According to a study by consultants Uruguay XXI released Friday in Montevideo, exports from the South American country -duty-free zones included- totaled US$ 1.027 billion in August, which represented a 17% year-on-year drop.
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.
Year-on-year inflation in Uruguay in the month of May of 2022 has been reported to still be nearly 35% above the target range set by the government of President Luis Lacalle Pou, while exports amounted to US$ 1.5 billion, which set a record high.
Uruguay’s Foreign Minister Luis Almagro highlighted that Mercosur is the “main buyer” of Uruguayan exports and strongly defended the country's presence in the regional group, a controversial issue since much of the country's political system and most of the business community want a more dynamic, open trade block.
Industry, Energy and Mining Minister, Roberto Kreimerman, said Uruguay would try to settle disputes with Argentina in order to reestablish trade relations, but he also recognized Uruguay’s relationship with Argentina 'will never be the same'. The minister revealed that 32 million dollars of Uruguayan exports are blocked at Argentine Customs.
Uruguayan exports of goods in March continued falling thus closing a discouraging first quarter, according to Uruguay XXI, the country’s agency responsible for promoting trade and investment in the country.