MercoPress. South Atlantic News Agency

Uruguayan exports fall for the 2nd month in a row

China ceased to be Uruguay's main buyer of beef, which explains the drop

Uruguayan exports in the month of October 2022 totaled US$ 842 million, which represented a 6% year-on-year drop, it was reported Tuesday in Montevideo.

According to the Uruguay XXI Institute, the fall is mainly explained by lower sales of beef -mainly to China- which could not be compensated by the increases in exports of vehicles, rice, and dairy products.

Between January and October 2022, sales abroad including duty-free zones grew 27%, totaling US$ 11,262 million, the export, investment, and country brand promotion agency Uruguay XXI Institute also pointed out.

October was the second consecutive month of decline in foreign sales after September's 0.2%. China ceased to be Uruguay's main beef buyer, a place it had held since 2013 and which has been reclaimed by Brazil.

The main export products for the month were beef (US$ 186 million), cellulose (US$ 117 million), dairy products (US$ 74 million, up 16%), beverage concentrate (US$ 55 million, up 4%), and meat by-products (US$ 47 million).

The main export destination for the month was Brazil (21%), followed by China (16%), the European Union (9%), the United States (8%), and Argentina (5%).

The Monthly Foreign Trade Report also analyzed the energy transition in Uruguay and the opportunities it generates for exports.