Uruguayan exports fall in November but 2022 figures still good

Uruguayan exports fall in November but 2022 figures still good

Uruguayan exports have fallen 13% yoy in November of 2022 after recording a growth of 20.3% for the first eleven months of the year when compared to the same period of the previous year, it was reported Tuesday in Montevideo.

Sales abroad amounted to US$ 10,443 million, a 24.8% increase in the interannual comparison, if exports of electricity are not added to the equation. These sales to companies in duty-free areas would rise the overall revenues to US$ 12,402 million for an overall 19.3% increase against 2021.

According to a study released by the Directorate of Economic Studies of the Chamber of Industries of Uruguay (CIU), the decline in sales of frozen boneless beef from US$ 174 million in November 2021 to US$ 123 million last month hit the overall performance by 5.3 percentage points.

However, turnip or rapeseed exports grew 98% compared to the previous month which meant a 1.9 percentage points progress.

Exports of primary products reached US$ 233 million, 15% more than in November 2021 due largely to sales of raw eucalyptus wood.

Regarding industrial exports, the 18% drop in the interannual comparison meant the third consecutive month of interannual decrease. Still, the accumulated for the year was 16% higher than the January-November 2021 period.

There was a 5% increase in Manufactures of Industrial Origin, whose exports reached US$137 million, driven by motor vehicles, pharmaceutical products, medicinal substances, plastic products, and engine spare parts.

Regarding Manufactures of Agricultural Origin, exports in November amounted to US$ 396 million, which meant a 23% drop compared to the same month the previous year, although there was a growth of 11% in the accumulated of the year in the interannual comparison.