Overview: In 2018 Uruguay was the number 79 economy in the world in terms of GDP (current US$), the number 92 in total exports, the number 96 in total imports, and the number 58 most complex economy according to the Economic Complexity Index (ECI). In 2018, Uruguay exported $8.96B and imported $11.2B, resulting in a negative trade balance of -$2.24B. In 2018, Uruguay's exports per capita were $2.6k and its imports per capita were $3.25k.
In 2018 Uruguay exported a total of $8.96B, making it the number 92 exporter in the world. During the last five reported years the exports of Uruguay have changed by -$435M from $9.4B in 2013 to $8.96B in 2018.
In 2018 Uruguay imported $11.2B, making it the number 96 trade destination in the world. During the last five reported years the imports of Uruguay changed by -$1.39B from $12.6B in 2013 to $11.2B in 2018.
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).
This section shows forecasts for total product exports and imports for Uruguay. The forecast is based in a long short-term memory model or LSTM constructed using yearly trade data.
*The tariffs applied to imports for Uruguay are:3: AAP.A14TM N° 6 (Argentina Brasil Uruguay) Acuerdo de Alcance Parcial de Cooperación e Intercambio de Bienes utilizados en la Defensa y Protección del Medio Ambiente4: AAP.A14TM N° 7 Acuerdo de Alcance Parcial para la Conformación del Mercado Común del Libro Latinoamericano Brasil Uruguay23: AAP.AG N° 02 - Acuerdo de Alcance Parcial para la Liberación y Expansión del Comercio Intrarregional de Semillas Suscrito por el Art. 12 del TM8029: AAP.CE N° 2 Acuerdo de Complementación Económica N° 2 celebrado entre la República Federativa del Brasil y la República Oriental del Uruguay35: AAP.CE N° 35 - Complementación Económica entre MERCOSUR y Chile36: AAP.CE N° 36 - Complementación Económica entre MERCOSUR y Bolivia42: AAP.CE N° 44 Acuerdo de Complementación Económica N° 44 Celebrado entre la República de Cuba y la República Oriental del Uruguay 50: AAP.CE N° 55 Acuerdo de Complementación Económica N° 55 celebrado entre el MERCOSUR y los Estados Unidos Mexicanos51: AAP.CE N° 57 Acuerdo de Alcance Parcial de Complementación Económica N° 57 Suscrito entre la República Argentina y la República Oriental del Uruguay60: AAP.CE N° 58 - Complementación Económica entre Argentina, Brasil, Paraguay, Uruguay y Perú61: AAP.CE N° 59 - Complementación Económica entre Argentina, Brasil, Paraguay, Uruguay, Colombia, Ecuador y Venezuela63: AAP.CE N° 60 Acuerdo de Complementación Económica N° 60 Suscrito entre la República Oriental del Uruguay y los Estados Unidos Mexicanos67: AAP.CE Nº 63 Acuerdo de Complementación Económica N° 63 Suscrito entre la República Oriental del Uruguay y la República Bolivariana de Venezuela79: AR.AM N° 01 - Acuerdo Regional de Apertura de Mercados en Favor de Bolivia80: AR.AM N° 02 - Acuerdo Regional de Apertura de Mercados en favor de Ecuador81: AR.AM N° 03 - Acuerdo Regional de Apertura de Mercados en Favor de Paraguay82: AR.CEYC N° 7 Acuerdo de Cooperación e Intercambio en las Áreas Cultural, Educacional y Científica (Argentina, Bolivia, Brasil, Chile, Colombia, Cuba, Ecuador, México, Panamá, Paraguay, Perú, Uruguay)83: AR.PAR N° 04 - Preferencia Arancelaria Regional (Argentina Bolivia Brasil Chile Colombia Cuba Ecuador México Panamá Paraguay Perú Uruguay Venezuela)136: Most Favoured Nation duty rate treatement239: Preferential tariff for India244: Preferential tariff for Israel269: Preferential tariff for MERCOSUR countries (Southern Common Market)
During the last 20 years Uruguay's economy has become relatively less complex, moving from the 38th to the 58th 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.
The top export opportunities for Uruguay according to the relatedness index, are Tin Ores (0.16), Gold (0.16), Raw Cotton (0.15), Crustaceans (0.15), and Insect Resins (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.
Uruguay
