ශ්රී ලංකා ප්රජාතාන්ත්රික සමාජවාදී ජනරජයේ තානාපති කාර්යාලය - බ්රසීලියාව, බ්රසීලය
இலங்கை ஜனநாயக சோஷலிசக் குடியரசின் தூதரகம் - பிரசீலியா, பிரேசில்
Embassy of the Democratic Socialist Republic of Sri Lanka - Brasilia, Brazil
Uruguay: Economic & Trade
Economic and social Indicators – Uruguay and Sri Lanka
| Uruguay | Sri Lanka | |
|---|---|---|
| Official Name | Uruguay | Democratic Socialist Republic of Sri Lanka |
| Area | 176,215 sq km | 65,610 Sq. Km |
| Capital | Montevideo | Sri Jayewardenepura Kotte |
| Population | 3,425,330 (2024 est.) | 21,982,608 (2024 est) |
| Life Expectancy | 78.9 years (2024 est.) | 76.8 years (2024 est.) |
| Ethnic Groups | White 87.7%, Black 4.6%, Indigenous 2.4%, other 0.3%, none or unspecified 5% (2011 est.) | Sinhalese 74.9%, Sri Lankan Tamil 11.2%, Sri Lankan Moors 9.2%, Indian Tamil 4.2%, Other 0.5% (2012) |
| Religions | Roman Catholic 42%, Protestant 15%, other 6%, agnostic 3%, atheist 10%, unspecified 24% (2023 est.) | Buddhist 70.1%, Hindu 12.6%, Muslim 9.7%, Christian and Roman Catholic 7.6% (2012) |
| Real GDP | $105.096 billion (2023 est.) | $84.357 billion (2023 est.) |
| GDP – Real growth Rate | 0.37% (2023 est.) | -2.3% (2023 est.) |
| Rea GDP - Per Capita | US$30,700 (2023 est.) | US$13,000 (2023 est.) |
| GDP Composition by Sector | Agriculture: 5.6%(2023est.) Industry: 16.4%(2023est.) Services: 66.3% (2023 est.) | Agriculture: 8.3% (2023 est.) Industry: 25.6% (2023 est.) Services: 59.9% (2023 est.) |
| Labour Force | 1.775 million (2023 est.) | 8.707 million (2023 est.) |
| Unemployment Rate | 8.35% (2023 est.) | 6.36% (2023 est.) |
| Inflation Rate | 5.87% (2023 est.) | 16.54% (2023 est.) |
| Agriculture Products | Milk, Rice, Wheat, Barley, Soybeans, Beef, Rapeseed, Sugarcane, Maize, Oranges (2022) | Tea, Rubber, Coconuts, Rice, Sugarcane, Spices, Fish, Maize, Fruits And Vegetables, Milk And Poultry (2022) |
| Industries | Food processing, Electrical machinery, Transportation equipment, Petroleum products, Textiles, Chemicals, Beverages | Processing of rubber, Tea, Coconuts, Tobacco and other agricultural commodities; Clothing and textiles; Cement and petroleum refining ship building, Coir |
| Export | US$23.329 billion (2024 est.) | US$17.327 billion (2023 est.) |
| Exports Commodities | Wood Pulp, Beef, Milk, Rice, Wood (2023) | Textiles and apparel, Tea, Used rubber tires, Rubber products, Precious stones (2022) |
| Exports Partners | China 21%, Brazil 17%, USA 8%, Argentina 5%, Netherlands 5% (2023) | US 24%, India 8%, UK 7%, Germany 6%, Italy 4% (2022) |
| Imports | $19.117 billion (2024 est.) | $18.823 billion (2023 est.) |
| Imports Commodities | Crude petroleum, Refined petroleum, Cars, Trucks, Fertilizers (2023) | Refined petroleum, Fabrics, Ships, Cotton fabric, Synthetic fabric (2022) |
| Import Partners | Brazil 22%, China 18%, Argentina 11%, USA 9%, Nigeria 4% (2023) | India 34%, China 19%, UAE 5%, Malaysia 4%, Singapore 4% (2022) |
Source: The World Fact book/Central Bank of Sri Lanka
1. Sri Lanka’s Exports, Imports, Total Trade & Balance of Trade with Uruguay
The total trade turnover between Sri Lanka and Uruguay, as shown in Table 1 below, has been rather erratic over the past five years.
