Global service exports in Uruguay reached US$ 2.882 billion in 2022

By Pittaluga Abogados

Global service exports in Uruguay reached US$ 2.882 billion in 2022, marking the highest level since the Central Bank of Uruguay (BCU for its acronym in Spanish) has been collecting this information. If exports associated with merchandise trading activities (US$ 2.827 billion) are added to this, a total of US$ 5.7 billion is achieved.

The data is part of the Global Services in Uruguay report, a publication by the Investment, Export and Country Brand Promotion Agency, Uruguay XXI. 

The global service sector employs over 32,000 people in Uruguay. Of the total, over 80% of jobs have a focus on activities related to software and corporate services, followed by personnel employed in trading and commerce activities. Of the total number of jobs, half are estimated to take place in free trade zones. Also, there are more than 600 companies
associated with global services in Uruguay, without taking into account the micro and small companies in the sector (with less than 20 employees).

The increasing importance of global service exports from Uruguay is due to certain key sectors taking advantage of the benefits offered by the country for the development of their activities. In Uruguay there is a large number of companies exporting this type of service, with a wide heterogeneity in terms of size, employment, revenue and business models.

The business models adopted by companies in Uruguay are captive centers (operations of foreign companies that provide their subsidiaries with support services and/or centralize commercial activities from Uruguay) and outsourced suppliers (local or foreign companies subcontracted by foreign clients). Some companies set up regional headquarters, which implies the participation of decision makers and a prioritization of the country with a virtuous circle of greater opportunities for new investments.