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2023
Economic Complexity
Trade 0.22Rank 52 of 132
2021
Economic Complexity
Technology -0.44Rank 62 of 96
2022
Economic Complexity
Research 0.24Rank 44 of 140
2023
Product
Exports | Imports $11B | $13.5B100 of 226 |  103 of 226
2023
Per Capita Product
Exports | Imports $3.25k | $3.98k77 of 220 |  102 of 220

About

Overview In 2023, Uruguay was the number 81 economy in the world in terms of GDP (current US$), the number 100 in total exports, the number 103 in total imports, the number 54 economy in terms of GDP per capita (current US$) and the number 52 most complex economy according to the Economic Complexity Index (ECI) .

Exports The top exports of Uruguay are Sulfate Chemical Woodpulp ($2.11B), Frozen Bovine Meat ($1.61B), Rice ($621M), Concentrated Milk ($607M), and Bovine Meat ($435M), exporting mostly to China ($2.34B), Brazil ($1.92B), United States ($880M), Argentina ($569M), and Netherlands ($568M).

Imports The top imports of Uruguay are Crude Petroleum ($1.07B), Refined Petroleum ($839M), Cars ($550M), Delivery Trucks ($418M), and Broadcasting Equipment ($330M), importing mostly from Brazil ($3.03B), China ($2.49B), Argentina ($1.5B), United States ($1.23B), and Nigeria ($534M).

In 2023, Uruguay was the world's biggest importer of Mate ($65M)

Location Uruguay borders Argentina and Brazil by land.

Latest Trends

Latest Trade

Flow
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Y-AXIS SCALE

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.

* Trade values are converted to USD using each month's exchange rate. For December 2023 data, the exchange rate from December 30, 2023 is used.

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Latest Data

Flow
Color
Depth

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.

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Historical Data

Yearly Trade

Flow
Color
Depth
Top Export (2023)Sulfate Chemical Woodpulp$2.11B
Top Destination (2023)China$2.34B

In 2023, Uruguay exported a total of $11B, making it the number 100 exporter in the world. During the last five reported years the exports of Uruguay have changed by $1.39B from $9.62B in 2018 to $11B in 2023.

The most recent exports are led by Sulfate Chemical Woodpulp ($2.11B), Frozen Bovine Meat ($1.61B), Rice ($621M), Concentrated Milk ($607M), and Bovine Meat ($435M). The most common destination for the exports of Uruguay are China ($2.34B), Brazil ($1.92B), United States ($880M), Argentina ($569M), and Netherlands ($568M).

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Exports (2023)
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Destinations (2023)
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Market Growth

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Growth
Fastest Growing Export Markets (2022 - 2023)
Brazil$213M (+ 12.4%)
Turkey$178M (+ 96%)
Honduras$74M (+ 4.52k%)
Fastest Growing Import Markets (2022 - 2023)
Nigeria$194M (+ 56.9%)
Saudi Arabia$133M (+ 388%)
Netherlands$103M (+ 89.4%)

Total Export Growth by Market (2022 - 2023)

Potential Exports

Potential Exports

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Service Trade

Service Trade

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).

Service Exports (2018)

Service Imports (2018)

Economic Complexity

Overview

Economic Complexity (Trade)0.22Rank 52 of 132
Economic Complexity (Technology)-0.44Rank 62 of 96
Economic Complexity (Research)0.24Rank 44 of 140

Most Specialized Products by RCA Index

Uruguay has a high level of specialization in Malt (130), Sulfate Chemical Woodpulp (112), Bovine, Sheep, and Goat Fat (112), Frozen Bovine Meat (101), and Prepared Wool or Animal Hair (97.2). 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

The highest complexity exports of Uruguay according to the product complexity index (PCI) are Acrylic polymers in primary forms (1.18), Orthopaedic appliances; including crutches, surgical belts and trusses; splints and other fracture... (1.12), Provitamins, vitamins; natural or reproduced by synthesis (including natural concentrates) derivatives thereof... (1.11), Prepared glues and other prepared adhesives, n.e.c. or included; products suitable for... (1.03), and Polymers of vinyl acetate or of other vinyl esters, in primary forms;... (0.92). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Export Opportunities by Relatedness

The top export opportunities for Uruguay according to the relatedness index, were Aluminium Ore (0.17), Sorghum (0.16), Other Oily Seeds (0.14), Casein (0.14), and Other Hides and Skins (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.

Product Space

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

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.

Relatedness Space (2023)

Diversification Frontier

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Depth

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.

Diversification Frontier

Economic Complexity Ranking

Methodology
Scale

During the last 20 years Uruguay's⁩ ⁨economy has become relatively less complex, moving from the ⁩⁨41st to the 52nd⁩ 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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ECI (Trade) Ranking by Country

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