High Flyin’ 747: Uruguay Posts Record Commodity Exports

Patrick Archer agribusiness, competitiveness, uruguay

Uruguay continued its blistering pace of export growth in October with everything from soy to beef to lumber posting solid gains, according to the country’s leading trade promotion agency.

The monthly trade report from Uruguay XXI shows Uruguay exports rose 8.5% in October compared to the previous year. In total, Uruguay shipped US$747 million worth of beef, crops, timber and other precious commodities around the world. Northern neighbor Brazil was the number one destination for Uruguay shipments (18%) followed closely by China (16%).

Over the first ten months of 2013, Uruguay has exported US$7.85 billion worth of goods, a 5.4% increase over 2012. Soybeans are the number one Uruguay export (US$1.864 billion) this year followed by frozen beef, rice and milk. The country is also exporting record levels of wheat and lumber according to El Pais.

What makes Uruguay’s export numbers even more impressive is the fact that exports to Argentina were down 20% in October and 4% for 2013 showing Uruguay is much less dependent on Argentina and increasingly integrated with some of the world’s greatest economic powers. (Full Story in Spanish)

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