Uruguay2021 Economic Complexity Trade : 0.1, Rank 57 of 131
2021 Economic Complexity Technology : -0.44, Rank 62 of 96
2021 Economic Complexity Research : 0.042, Rank 58 of 140
2021 Product Exports | Imports: $10.6B | $11.8B, 94 of 226 | 106 of 226
2021 Per Capita Product Exports | Imports: $3.05k | $3.38k, 84 of 219 | 100 of 219
Overview In 2021, Uruguay was the number 81 economy in the world in terms of GDP (current US$), the number 94 in total exports, the number 106 in total imports, the number 50 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 ($2.01B), Sulfate Chemical Woodpulp ($1.5B), Concentrated Milk ($558M), Electricity ($525M), and Bovine Meat ($404M), exporting mostly to China ($3.06B), Brazil ($1.76B), United States ($605M), Argentina ($554M), and Netherlands ($493M).
Imports The top imports of Uruguay are Crude Petroleum ($1.06B), Cars ($369M), Packaged Medicaments ($317M), Broadcasting Equipment ($275M), and Refined Petroleum ($275M), importing mostly from China ($2.34B), Brazil ($2.1B), Argentina ($1.18B), United States ($1.12B), and Germany ($420M).
In 2021, Uruguay was the world's biggest importer of Maté ($59.1M)
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.
The data obtained is mirror data. The trade of countries that do not report current data can be reconstructed based on data reported by partner countries with current data available.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
Top Export (2021): Frozen Bovine Meat, $2.01B
Top Destination (2021): China, $3.06B
In 2021, Uruguay exported a total of $10.6B, making it the number 94 exporter in the world. During the last five reported years the exports of Uruguay have changed by $2.74B from $7.89B in 2016 to $10.6B in 2021.
The most recent exports are led by Frozen Bovine Meat ($2.01B), Sulfate Chemical Woodpulp ($1.5B), Concentrated Milk ($558M), Electricity ($525M), and Bovine Meat ($404M). The most common destination for the exports of Uruguay are China ($3.06B), Brazil ($1.76B), United States ($605M), Argentina ($554M), and Netherlands ($493M).
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).
Uruguay has a high level of specialization in Frozen Bovine Meat (121), Prepared Wool or Animal Hair (111), Malt (106), Sulfate Chemical Woodpulp (84.9), and Bovine, Sheep, and Goat Fat (62.8). 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 (1.2), Prepared glues and other prepared adhesives, n.e.c. or included; products suitable for... (1.13), Compounded rubber, unvulcanised, in primary forms or in plates, sheets or strip (0.94), Pigments (metallic powders and flakes) dispersed in non-aqueous media in liquid or... (0.86), and Nonwovens; whether or not impregnated, coated, covered or laminated (0.78). 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, were Sorghum (0.16), Gold (0.15), Manganese Ore (0.15), Aluminium Ore (0.14), and Coal Briquettes (0.14). 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.
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.
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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