a recovery in key sectors, such as soybeans, but also the consolidation of pulp as Uruguay's main export product. It is a clear indicator of the diversification of our exports and the opening of new markets."
Markets and main destinations
China remained the main destination for Uruguayan exports, absorbing 24% of the total exported, followed by Brazil with 18% and the European Union with 14%. Other relevant markets included the United States and Argentina, with 9% and 5% respectively.
importsExcluding oil, derivatives and energy, Uruguay imported goods for a total of US$ 10.875 million, experiencing an increase of 2,1% compared to the previous year. Consumer goods were the main responsible for this increase.
Prospects for 2025
Export performance in 2025 is expected to be similar to that in 2024, with good performance in the agricultural and meat sectors, and a possible increase in exports of dairy products. As for cellulose, although it led in 2024, there is still room for growth in the coming years.
Maria Silva, Minister of Economy and Finance, highlighted the importance of economic openness for the future of Uruguayan exports: "The Mercosur-European Union Association Agreement, as well as our growing relations with the United Arab Emirates, are examples of how we continue to seek opportunities to expand our markets and strengthen our economy globally."
Services Exports
In the area of services, Uruguay also recorded a 2% increase in exports, reaching US$ 6.984 billion. Growth was driven by professional services, consulting and IT services, which are becoming an increasingly relevant part of the country's export basket.
The full report is available for consultation and provides a detailed overview of Uruguay's international insertion, highlighting the signing of international agreements and the improvement in the regional context for foreign trade.
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