Uruguay’s exports fall 16% year on year in August

Uruguay’s exports dropped 16% in August from the same month a year earlier, totaling $1.121 billion, according to Uruguay XXI’s foreign trade report. Beef, cellulose and soybeans were the country’s leading export products.

Exports including free-trade zones reached $8.939 billion in the first eight months of the year. China remained Uruguay’s largest destination in August, buying $245 million in goods, or 22% of the monthly total.

The report attributed much of the monthly decline to a negative 15% impact and a 46% reduction in export values. Soybeans recorded the steepest fall, with sales to China down 73%.

Beef exports fell 13%, while sales of meat by-products declined 26%. Beef sales totaled $65 million and by-products $13 million. Brazil ranked second among destinations with $182 million, or 16% of exports, after recording 30% growth. The European Union followed with $165 million, down 11% year on year.

The United States ranked fourth with purchases of $125 million, followed by Turkey with $53 million. Beef was Uruguay’s biggest export product overall at $214 million. China bought 30% of those shipments, the European Union 26%, the United States 24% and Israel 6%. Cellulose ranked second at $205 million, while soybean exports totaled $86 million.