Uruguay Claims Spot as Second Biggest Services Exporter in LATAM

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Uruguay claims to now be Latin America’s second-largest exporter of software and technology services per capita, and ranked fourth in total export revenue.

According to data from the Central Bank of Uruguay (BCU), the country’s IT services exports surpassed US$1 billion in 2023. The United States remains the dominant market for Uruguayan software, accounting for 87% of total exports, followed by the United Kingdom and Argentina.

Uruguay has less than 4 million inhabitants. If the BCU’s numbers are accurate, that would put Uruguay only below Costa Rica in the ranking of Latin American per capita exporters of services.

Uruguay’s IT sector comprises around 550 companies employing approximately 18,000 individuals. When micro-enterprises are included, this figure rises to 33,000 employees.

While Uruguay’s tech exports flourish, its trade with China is also expanding, driven largely by agricultural goods. In July 2024, China accounted for 26% of Uruguay’s exports, totaling US$300 million; a remarkable 89% increase from the previous year, fueled primarily by a sevenfold rise in soybean exports.

During the same period, Brazil trailed Uruguay in food exports to China, with Brazil’s food exports totaling US$243 million.

Uruguay has long pursued a free trade agreement (FTA) with China. The country even lobbied for Mercosur, the regional trade bloc, to sign an FTA with China, but efforts were stymied by resistance from Argentina.

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Uruguay Claims Spot as Second Biggest Services Exporter in LATAM

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