After a 2023 characterized by a severe droughtlas Uruguayan exports of goods they grew and totaled USD 12,845 million in 2024, 13% more than the previous year. The end of the water deficit caused a recovery in sales of the militaryto which was added the operation of the pulp mill of UPM II in Paso de los Toros.
Exports in 2024 represented the second highest record of the decade, according to a report released by the Office of Investment Promotion, Exports and Country Image Uruguay XXI. This year’s improvement was in line with this unit’s projections, which anticipated an increase of around 14%.
“Export growth was mainly driven by increased pulp sales and the recovery of soybean exports. The latter, considering the severe drought that affected the 2022-2023 harvest, especially summer crops. In 2024, soybean exports showed a great recovery, close to 200% in value. For its part, the growth in pulp sales was explained because the UPM Paso de los Toros plant operated throughout 2024; That is to say, there were greater volumes exported and also better export prices,” explains the Uruguay XXI report.
If it is done zoom to growth during 2024, it is observed that there was interannual monthly growth in almost all months with the exception of January and March.
Regarding export products, there is something new: For the first time, cellulose was the most sold abroad and displaced beef. This is the result of the increase in export volume due to the operation of the second plant of the Finnish multinational UPM, the third in the country.
A second reason that explains this displacement is the “slight deterioration” – as defined by Uruguay XXI – in meat exports bovine. Its price “failed to compensate” for the drop in exported quantities, explains the Uruguayan promotion office.
In 2023, due to the strong impact of the drought, soybeans had remained in eighth place as an export product. In 2024, meanwhile, water conditions “improved significantly” and allowed the grain to recover and occupy third place in the ranking.
“In sum, In 2024, pulp was the main exported product with 20% of the total. Beef, with a share of 16%, took second place, while soybeans took third place with 9%. They were followed by dairy products and beverage concentrate, both with 6% share, and other products such as rice (4%), vehicles (4%), meat by-products (3%) and wood (3% )”, summary Uruguay XXI.
Regarding the main export destinations, China It maintained first place with 24% of the total exported. Exports to the Asian market reached USD 3,125 million, which implied a growth of 27%. What explained this increase? Basically, the sale of soybeans has quadrupled and the sale of cellulose has grown by 53%.
Brazil appears in second place in this ranking, with sales that reached USD 2,303 million. It represented a participation in the total of 18% of the total exported and an increase of 5%. This was mainly driven by the 82% increase in vehicle exports, which were consolidated as the main export item to Brazil.
The Union EuropeanMeanwhile, it was the third destination for Uruguayan exports of goods. They were 14% of the total. The United States appears in fourth place and Argentina in fifth.
