*Uruguay’s exports of goods totalled US$12.85bn in 2024, up 13% on 2023, according to the government’s annual report on foreign trade. The report attributes this rise to an increase in cellulose exports and the recovery of soybean exports (which in 2023 suffered the impact of the drought). Cellulose exports totalled US$2.55bn, up 35% year-on-year and overtaking beef as the country’s biggest export. Beef was the second biggest export, followed by soybeans, dairy products, and beverage concentrates. The main destination for Uruguayan exports in 2024 was China, accounting for 24% of the total, followed by Brazil (18%), the European Union (EU, 14%), the US (9%), and Argentina (5%). Imports of goods, excluding oil, derivatives, and energy, totalled US$10.88bn, up 2.1% on 2023. The report states that Uruguay “continued to consolidate its economic openness through international agreements and regional reforms” last year, highlighting the signing of the EU-Southern Common Market (Mercosur) association agreement after 25 years of negotiations, as well as progress on deals with the United Arab Emirates and other countries. The report notes that new markets were also opened, including key products such as dairy products to El Salvador, bone-in meat to Israel, and tripe to China.
- ECUADOR: Noboa moves against vice president
- In brief: Bolivia’s international reserves under pressure
- BRAZIL: New figures show rise in capital flight
- In brief: Drop in production for Brazil-Paraguay hydroelectric dam
- HONDURAS: Gov’t hails fall in homicides
- In brief: Honduras’ inflation down in annual terms
- MEXICO: Gov’t rejects NYT report on fentanyl production
- In brief: Remittances to Mexico rise
- ARGENTINA: Tax take down in real terms amid budget rollover
- In brief: Uruguay’s exports up in 2024