Table 1: Trade with Uruguay
Value in Mn US$
| Year | Exports - Value | Exports - Growth(%) | Imports - Value | Imports - Growth(%) | Total Trade Turnover - Value | Total Trade Turnover - Growth(%) | Trade Balance | Import Coverage (%) |
|---|---|---|---|---|---|---|---|---|
| 2019 | 2.22 | -11.55 | 0.94 | 27.03 | 3.16 | -2.77 | 1.28 | 236.17 |
| 2020 | 1.62 | -27.03 | 0.42 | -55.32 | 2.04 | -35.44 | 1.20 | 385.71 |
| 2021 | 3.58 | 120.99 | 1.26 | 200.00 | 4.84 | 137.25 | 2.32 | 284.13 |
| 2022 | 2.47 | -31.01 | 0.61 | -51.59 | 3.08 | -36.36 | 1.86 | 404.92 |
| 2023 | 2.03 | -17.81 | 0.20 | (67.21) | 2.23 | (27.60) | 1.83 | 1,015.00 |
| 2024 | 2.73 | 34.48 | 0.33 | 65.00 | 3.06 | 37.22 | 2.40 | 827.27 |
Source: Sri Lanka Customs
The value of Sri Lanka’s exports to Uruguay peaked in 2021 at US$ 3.58 million. However, by 2024, this value had declined by 34.48% to US$ 2.73 million. Imports from Uruguay have ramained minimal over the last six years, with a value of US$ 0.33 million recorded in 2024. Throughout this period, the trade balance has consistently favored Sri Lanka.
Sri Lanka’s Exports to Uruguay
- In 2024, Uruguay was the 113th export market for Sri Lanka, accounting for 0.02% of total exports. In 1977, Uruguay ranked as the 56th export market with a share of 0.1%
- As shown in Table 2 below, tea and Appreal were the dominant export items in 2024, accounting for 19.78% of the value of Sri Lanka‘s exports to Uruguay in 2024 for each product.
Table 2: Sri Lanka’s Exports to Uruguay (2020-2024)
Value in Mn. US$
| HS | Description | 2020 | 2021 | 2022 | 2023 | 2024 | Share in 2024 (%) | Change in 2024 over 2023(%) |
|---|---|---|---|---|---|---|---|---|
| 0902 | Tea | 0.55 | 0.58 | 0.52 | 0.47 | 0.54 | 19.78 | 14.9 |
| 61 & 62 | Apparel | 0.39 | 0.58 | 0.66 | 0.62 | 0.54 | 19.78 | -12.9 |
| 1513 | Cocount (copra), palm kernel or babassu oil and fractions thereof, whether or not refined, but not chemically modified.. | 0.14 | 0.13 | 0.07 | 0.22 | 0.38 | 13.92 | 72.7 |
| 4015 | Articles of apparel and clothing accessories (including gloves), for all purposes, of vulcanised r.. | 0.18 | 0.38 | 0.35 | 0.27 | 0.33 | 12.09 | 22.2 |
| 401290 | Retreaded or used pneumatic tyres of rubber; solid or cushion tyres, inter-changeable tyre treads .. | 0.14 | 0.34 | 0.37 | 0.19 | 0.27 | 9.89 | 42.1 |
| 0906 | Cinnamon and cinnamon-tree flowers | - | - | 0.00 | 0.00 | 0.23 | 8.42 | |
| 0908 | Nutmeg, mace and cardamoms | - | - | - | - | 0.09 | 3.30 | |
| 63 | Other made up textile articles; sets; worn clothing and worn textile articles; rags | 0.03 | - | 0.07 | 0.04 | 0.08 | 2.93 | 100.0 |
| 4011 | New pneumatic tyres, of rubber. | 0.05 | 0.15 | 0.23 | 0.10 | 0.06 | 2.20 | -40.0 |
| other exports | 0.14 | 1.42 | 0.19 | 0.13 | 0.20 | 7.33 | 53.8 | |
| Total | 1.62 | 3.58 | 2.47 | 2.03 | 2.73 | 100.00 | 34.5 |
Source: Sri Lanka Customs
Sri Lanka’s Imports from Uruguay
- Uruguay was the 107th import partner of Sri Lanka in 2024, accounting for 0.001% of total imports.
- Sri Lanka’s imports from Uruguay were marginal. As shown in Table 3 below, the main imports from Uruguay consisted of Plants and parts of plants (including seeds and fruit) used primarily in perfumery.
