With mixed feelings

Export requests—including free zones—reached US$ 1,057 million in the month of November, marking a 2% year-over-year increase, according to the monthly report of Uruguay XXI. In the cumulative total for 2025, exports of goods amounted to US$ 12,398 million, a 4% year-over-year increase. Surely the annual amount (when including December) will be very close to the record of 2022. China remains the main destination, accounting for 26% of the total, followed by Brazil (15%), the EU (13%), and the US (11%). Beef, cellulose, soybeans, and dairy products (in that order) were the main categories, accounting for more than half of the total. But not all categories behaved in the same way. Cross-trends. The meat sector continues to show very firm export prices (graph), with a significant increase in the averages of the last few weeks, reported by INAC. After several issues that caused uncertainty, such as the new Chinese measures (which were postponed), the pending agreement between ...