Brazil & Southern Cone - January 2011 (ISSN 1741-4431)

Both imports and exports rose strongly in 2010. According to the central bank, imports grew 21% year-on-year in the first 11 months of 2010 to reach US$7.57bn. Exports rose 25% over the full year period to US$6.76bn, according to unofficial estimates from a local think tank, Instituto Uruguay XX1. The other sign that the economy is booming came in the form of record new car sales. In 2010 sales increased 61% year-on-year to 40,664, according to figures from the Asociación de Comercio Automotor (ACAU). The previous record year was 1998 (40,000 units sold). Small cars were the most popular, accounting for 15,520 of the total sold. Chevrolet is the market leader, shifting 9,878 vehicles. Imports probably finished just beneath their record 2008 level. In the first 11 months of 2010, imports were about US$890m short of the 2008 level. The absolute figures are misleading though, because in 2008 imports were inflated by unusually large volumes of oil and electricity imports. Excluding oil and electricity, imports were a record in 2010, totalling US$6.2bn in the first 11 months, up 30% on the same period of 2009 and 5% up on 2008. Overall, the country probably ran a small trade surplus in 2010. Official figures only date to September yet, but if the Instituto Uruguay XX1 figure is validated by the official data, the country will have exported 14% more than it managed in its previous record year of 2008.

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