Montevideo, Uruguay – Uruguay's exports continued their upward trajectory in November, marking an eighth consecutive month of growth. According to the latest monthly report from Uruguay XXI, the country's exports surged 5% year-on-year to reach US$1.025 billion, driven primarily by increased sales of beef, cellulose, and dairy products.

The European Union remained Uruguay's top export destination, accounting for 18% of total exports or US$183 million. This represents a 22% year-on-year increase. Brazil secured the second spot, with exports soaring 426% to reach US$180 million. China followed closely in third place with purchases totaling US$166 million.

Beef retained its position as Uruguay's most exported product, although sales dipped 12% year-on-year to US$212 million. Cellulose and dairy products followed, with sales of US$179 million and US$81 million, respectively, representing year-on-year growth of 3% and 12%.

Other significant export products included beverage concentrates, vehicles, meat by-products, soybeans, and rice.

Exports Drive Economic Growth

A joint study by Uruguay XXI and the CEPAL Montevideo office underscored the critical role of exports in Uruguay's economy. In 2022, the country's total exports of goods and services amounted to US$21.657 billion, of which 76% contributed to the country's Gross Value Added (GVA). Exports accounted for 26% of Uruguay's GDP and supported 356,000 jobs, or 21% of the total national employment.

The study revealed that 76% of the total export value in 2022 was generated domestically, while the remaining 24% corresponded to imported inputs. Modern services (59%), the primary sector (20%), and agribusiness (14%) were the primary contributors to the country's value-added exports.