In May 2023, Uruguay’s exports experienced a significant decline, with a year-on-year drop of 31%. This downward trend has been maintained for eight consecutive months, and various factors such as lower external demand and a severe drought have contributed to this situation. In this article, we will analyze in detail the export figures for May 2023, as well as the projections for the end of the current year.
During May 2023, export requests reached US$ 1,059 million, which represents a 31% decrease compared to the same month of the previous year. Soybeans and beef were the most affected products, explaining a large part of the monthly drop. These two categories experienced significant reductions: soybean exports decreased by 65% compared to May 2022, while beef exports fell by 31%.
In the accumulated of the first five months of 2023, exports of goods reached US$ 4,722 million, which represents a reduction of 14% compared to the same period of the previous year. This decrease reflects the persistent downward trend in Uruguayan exports. However, pulp exports are expected to partially offset the drop in agricultural exports, such as soybeans and beef.
Prospects for exports of goods in 2023 and main destinations
Uruguayan exports of goods are projected to close the year 2023 at approximately US$ 12,000 million, registering a decrease of 11% compared to the previous year. The strong retraction of agricultural exports due to lower external demand and the drought will be partially offset by the increase in pulp exports.
Regarding export destinations, a decrease is observed in the five main markets. China retakes first place in the ranking of destinations, representing 30% of total exports, followed by Brazil with 22%. The European Union ranks third with 11%, followed by the United States and Argentina. Exports to these countries have experienced reductions of different magnitudes.
