MercoPress. South Atlantic News Agency

Uruguay's trade deficit in 2008 soared to 2.5 billion USD

Uruguay's trade deficit last year soared to 2.52 billion US dollars, up from 787 million US dollars in 2007, according to the latest release from the Central Bank.

Exports totalled 5.948 billion US dollars while imports reached 8.468 billion, which represent 31.8% and 58.7% increase over the previous year. Brazil was again Uruguay's main trade partner having absorbed 986 million US dollars, which represents 16.6% of the country's total overseas sales. Argentina, another member of Mercosur, was the second most important destination of Uruguay's exports with 507 million US dollars, while the US dropped to fifth place. Spain and Venezuela ranked third and fourth each of them representing 4% of Uruguay's exports. Uruguayan president Tabare Vazquez is scheduled to visit Brazil next week and discuss with his counterpart Lula da Silva trade, energy and Mercosur affairs.