According to a foreign trade study by the Uruguay XXI Institute released Monday in Montevideo, the South American country's exports continued to fall in the month of September by 9% year-on-year and 18% so far in 2023.
Uruguay's exports, including those shipped out of duty-free zones, totaled US$ 939 million in February of 2023, which represented an 8% decrease. The main reason for this setback was reported to be a drop in sales of beef and by-products, rice, wood, and wooden by-products.
Uruguayan exports including duty-free zones for the month of April totaled US$ 1.115 billion, according to the Uruguay XXI Institute's monthly report released Monday.
Beef, meat by-products and wood have boosted Uruguayan exports, which were reported to have grown 17.2% overall in October, it was announced Monday in Montevideo. Meat sales once again reached record figures.
Uruguay exports of meats reached 978 million dollars between January and 18 July of which 83% beef; 5,5% offal; 3% ovine; other industrialized meats 2.7% and 1.5% horse, according to the latest release from the country's Meats institute economics office, Inac.
The Inter-American Development Bank (IDB) has approved a 120 million dollars loan to finance the second phase of Uruguay's Strategic International Positioning Program. Its goal is to consolidate the country's international positioning, contributing to an increase in investments—mainly those aimed at high value-added sectors— and exports.
Inflation and competitiveness are the two main macroeconomic challenges faced by Uruguay and does not anticipate an easy 'soft landing', at 3% growth rates in coming years, according to Deloitte during a conference on Prospects for 2014 and economic challenges for the next government.