MercoPress. South Atlantic News Agency

Uruguay's trade deficit trebles in Jan-Nov. 2008

Montevideo port

Uruguay's trade deficit trebled during the first eleven months of 2008 compared to the same period in 2007, although November registered a slight ease in the imports' strong annual impetus, according to the latest release from the Central Bank.

In the January/November period, Uruguay exports totalled 5.576 billion US dollars (up 36.6%) while imports reached 7.86 billion (up 63.3%) with a deficit to the tune of 2.283 billion while the previous year it was only 732.5 million US dollars. However November's deficit was down to 136.9 million US dollars from 157.5 million in November 2007. This was because exports increased 2.7% to 449 million US dollars and imports dropped 1.5% to 586 million US dollars mainly because of a smaller oil bill, of which Uruguay is totally dependent. Mercosur (Brazil, Argentina, Paraguay and associates Chile, Bolivia, Venezuela and Peru) turned out as the main client for Uruguayan exports totalling 1.48 billion US dollars (up 32.3%) while sales to the European Union also soared, 40%, to 1.05 billion US dollars. Brazil was the main trade partner in the eleven month period with exports totalling 903 million US dollar (up 38.9%), while sales to the US collapsed 59% to 193 million USD. The Uruguayan Central Bank release did not provide details on imports' origins. Uruguay's twelve month trade deficit in 2007 was 765 million US dollars which was 42.2% higher than in 2006.