Uruguay’s inflation above target but exports hit new records — MercoPress

Uruguay’s inflation above goal however exports hit new data

Saturday, June 4th 2022 – 08:12 UTC

China remained the main destination for Uruguayan sales abroad
China remained the primary vacation spot for Uruguayan gross sales in a foreign country

Year-on-year inflation in Uruguay within the month of May of 2022 has been reported to nonetheless be just about 35% above the objective vary set by way of the federal government of President Luis Lacalle Pou, whilst exports amounted to US$ 1.5 billion, which set a document top.

According to the National Statistics Institute (INE) launched Friday the Consumer Price Index (CPI) for May used to be 0.46% for an interannual 9.37% which exceeds earlier projections.

In the primary 5 months of the yr, the INE reported inflation had reached 5.43%, which makes the objective vary of between 3 and seven% nearly not possible.

The primary pieces accounting for this build up had been Clothing and shoes (0.07%), Housing (0.12%), Transport (0.12%), and Restaurants and motels (0.09%).

The just right information, in step with the Uruguay XXI Institute, used to be that within the year-on-year comparability, Uruguayan exports grew 57.4%, pushed by way of soybeans and pork. China is still the primary vacation spot for Uruguayan items. Sales in a foreign country -including operations at loose industry zones- amounted to US$ 1,541 million.

Between January and May 2022, exports totaled US$ 5,516 million for a 40% build up in comparison to the similar length of the former yr. The 57% build up used to be defined by way of greater gross sales of soybeans, pork, cellulose, rice, automobiles, dairy merchandise, and malt, even though wheat and bushes confirmed detrimental figures.

The build up in May used to be boosted by way of soybeans (+23%), pork (10.3%), cellulose (4.7%), automobiles (4.1%), rice (3.4%), and dairy merchandise (2.7%) and malt (2.1%).

Uruguayan export went principally to China (24%), Brazil (12%), the European Union (9%), Argentina (8%), and the United States (6%). In the January-May comparability, exports to China amounted to US$ 1,205 million, a 38% yoy. In the case of Brazil it used to be US$ 749 million (+38%), Argentina US$ 340 million (+129%), and the United States US$ 289 million (+25%).

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