Uruguay bought US$12.5 billion worth of imported products from suppliers located around the globe in 2023.

That dollar amount results from a 50.2% increase from $8.3 billion 5 years earlier in 2019.

Year over year, the value of Uruguay’s imported products fell by -3.8% compared to $13 billion starting from 2022.

The top 5 most valuable products imported by Uruguay during 2023 were crude oil, processed petroleum oils, cars, trucks then phone devices including smartphones. Added together, that subgroup of major Uruguayan imports accounted for nearly one-quarter (23.5%) of the Latin American nation’s overall import purchases.

Based on the average exchange rate for 2023 on a Purchasing Power Parity basis, the Uruguayan peso dropped by -10.1% against the US dollar since 2019 but appreciated by 5.7% from 2022 to 2023. Uruguay’s weaker local currency compared to 2019 makes Uruguayan imports paid for in its weaker local currency since 2019 relatively more expensive for Uruguayan buyers.

Top International Suppliers for Uruguayan Imports

The latest available country-specific data shows that 65% of products imported into Uruguay was furnished by exporters in: Brazil (20.5% of the Uruguayan total), mainland China (16.8%), United States of America (8.1%), Argentina (5%), Türkiye (2.8%), Chile (2.6%), Netherlands (2.3%), Mexico (1.8%), Paraguay (1.3%), Algeria (also 1.3%), Spain (1.2%) and Portugal (also 1.2%).

From a continental perspective, four-fifths (40.5%) of Uruguay’s total imports by value in 2023 was purchased from fellow Latin American countries excluding Mexico but including the Caribbean.

Trade partners located in Asia supplied 29.8% of import buys by Uruguayan importers. Another 13.1% worth of goods originated from sellers in Europe and 12.6% from those in North America.

Smaller percentages came from exporters in Africa (3.8%) and Oceania (0.2%) mostly Australia and New Zealand.

Given Uruguay’s population of 3.57 million people, its total $12.5 billion in 2023 imports translates to roughly $3,500 in yearly product demand from every person in the South American nation. That dollar metric lags the average $3,600 per person one year earlier during 2022.

Uruguay’s Top 10 Imports

The following product groups represent the highest dollar value in Uruguay’s import purchases during 2023. Also shown is the percentage share each product category represents in terms of overall imports into Uruguay.

1. Mineral fuels including oil: US$2.1 billion (16.4% of total imports)
2. Vehicles: $1.6 billion (12.8%)
3. Machinery including computers: $1.2 billion (9.8%)
4. Electrical machinery, equipment: $889.4 million (7.1%)
5. Plastics, plastic articles: $567.6 million (4.5%)
6. Pharmaceuticals: $380.4 million (3%)
7. Fertilizers: $368.8 million (3%)
8. Other chemical goods: $350.2 million (2.8%)
9. Meat: $304.2 million (2.4%)
10. Food industry waste, animal fodder: $260.5 million (2.1%)

Uruguay’s top 10 imports accounted for 64.1% of the overall value of its product purchases from other countries.

The fastest-growing imports into Uruguay were the food industry waste and animal fodder (up 24.9% from 2022), vehicles (up 9.6%) then pharmaceuticals (up 5.5%).

Uruguay’s severest decreases were for imported fertilizers (down -47.4% from 2022) and miscellaneous chemical goods (down -22.2%).

Please note that the results listed above are at the 2-digit Harmonized Tariff System code level. Information presented under the sections below is at the more granular 4-digit level.

Uruguay’s Most Valuable Imported Fuel Products

In 2023, Uruguayan importers spent the most on the following 10 subcategories of mineral fuels-related products.

1. Crude oil: US$863.5 million (down -47.9% from 2022)
2. Processed petroleum oils: $772.2 million (up 117.8%)
3. Electrical energy: $140.4 million (up 30,150%)
4. Petroleum gases: $108.7 million (up 6.2%)
5. Petroleum oil residues: $101.5 million (up 59.3%)
6. Natural bitumen, asphalt, shale: $60.2 million (up 25.5%)
7. Peat: $2.3 million (down -20.5%)
8. Petroleum jelly, mineral waxes: $1.3 million (down -29.2%)
9. Asphalt/petroleum bitumen mixes: $1.2 million (up 29.8%)
10. Coal tar oils (high temperature distillation): $1.1 million (down -26.3%)

Among these import subcategories, Uruguayan purchases of electrical energy (up 30,150%), processed petroleum oils (up 117.8%) then petroleum oil residues (up 59.3%) grew at the fastest pace from 2022 to 2023.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of mineral fuels-related imports among Uruguayan businesses and consumers.