Table 3: Sri Lanka’s Imports from Uruguay (2020-2024)
Value in Mn US$
| HS | Description | 2020 | 2021 | 2022 | 2023 | 2024 | Share in 2024 (%) | Change in 2024 over 2023(%) |
|---|---|---|---|---|---|---|---|---|
| 38 | Miscellaneous chemical products | 0.16 | 0.45 | 0.42 | 0.00 | 0.23 | 69.70 | |
| 23 | Residues and waste from the food industries, prepared animal fodder. (Except Hs 23065010) | 0.21 | 0.66 | 0.19 | 0.19 | 0.06 | 18.18 | -68.4 |
| 18 | Cocoa & cocoa preparations | - | - | - | 0.00 | 0.04 | 12.12 | - |
| 30 | Pharmaceutical products | 0.05 | 0.04 | - | - | 0.00 | 0.00 | - |
| Other Imports | 0.00002 | 0.107 | 0.006 | 0.01 | 0.000003 | 0.00 | -100.0 | |
| Total | 0.42 | 1.26 | 0.61 | 0.20 | 0.33 | 100.00 | 65.0 |
Source: Sri Lanka Customs
2. Scope for further expansion of Sri Lanka’s Exports to Uruguay
Considering the growing demand in Uruguay and the sustainable supply capacities of Sri Lankan products, items such as apparel, tea, new pneumatic rubber tyres, and coconut-related products could be explored for further expansion in the Uruguayan market.
Additional Bilateral Trade Statistics
Value in Mn US$
| Year | Rank (Export) position | Value US. Mn. | % of total export to the world | Export growth (Multiples) |
|---|---|---|---|---|
| 1977 | 56 | 0.53 | 0.1 | - |
| 2024 | 113 | 2.73 | 0.02 | 5.15 |
Source: Sri Lanka Customs
Note: Sri Lanka’s total exports to the world which stood at US$ 743 Mn. in 1977 has reached US$ 12,017.03 Mn. in 2024, registering a 16 fold growth.
Trade Statistics
Value in US$ Mn.
| Year | Export | Share of total export to the world (%) | Import | Total Trade | Balance of Trade |
|---|---|---|---|---|---|
| 2004 | 0.63 | 0.01 | 0.28 | 0.90 | 0.35 |
| 2005 | 0.51 | 0.008 | - | 0.51 | 0.51 |
| 2006 | 0.53 | 0.008 | 0.13 | 0.66 | 0.40 |
| 2007 | 0.58 | 0.008 | 0.37 | 0.95 | 0.21 |
| 2008 | 0.94 | 0.01 | 0.46 | 1.40 | 0.49 |
| 2009 | 0.84 | 0.01 | 0.02 | 0.86 | 0.82 |
| 2010 | 1.65 | 0.02 | 0.22 | 1.88 | 1.43 |
| 2011 | 3.11 | 0.03 | 0.40 | 3.51 | 2.71 |
| 2012 | 2.55 | 0.02 | 0.36 | 2.91 | 2.20 |
| 2013 | 2.38 | 0.02 | 3.33 | 5.71 | (0.96) |
| 2014 | 2.52 | 0.02 | 0.27 | 2.79 | 2.25 |
| 2015 | 2.62 | 0.02 | 0.16 | 2.79 | 2.46 |
| 2016 | 2.49 | 0.02 | 0.27 | 2.75 | 2.22 |
| 2017 | 2.24 | 0.01 | 0.33 | 2.56 | 1.91 |
| 2018 | 2.51 | 0.02 | 0.74 | 3.25 | 1.77 |
| 2019 | 2.22 | 0.02 | 0.94 | 3.16 | 1.28 |
| 2020 | 1.62 | 0.02 | 0.42 | 2.04 | 1.20 |
| 2021 | 3.58 | 0.03 | 1.26 | 4.84 | 2.32 |
| 2022 | 2.47 | 0.02 | 0.61 | 3.08 | 1.86 |
| 2023 | 2.00 | 0.01 | 0.20 | 2.20 | 1.80 |
| 2024 | 2.73 | 0.02 | 0.33 | 3.06 | 2.40 |
Source: Sri Lanka Customs / Trade Map
Uruguay: Investment in Sri Lanka
There are no records of Foreign Direct Investments from Uruguay to Sri Lanka as of 2024.
Tourism
According to the statistics, tourist arrivals from Uruguay has been small all over the years. In 2023, Uruguay ranked 114th among sources of tourist arrivals to Sri Lanka.
Arrival of tourists from Uruguay to Sri Lanka
| Year | Tourists Arrivals | % change |
|---|---|---|
| 2019 | 122 | - |
| 2020 | 217 | 77.9 |
| 2021 | 13 | -94.0 |
| 2022 | 53 | 307.7 |
| 2023 | 74 | 37.8 |
| 2024 | 102 | 34.3 |
Source: Sri Lanka Tourism Development Authority