Uruguay | Export performance in 2020

Summary

Uruguay has reduced its trade openness in recent years, which was boosted in 2020 by the irruption of the Covid-19, causing a substantial drop in external demand, which will explain much of the fall in Uruguay's GDP to 4.1% this year.

Key points

• Key points:
• Uruguay has lost some 20 pp of trade openness in recent years and since the beginning of 2020 it has been boosted by the drastic change in the international situation following the irruption of Covid-19.
• Exports of goods and services were deeply affected by the measures taken by the main partners to counteract the Covid19 effect in their respective economies.
• Uruguay's five main trading partners, which account for more than 50% of external demand, have been the most affected by this pandemic.
• The greatest impact was suffered in Q2 2020 and with a slight recovery for the next quarter. However, the damage to exports of goods and also services (tourism) will explain much of the drop in Uruguay's GDP to 4.1% this year.

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