Uruguay2019 Economic Complexity : 0.066, Rank 66 of 146
2019 Product Exports | Imports: $9.1B | $9.9B, 93 of 225 | 104 of 225
2019 Per Capita Product Exports | Imports: $2.63k | $2.86k, 84 of 219 | 105 of 219
2018 Service Exports | Imports : $6.36B | $3.7B, 38 of 88 | 45 of 88
Overview: In 2019 Uruguay was the number 81 economy in the world in terms of GDP (current US$), the number 93 in total exports, the number 104 in total imports, the number 55 economy in terms of GDP per capita (current US$) and the number 66 most complex economy according to the Economic Complexity Index (ECI).
Exports: The top exports of Uruguay are Sulfate Chemical Woodpulp ($1.57B), Frozen Bovine Meat ($1.51B), Soybeans ($675M), Concentrated Milk ($457M), and Rice ($380M), exporting mostly to China ($2.63B), Brazil ($1.12B), Netherlands ($484M), United States ($484M), and Argentina ($438M).
Imports: The top imports of Uruguay are Crude Petroleum ($1.68B), Packaged Medicaments ($402M), Cars ($288M), Broadcasting Equipment ($254M), and Delivery Trucks ($197M), importing mostly from Brazil ($2.49B), China ($1.46B), United States ($1.13B), Argentina ($1.04B), and Angola ($324M).
In 2019, Uruguay was the world's biggest importer of Maté ($67.8M)
Top Export (2019): Sulfate Chemical Woodpulp, $1.57B
Top Destination (2019): China, $2.63B
In 2019, Uruguay exported a total of $9.1B, making it the number 93 exporter in the world. During the last five reported years the exports of Uruguay have changed by -$101M from $9.2B in 2014 to $9.1B in 2019.
The most recent exports are led by Sulfate Chemical Woodpulp ($1.57B), Frozen Bovine Meat ($1.51B), Soybeans ($675M), Concentrated Milk ($457M), and Rice ($380M). The most common destination for the exports of Uruguay are China ($2.63B), Brazil ($1.12B), Netherlands ($484M), United States ($484M), and Argentina ($438M).
Top Import (2019): Crude Petroleum, $1.68B
Top Origin (2019): Brazil, $2.49B
In 2019 Uruguay imported $9.9B, making it the number 104 trade destination in the world. During the last five reported years the imports of Uruguay changed by -$3.45B from $13.4B in 2014 to $9.9B in 2019.
The most recent imports of Uruguay are led by Crude Petroleum ($1.68B), Packaged Medicaments ($402M), Cars ($288M), Broadcasting Equipment ($254M), and Delivery Trucks ($197M). The most common import partners for Uruguay are Brazil ($2.49B), China ($1.46B), United States ($1.13B), Argentina ($1.04B), and Angola ($324M).
Fastest Growing Export Markets (2018 - 2019)
Fastest Growing Import Markets (2018 - 2019)
Uruguay Exports Services (2018): $6.36B
Uruguay Imports Services (2018): $3.7B
In 2018, Uruguay exported $6.36B worth of services. The top services exported by Uruguay in 2018 were Personal travel ($2.04B), Merchanting and other trade-related services ($1.47B), Miscellaneous business, professional, and technical services ($1.33B), Business travel ($314M), and Telecommunications services ($229M).
The top services imported by Uruguay in 2018 were Personal travel ($954M), Miscellaneous business, professional, and technical services ($869M), Sea transport ($488M), Air transport ($327M), and Computer and information services ($266M).
The top product import tariffs by their MFN Ad Valorem value for Uruguay are Boots, soles/uppers rubber or plastic, over ankle, ne (35%) and Footwear, nes (35%).
Click any of the products in the bar chart to see the specific Ad Valorem Duty Rates by partner country.
*The tariffs applied to imports for Uruguay are:
Uruguay has a high level of specialization in Prepared Wool or Animal Hair (112), Frozen Bovine Meat (106), Sulfate Chemical Woodpulp (90.1), Malt (74.6), and Bovine, Sheep, and Goat Fat (74.6). Specialization is measured using RCA, an index that takes the ratio between Uruguay observed and expected exports in each product.
The highest complexity exports of Uruguay according to the product complexity index (PCI) are Acrylic polymers in primary forms (1.43), Orthopaedic appliances (1.24), Glues and adhesives nes, pack <1kg (1.13), Provitamins and vitamins, their derivatives (1.12), and Nonwovens textiles except felt (1.08). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
The top export opportunities for Uruguay according to the relatedness index, are Gold (0.15), Tin Ores (0.15), Raw Cotton (0.15), Uranium and Thorium Ore (0.15), and Dried Legumes (0.15). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Uruguay is not specialized in.
The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products it is currently specialized in.
The Complexity-Relatedness diagram compares the risk and the strategic value of a country's potential export oppotunities. Relatedness is a predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower emissions.
During the last 20 years Uruguay's economy has become relatively less complex, moving from the 37th to the 66th position in the ECI rank.
These economic complexity rankings use 6 digit exports classified according to the HS96 classification. We consider only countries with population of at least 1 million and exports of at least $1 billion, and products with world trade over $500 million. To explore different rankings and vary these parameters visit the custom rankings section.
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