Uruguay's exports grow 54.9% yearly, UEU report shows

Wednesday, June 2nd 2021 - 08:36 UTC

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Exports accounted for an accumulation since the beginning of the year of 3,517 million, 33.9% more than between January and May 2020

Uruguay's exports rose 54.9% yearly, according to a report from the Uruguayan Exporters Union (UEU) released Tuesday, which also showed that between January 1 and May 31 the increase was 33.9%.

The document was based on the Unique Customs Documents (DUA), which do not include shipping from duty-free zones.

According to the exporters' union, this is the largest monthly increase since July 2008: In May, export applications totalled US $ 908 million and accumulated US $ 3,517 million so far this year, exceeding January-May 2020 placements by 33.9%.

Year on year up until May, sales went up 9.4% compared to the same period closed in May 2020, so the increases so far in 2021 exceeded the falls registered from June to November 2020 due to the global pandemic.

But if exports from duty-free zones are added to the equation, then there was an increase of 58.8% in May and a rise of 30.7% so far this year, according to Uruguay XXI.

China remained the first destination for Uruguayan products, particularly meat, soybeans, wood, dairy, wool and leather, among others.

The increase in requests for goods from the South American country in May is explained by the recovery of destinations in both Asia, the region (Argentina and Brazil) and Europe, the document says.

The main destination for Uruguayan exports continues to be China, followed by Brazil, the United States, Argentina and Bangladesh, among others.

In May, the largest increase - among the main 20 destinations - was to Bangladesh, which did not appear in May last year, due to soybean placements. In addition, soybeans (26.92%) displaced meat (22.91%) in the first place in the ranking of requests for goods in May.

The increase in electricity exports to Argentina and Brazil was also highlighted, something that in May of last year had been “practically non-existent”.

In turn, there were “significant ups” in exports of vehicles and auto parts to the region, and a “significant recovery” in exports of wool, to China and Europe, and leather to Thailand, Brazil, China and Mexico, both items “heavily punished” last year.

Exports accounted for an accumulation since the beginning of the year of 3,517 million, 33.9% more than between January and May 2020, with increases in “most” of the destinations, which shows a recovery compared to the falls of 2020 by the pandemic.

China led the way, after a 1.6% decline due to the downturn months of 2020 in which less meat, wood, wool, soybeans and leather were sold. Brazil was already second in positive territory with an increase of 44.2%.

The destination with the highest increase -among the top 20- was India, due to the placements of wood, wool and leather, among others, while the most pronounced drops were those of Russia, due to lower purchases of dairy and fish mainly in 2020.