Exports in Uruguay increased by 28% in the last year

Uruguayan exports, including free zones, totaled 1,056 million dollars in March 2022. This figure represents an increase of 28%, compared to the same month in 2021, which represents an increasing trend as exports grew by 51% in February compared to February 2021.

“The growing trend in exports in the first three months of 2022 is confirmed. The products that explain the increase are beef (with an incidence of 7.1%), wheat (6.4%), rice (3.7%), cellulose (3.0%), soy (2.8%) and vehicles (2.4%). On the other hand, live cattle, malt and timber and their by-products had negative incidences of 2.2%, 1.6% and 1.2%, respectively,” said the Monthly Foreign Trade Report of March 2022, released by Uruguay XXI, the agency responsible for the promotion of exports, investments and country image.

The same report indicates that cumulative exports for the first three months of 2022 totaled $2,896 million. That number represents a 37% increase in the year-on-year comparison.

Beef is still the product with the highest incidence in Uruguayan exports. It experienced an increase of 28% compared to March 2021. In this regard, China and the United States were the main buyers of Uruguayan meat.

In second place among the most consumed products is wheat, which increased sales volume, but also the price, due to the economic consequences of the Russian invasion in Ukraine.

“The January-March 2022 quarter closes with 160 million dollars exported, 120% more than recorded in the first quarter of 2021,” Uruguay XXI reported.

The third best-selling product on the export list was another grain, rice. This totaled $44 million in March, tripling the figures in year-on-year terms. “The main destinations for this product were Venezuela (27%), Cuba (23%), Brazil (13%), Costa Rica (14%) and the Netherlands (5%),” the organization stated. At the same time, cellulose sales increased by 23%.

In an analysis of the destinations to which Uruguay exports, Uruguay XXI highlighted that there were “increases in sales to Uruguay's main partners compared to March 2021, with the exception of the European Union whose purchases fell 5.6%”.

In addition, “there was an increase in export requests to China by 6%, to Brazil by 13.5%, the United States by 20.1% and Argentina by 53%. The destinations that follow them in amount were: Algeria (146.2%) and Chile (80.4%).”

The increase in February

Beef, during February 2022, was also listed as the product with the highest positive impact. Last month, including free zones, exports totaled 1.02 billion dollars, which implied a 51% growth compared to the same month in 2021.

According to the same Monthly Report on Foreign Trade of Uruguay XXI, sales of “dairy products, rice, wheat, cellulose, vehicles, barley and timber” were positively influenced.

In the annual cumulative period, January and February 2022, exports had already reached a total of 1,862 million dollars, representing a 44% increase in the year-on-year comparison.

Beef was exported for 247 million dollars, which represented 24 per cent of total sales abroad. That figure also marked a growth of 85% compared to February 2021.

“Against the backdrop of strong external demand, the average export price was a boost in sales and increased 32% year-on-year. For its part, the volumes placed grew 40% in the same comparison,” the report noted.

In terms of Uruguayan beef destinations, China was the main buyer, with 59% of total sales of this product, but also with an increase in February of 115%, compared to the same month in 2021.

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