Uruguay Customs Import Data Update - July 2024

Publishing Date：2024-08-09 15:42:48 Source: NBD Data(en.nbd.ltd)

I. Overall Data Overview

In July 2024, Uruguay's import activities demonstrated significant growth, reflecting the country's robust demand in the global supply chain. Despite a 13.78% month-on-month decrease in the total number of import records and a 10.55% year-on-year decrease, the total import value surged. The total import value for this month reached USD 1.89 billion, representing a 21.73% increase from the previous month and an 11.81% increase compared to the same period last year. This growth indicates strong demand for high-value goods in Uruguay.

The number of active buyers also increased this month, reaching 5,467, a rise of 8.09% month-on-month and 6.67% year-on-year. This data suggests a more dynamic market with increased participation from various enterprises.

II. Top 5 Imported Product Categories

Uruguay's top five imported product categories in July 2024 showed diverse demand across different sectors:

  1. HS Code 470329 - Other Pulp: The total import value for this category was USD 180.78 million, marking a 50.58% month-on-month increase and a 60.21% year-on-year increase. This significant growth underscores the strong demand for raw materials in Uruguay's industrial sector.

  2. HS Code 271600 - Electrical Energy Products: This category maintained a stable import value of USD 112 million, with no month-on-month change but a substantial 47.37% year-on-year increase. This stability reflects Uruguay's ongoing investments in energy supplies.

  3. HS Code 270900 - Crude Oil and Petroleum Products: The total import value for this category was USD 87.06 million. Despite having no import data for the previous month, this category saw a 12.67% year-on-year increase, indicating continued demand for petroleum in Uruguay.

  4. HS Code 300490 - Pharmaceutical Products: This category saw an import value of USD 52.11 million, with a 35.99% month-on-month increase but a 4.72% year-on-year decrease. This fluctuation reflects the dynamic nature of the pharmaceutical market.

  5. HS Code 330210 - Fragrances and Flavors: The import value for this category was USD 42.22 million, with a 4.47% month-on-month decrease but a 3.52% year-on-year increase, suggesting a stable demand for fragrance products.

III. Top 5 Products Imported from the United States

The following are the top five product categories imported from the United States to Uruguay:

  1. HS Code 330300 - Perfume and Cosmetics: The total import value for this category was USD 5.21 million, reflecting a 5.10% month-on-month decrease and a 13.88% year-on-year decrease. Despite these declines, cosmetics remain a key import from the U.S.

  2. HS Code 852872 - Television Receivers: This category experienced a significant month-on-month increase of 120.23% and a 156.87% year-on-year increase, with a total import value of USD 3.75 million. The strong demand for electronics is evident in these figures.

  3. HS Code 841510 - Air Conditioning Machines: The import value for this category was USD 1.40 million, showing a remarkable 707.08% month-on-month increase and a 519.70% year-on-year increase. The surge in demand for air conditioning units is particularly noteworthy.

  4. HS Code 220830 - Whisky: This category saw a total import value of USD 1.21 million, reflecting a 22.43% month-on-month decrease and a 25.90% year-on-year decrease. The decline may suggest changes in consumer preferences or market conditions.

  5. HS Code 220421 - Wine: The total import value for wine was USD 1.01 million, with a 140.91% month-on-month decrease and a 29.42% year-on-year decrease, indicating a significant drop in wine imports.

IV. Top 10 Trade Regions Exporting to Uruguay

Uruguay's import sources were diverse, with the top 10 regions contributing significantly to the overall import value:

  1. Uruguay (Domestic Imports): Totaling USD 483.12 million, this category saw a 23.49% month-on-month increase and a 10.80% year-on-year increase, indicating a strong internal trade flow.

  2. Brazil: Imports from Brazil reached USD 374.25 million, with a 17.56% month-on-month increase and a 26.17% year-on-year increase, reflecting robust trade ties.

  3. China: Imports from China amounted to USD 221.76 million, with a 36.48% month-on-month increase and a 50.38% year-on-year increase, highlighting China's growing importance as a trade partner.

  4. Argentina: Argentina's exports to Uruguay totaled USD 178.82 million, showing a 16.25% month-on-month increase but a 19.63% year-on-year decrease, suggesting possible shifts in trade dynamics.

  5. Turkey: Imports from Turkey surged to USD 95.29 million, a staggering 1027.28% month-on-month increase and a 590.25% year-on-year increase, indicating a dramatic rise in trade activity.

  6. Unknown: Imports from unknown regions totaled USD 92.03 million, with a 13.46% month-on-month increase and a 19.86% year-on-year increase, reflecting growing trade from less defined regions.

  7. Paraguay: Imports from Paraguay reached USD 48.17 million, with a 37.44% month-on-month increase but a 17.96% year-on-year decrease, showing mixed trends.

  8. Mexico: Imports from Mexico totaled USD 38.49 million, a 17.24% month-on-month decrease but a 4.03% year-on-year increase, indicating moderate trade activity.

  9. United States: Imports from the U.S. amounted to USD 30.41 million, with a 21.76% month-on-month increase and a 19.96% year-on-year increase, maintaining the U.S.'s strong trade presence.

  10. Germany: Imports from Germany totaled USD 22.22 million, with a 3.70% month-on-month decrease and a 13.69% year-on-year decrease, reflecting a decline in trade with Germany.

Conclusion

Uruguay's import activity in July 2024 showed strong growth, particularly in high-value product categories such as energy products, pharmaceuticals, and automotive components. The data suggests that Uruguay's demand for essential goods and advanced technologies remains strong. NBD Data will continue to monitor global market trends to provide the most accurate and up-to-date customs data analysis to help businesses capitalize on emerging opportunities.

