Uruguay - Balance of payments
Balance of payments deficits are common in Uruguay, owing to fluctuating world markets for agricultural exports and a high dependency on imports for raw materials and fuels. Traditionally, multilateral assistance, income from tourism, and inflow of capital from other Latin American countries have tended to offset the negative trade picture. The balance of payments in the 1980s and 1990s was affected by the continued weakening of international prices of Uruguay's exports, which are concentrated in a few products—meat, rice, wool, dairy products, and leather account for about half of the country's exports. The Batlle administration in the early 2000s was looking to expand trade with the US and the rest of NAFTA. The country's trade with MERCOSUR has declined in recent years, in part due to a decline in Brazil's importance as a source for Uruguayan imports. Trade with Argentina subsequently increased.
The US Central Intelligence Agency (CIA) reports that in 2001 the purchasing power parity of Uruguay's exports was $2.24 billion while imports totaled $2.9 billion resulting in a trade deficit of $660 million.
The International Monetary Fund (IMF) reports that in 2001 Uruguay had exports of goods totaling $2.15 billion and imports totaling $2.92 billion. The services credit totaled $1.13 billion and debit $803 million. The following table summarizes Uruguay's balance of payments as reported by the IMF for 2001 in millions of US dollars.
|Balance on goods||-771|
|Balance on services||329|
|Balance on income||-114|
|Direct investment abroad||1|
|Direct investment in Uruguay||318|
|Portfolio investment assets||250|
|Portfolio investment liabilities||281|
|Other investment assets||-1,991|
|Other investment liabilities||1,940|
|Net Errors and Omissions||17|
|Reserves and Related Items||-304|