Uruguay’s Most Valuable Imported Vehicles

In 2023, Uruguayan importers spent the most on the following 10 subcategories of vehicles including non-motorized products.

1. Cars: US$542.5 million (up 13.8% from 2022)
2. Trucks: $417.5 million (up 25.4%)
3. Automobile parts/accessories: $291.7 million (up 4.8%)
4. Tractors: $155.1 million (down -19.3%)
5. Public-transport vehicles: $47.4 million (up 84%)
6. Trailers: $42.1 million (down -11.7%)
7. Motorcycles: $41.2 million (up 9.5%)
8. Automobile bodies: $23.1 million (down -20.7%)
9. Special purpose vehicles: $17.5 million (up 27.3%)
10. Bicycles, other non-motorized cycles: $9.9 million (down -25.2%)

Among these import subcategories, Uruguayan purchases of public-transport vehicles (up 84%), special purpose vehicles (up 27.3%) then trucks (up 25.4%) grew at the fastest pace from 2022 to 2023.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported road vehicles including non-motorized products among Uruguayan businesses and consumers.

Uruguay’s Most Valuable Imported Machinery

In 2023, Uruguayan importers spent the most on the following 10 subcategories of machinery including computers.

1. Computers, optical readers: US$163.3 million (up 17.8% from 2022)
2. Heavy machinery (bulldozers, excavators, road rollers): $93 million (up 4.6%)
3. Refrigerators, freezers: $76.3 million (up 0.6%)
4. Harvest/threshing machinery: $71 million (down -16.8%)
5. Air conditioners: $54.2 million (up 10.9%)
6. Centrifuges, filters and purifiers: $50.2 million (up 1.5%)
7. Soil preparation or cultivation machinery: $44 million (down -23.3%)
8. Spray/dispersing mechanical appliances: $42.4 million (down -33.6%)
9. Taps, valves, similar appliances: $39.8 million (up 11.9%)
10. Miscellaneous machinery: $39.3 million (down -39.9%)

Among these import subcategories, Uruguayan purchases of computers including optical readers (up 17.8%), taps, valves or similar appliances (up 11.9%) then air conditioners (up 10.9%) grew at the fastest pace from 2022 to 2023.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of machinery-related imports (including computers) among Uruguayan businesses and consumers.

Uruguay’s Most Valuable Imported Electronics

In 2023, Uruguayan importers spent the most on the following 10 subcategories of electronics and electricity-related products.

1. Phone devices including smartphones: US$340.6 million (down -2% from 2022)
2. Electrical converters/power units: $62.1 million (up 58%)
3. TV receivers/monitors/projectors: $60.4 million (down -19.8%)
4. Insulated wire/cable: $50.3 million (down -6.6%)
5. Lower-voltage switches, fuses: $41.2 million (up 15%)
6. Electric water heaters, hair dryers: $39.4 million (up 4.3%)
7. Electric storage batteries: $30.2 million (up 8.8%)
8. Microphones/headphones/amplifiers: $22.4 million (up 11.9%)
9. TV receiver/transmit/digital cameras: $20.1 million (up 81.5%)
10. Electrical/optical circuit boards, panels: $19.5 million (down -10.7%)

Among these import subcategories, Uruguayan purchases of television receivers, transmitters and digital cameras (up 81.5%), electrical converters or power units (up 58%) then lower-voltage switches and fuses (up 15%) grew at the fastest pace from 2022 to 2023.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of electronics-related imports among Uruguayan businesses and consumers.
 

See also Uruguay’s Top 10 Exports, Uruguay’s Top Trading Partners, Brazil’s Top 25 Trading Partners, Argentina’s Top Trading Partners and Mexico’s Top Trading Partners

Research Sources:
Central Intelligence Agency, The World Factbook: Country Profiles. Accessed on December 7, 2024

International Trade Centre, Trade Map. Accessed on December 7, 2024

Richest Country Reports, Key Statistics Powering Global Wealth. Accessed on December 7, 2024

Wikipedia, Uruguay. Accessed on December 7, 2024