Uruguay: Merchandise exports contract in January
Latest reading: Merchandise exports declined by 4.2% on an annual basis in January (December: +12.8% yoy), marking the worst drop since February 2024. Meanwhile, merchandise imports dove by 2.7% in January (December: +19.2% yoy), posting the weakest reading since August 2023. Both results were hampered by a calendar effect: The Lunar New Year fell in January this year and in February during 2024.
Nevertheless, the merchandise trade balance improved from the previous month, recording a USD 3.0 billion surplus in January (December 2024: USD 0.5 billion surplus; January 2024: USD 3.6 billion surplus). Lastly, the trend deteriorated, with the 12-month trailing merchandise trade balance recording a USD 23.3 billion surplus in January, compared to December’s USD 23.9 billion surplus.