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)

Location Uruguay borders Argentina and Brazil by land.

Historical Data

#permalink to section

Yearly Exports

#permalink to section
Value
Compare to
Depth

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).

Explore Visualizations

Yearly Imports

#permalink to section
Value
Compare to
Depth

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).

Explore Visualizations

Flow

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).

Tariffs by Product

#permalink to section

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:
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 Ambiente
4: AAP.A14TM N° 7 Acuerdo de Alcance Parcial para la Conformación del Mercado Común del Libro Latinoamericano Brasil Uruguay
23: AAP.AG N° 02 - Acuerdo de Alcance Parcial para la Liberación y Expansión del Comercio Intrarregional de Semillas Suscrito por el Art. 12 del TM80
29: AAP.CE N° 2 Acuerdo de Complementación Económica N° 2 celebrado entre la República Federativa del Brasil y la República Oriental del Uruguay
35: AAP.CE N° 35 - Complementación Económica entre MERCOSUR y Chile
36: AAP.CE N° 36 - Complementación Económica entre MERCOSUR y Bolivia
42: 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 Mexicanos
51: AAP.CE N° 57 Acuerdo de Alcance Parcial de Complementación Económica N° 57 Suscrito entre la República Argentina y la República Oriental del Uruguay
60: AAP.CE N° 58 - Complementación Económica entre Argentina, Brasil, Paraguay, Uruguay y Perú
61: AAP.CE N° 59 - Complementación Económica entre Argentina, Brasil, Paraguay, Uruguay, Colombia, Ecuador y Venezuela
63: AAP.CE N° 60 Acuerdo de Complementación Económica N° 60 Suscrito entre la República Oriental del Uruguay y los Estados Unidos Mexicanos
67: AAP.CE Nº 63 Acuerdo de Complementación Económica N° 63 Suscrito entre la República Oriental del Uruguay y la República Bolivariana de Venezuela
79: AR.AM N° 01 - Acuerdo Regional de Apertura de Mercados en Favor de Bolivia
80: AR.AM N° 02 - Acuerdo Regional de Apertura de Mercados en favor de Ecuador
81: AR.AM N° 03 - Acuerdo Regional de Apertura de Mercados en Favor de Paraguay
82: 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 treatement
239: Preferential tariff for India
244: Preferential tariff for Israel
269: Preferential tariff for MERCOSUR countries (Southern Common Market)

Economic Complexity

#permalink to section

Most Specialized Products by RCA Index

#permalink to section

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.

Most Complex Products by PCI

#permalink to section

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.

Export Opportunities by Relatedness

#permalink to section

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.

Relatedness Space

#permalink to section

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

#permalink to section
Filter
Depth

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.

Economic Complexity Ranking

#permalink to section
Scale

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.

Explore Rankings