Having a stable, transparent market with easily identifiable property values is a tremendous advantage for foreign investors in terms of site selection, and Uruguay’s soil and water conditions are ideal for production. But once the grains are harvested or the beef is boxed, what is the potential for exporting those goods abroad?
The answer for Uruguay is “double-digit growth” based on a new report Uruguay XXI forecasting 12% growth in exports this year alone to US$8.94 billion and almost US$10 billion by 2013. The report extrapolates 2012 numbers based on Uruguay exports in the first five months of the year, and the country’s diversity is evident in both goods shipped as well as destination countries.
Uruguay’s Top Ten export markets include the US, Chile, Germany, Argentina and three of the four BRICs: China, Russia and regional juggernaut Brazil which just happens to be Uruguay’s leading trade partner.
Uruguay’s top exports include soy (15% of total), frozen beef (12%), wheat (7%), rice (6%) and fresh beef (4%), while other goods posting double-digit export growth include timber (21% growth), cheese (51%) and barley (65%) shipped primarily to major breweries in Brazil.
BRIC countries absorb the bulk of Uruguay’s top exports including soy (27% goes to China), beef (29% to Russia) and wheat/rice (39% to Brazil). The complete Uruguay XXI trade analysis PDF can be downloaded here. (Full Story in Spanish)
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