Uruguay XXI presented its monthly foreign trade report where it establishes that 30% of the foreign companies are brazilian and represented 70% of the exports of goods in 2022.
The country has 175 foreign firms, which are part of the core of goods exporting companies, with external sales of more than 9,000 million dollars. Meanwhile, regarding the origins and in line with the Foreign Direct Investment (FDI)most companies are Argentinian, Brazilian and Americans.
Of those 175 firms, last year they generated 28,000 jobs, according to the Ministry of Labor and Social Security. 45% of the employment generated by the export core corresponds to foreign companies. Of that total, 87% are large companies with up to 25,000 people, while 12% are medium-sized companies with up to 3,369 people hired.
Refrigerators, the main export sector
Regarding the sectors, the refrigeration industry represented 31% of the total employment of foreign companies in the export core in 2022 with a total of 8,000 jobs. In second place is the auto parts sector, far from first place, with 2,092 jobs.
This is followed by the pharmaceutical sector with 1,716 jobs. In fourth place is leather and its manufactures with 1,456 jobs within the export core. This is followed by the forestry sector and the wood industry, rice mills and dairy products with 1,370, 1,333 and 1,051 jobs, respectively.
Brazil, the main exporting country in Uruguay
Regarding the origins, Brazil It takes first place, representing 30% of the total employment provided by foreign companies in the export sector with more than 8,400 jobs. This is explained by the strong impact of the neighboring country on the refrigeration industrysomething that could increase even more if the purchase of Minerva to Marfrig.
Brazilian companies are followed by Argentinian with 20% where the pharmaceutical industry with more than 1,000 jobs. This is followed by the tanning and dairy sectors with 800 and 700 jobs, respectively.
Meanwhile, companies Americans They occupy third place with 1,716 jobs, where the sectors of forest and the processing and preservation of fruits and vegetables with percentages of 32% and 14%, respectively. In fourth and fifth place are Japan and China with a total of jobs that are around 1,400 and 1,300 jobs, respectively.
According to the state office report, “foreigners are important job creators in Uruguay” and this trend “will continue to the extent that quality productive investments continue to be attracted to the country.”
Source: Ambito
