Uruguay - Foreign trade



Uruguay Foreign Trade 2038
Photo by: Kheng Guan Toh

Uruguay traditionally relies on foreign sales of wool, hides, and meat products for its export revenues, which increased steadily until 1998, and then dropped off slightly. Export revenues from goods and services annually increased by an average of 3.3% during 1977–87, and by 8.2% between 1988 and 1998. The value of imports fell by an average 1.7% per year during the 1980s, but have increased by an average of 17.1% annually during 1990–95. In 2000, exports increased by 2.6%, and imports rose 3.3%.

Imports have been stimulated by falling tariffs, the ongoing implementation of MERCOSUR agreements, revaluation of the Uruguayan peso, and gradual liberalization of the economy. Rising imports of consumer goods reflect pent-up demand, while increased imports of capital goods reflect the need to upgrade industrial facilities to meet foreign competition. In the first half of 1999, Uruguay's exports declined by 25%. The nation's trade deficit nearly doubled between 1998 and 1999 as a result of the international financial recession.

Uruguay's major commodity exports are meat (19%), leather (9.4%) rice (7.2%), and automobiles (68%). Other exports include dairy products (5.5%) and textile yarn (5.0%)

In 2000, Uruguay's imports were distributed among the following categories: consumer goods, 17.4%; food, 9.0%; fuels, 15.4%; industrial supplies, 31.9%; machinery, 16.0%; and transport, 10.4%.

Trade with Brazil and Argentina accounts for about half of Uruguay's trade. Principal trading partners in 2000 (in millions of US dollars) were as follows:

Uruguay

COUNTRY EXPORTS IMPORTS BALANCE
Brazil 530 667 -137
Argentina 411 836 -425
United States 192 339 -147
China (inc. Hong Kong) 115 142 -27
Germany 90 105 -15
United Kingdom 72 64 8
Italy 69 110 -41
Spain 60 114 -54
Chile 56 59 -3
France 17 145 -128
Venezuela 15 150 -135
Also read article about Uruguay from Wikipedia

User Contributions:

1
Hailey
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Feb 19, 2011 @ 1:13 pm
This is a great article! Its full of helpful information. The only thing that would make it better is if it also included the imports of Uruguay.

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