Disclaimer: The data and analysis in this report are derived from NBD Data's statistical results and may contain some errors. Users should verify these data independently. NBD Data is not responsible for any consequences arising from the use of this report's information.

For more detailed information, please visit NBD Data's official website.

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Foreign trade companies should prioritize these buyers and use NBD Data (en.nbd.ltd) to further explore potential business opportunities, optimize trade strategies, and enhance market competitiveness.Analysis of Namibia's Key Trading PartnersSouth AfricaAs Namibia's largest trading partner, South Africa recorded a total of 165,241 transactions this month, with a total trade value reaching USD 389,859,340. Although the month-on-month trade value decreased by USD 20,031,887, it showed a year-on-year increase of USD 19,581,419, highlighting South Africa’s stable presence in the Namibian market. South Africa's main export products to Namibia include food, mineral fuels, and machinery, making it a primary supplier to the Namibian market.United Arab EmiratesThis month, the United Arab Emirates exported goods worth USD 90,827,666 to Namibia. Despite a month-on-month decrease of USD 33,447,583, the trade value increased by USD 10,782,180 compared to the same period last year. This indicates the UAE’s strong competitive position in exporting electronic equipment and mineral products to Namibia.QatarQatar saw a significant increase in trade activity with Namibia this month, with a total trade value of USD 81,414,768. The value increased by USD 81,409,076 compared to the previous month, as new trade transactions were established. Qatar's main export products include liquefied natural gas (LNG) and other energy products, signaling an expanding cooperation between Qatar and Namibia in the energy sector.OmanOman’s total trade value with Namibia for this month reached USD 62,061,646, a month-on-month increase of USD 62,031,688. However, this represents a year-on-year decrease of USD 16,550,368, indicating significant trade fluctuations. This suggests the need to closely monitor future trade trends and cooperation between Oman and Namibia.ChinaThe total export value from China to Namibia this month was USD 33,765,781, a month-on-month decrease of USD 28,532,657. Nevertheless, it marked a year-on-year increase of USD 6,406,121. China’s main exports to Namibia include machinery and consumer goods. Despite short-term fluctuations, overall demand remains strong, reflecting China’s sustained role as a key supplier to Namibia.These key trading partners collectively shape Namibia's import market, with South Africa and China maintaining a significant presence. As Qatar and Oman expand their energy exports to Namibia, the dynamics of the Namibian import market are expected to continue evolving. Foreign trade enterprises can leverage these insights to explore new opportunities and establish stronger trade relations in the region.Exchange Rate AnalysisOverall Trend: Over the past year, the exchange rate of the Namibian Dollar (NAD) against the US Dollar (USD) has shown a fluctuating but overall declining trend, indicating that the Namibian Dollar has been appreciating against the US Dollar. The exchange rate gradually decreased from 19.07 NAD/USD in September 2023 to 17.99 NAD/USD in August 2024.Notable Changes:November to December 2023: During this period, the exchange rate slightly increased from 18.22 to 18.26 NAD/USD, reflecting a relatively stable trend with minimal fluctuations.March to April 2024: The exchange rate rose from 18.75 to 18.97 NAD/USD, indicating a short-term depreciation of the Namibian Dollar against the US Dollar.Since May 2024: The exchange rate has gradually declined to 17.99 NAD/USD, showing a consistent appreciation of the Namibian Dollar, likely influenced by domestic economic policy adjustments or a weakening of the US Dollar.Future Trend ForecastBased on the current trend, the Namibian Dollar is expected to continue appreciating slightly against the US Dollar in the coming months. This projection is driven by the following factors:Recovery of Namibia's Domestic Economy: A stable and recovering domestic economy could strengthen the purchasing power of the Namibian Dollar.Global Weakening of the US Dollar: If the US Dollar continues to weaken, the Namibian Dollar is likely to experience further appreciation.It is recommended to closely monitor the global economic situation and any adjustments to Namibia’s domestic monetary policies, as these will be crucial factors in determining the future trend of the exchange rate. ConclusionThe Namibian import market in August 2024 showed significant changes in various aspects. Overall, although the total import value declined this month, the increase in the number of importers indicates growing diversity and activity in market demand. Among the major imported products, mineral fuels and light vehicles remain the mainstays of Namibia’s import market, while beer and malt beverages exhibited strong growth, reflecting an increase in local consumption demand.Regarding key trading partners, South Africa, China, and the United Arab Emirates continue to be Namibia’s most important partners, with South Africa holding the largest market share. Notably, emerging markets such as Oman and Qatar have shown rapid growth in exports to Namibia, indicating their potential to become significant players in the Namibian import market in the future.In terms of exchange rates, the Namibian Dollar (NAD) has generally appreciated against the US Dollar over the past 12 months. This trend could be attributed to local economic policies and a weakening US Dollar. If Namibia’s domestic economy remains stable, it is expected that the exchange rate will continue to show relative strength in the coming months.For foreign trade enterprises, understanding Namibia’s market demand and buyer information, especially focusing on product categories with increased import values and active buyers this month, such as beer and medium passenger vehicles, can help capture market opportunities. Furthermore, closely monitoring exchange rate fluctuations and global economic conditions can assist companies in formulating better trade strategies. NBD Data (en.nbd.ltd), as a provider of the latest and most comprehensive foreign trade data analysis, will continue to offer accurate market intelligence and professional trade data support for businesses and individuals.Disclaimer: The data and analysis in this report are derived from NBD Data's statistical results and may contain some errors. Users should verify these data independently. NBD Data is not responsible for any consequences arising from the use of this report's information....

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