Overview In 2020, Uruguay was the number 84 economy in the world in terms of GDP (current US$), the number 97 in total exports, the number 107 in total imports, the number 54 economy in terms of GDP per capita (current US$) and the number 57 most complex economy according to the Economic Complexity Index (ECI).

Exports The top exports of Uruguay are Frozen Bovine Meat ($1.26B), Sulfate Chemical Woodpulp ($1.18B), Rice ($475M), Concentrated Milk ($470M), and Soybeans ($363M), exporting mostly to China ($1.79B), Brazil ($1.02B), United States ($558M), Netherlands ($387M), and Argentina ($361M).

Imports The top imports of Uruguay are Crude Petroleum ($728M), Packaged Medicaments ($348M), Cars ($241M), Broadcasting Equipment ($236M), and Pesticides ($161M), importing mostly from Brazil ($1.79B), China ($1.56B), United States ($1.03B), Argentina ($1.01B), and Germany ($272M).

Location Uruguay borders Argentina and Brazil by land.

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The following section uses the most recent trade data from partners of Uruguay.

Disclaimer: data is presented based on availability and only countries that use the harmonized system are being shown.

*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.

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Data is presented based on data availability. Only countries using the Harmonic System (HS) are selected. Every source is shown using their own latest twelve months of data.

*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.

Historical Data

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Top Export (2020): Frozen Bovine Meat, $1.26B

Top Destination (2020): China, $1.79B

In 2020, Uruguay exported a total of $7.59B, making it the number 97 exporter in the world. During the last five reported years the exports of Uruguay have changed by -$651M from $8.24B in 2015 to $7.59B in 2020.

The most recent exports are led by Frozen Bovine Meat ($1.26B), Sulfate Chemical Woodpulp ($1.18B), Rice ($475M), Concentrated Milk ($470M), and Soybeans ($363M). The most common destination for the exports of Uruguay are China ($1.79B), Brazil ($1.02B), United States ($558M), Netherlands ($387M), and Argentina ($361M).

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Fastest Growing Export Markets (2019 - 2020)

Fastest Growing Import Markets (2019 - 2020)

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).

Economic Complexity

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Most Specialized Products by RCA Index

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Uruguay has a high level of specialization in Frozen Bovine Meat (103), Prepared Wool or Animal Hair (96.5), Sulfate Chemical Woodpulp (91.6), Malt (80.5), and Bovine, Sheep, and Goat Fat (62). Specialization is measured using RCA, an index that takes the ratio between Uruguay observed and expected exports in each product.

Export Opportunities by Relatedness

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The top export opportunities for Uruguay according to the relatedness index, are Gold (0.17), Other Hides and Skins (0.17), Raw Cotton (0.16), Raw Sugar (0.16), and Cocoa Beans (0.16). 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 a country currently specializes in.

Relatedness Space

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This network shows the products most related to the production structure of Uruguay. These are products that tend to be co-exported with the products that Uruguay exports. Higher relatedness values ​​indicate greater knowledge, which predicts a greater probability of exporting that product in the future.

Diversification Frontier

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The Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is 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 greenhouse emissions.

Economic Complexity Ranking

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During the last 20 years Uruguay's⁩ ⁨economy has become relatively less complex, moving from the ⁩⁨38th to the 57th⁩ 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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