Argentina and Uruguay
Argentina and Uruguay maintain dialogue on projects with potential cross-border impacts on their shared river. The May 2026 meeting reviewed Paysandú’s hydrogen and synthetic fuels plant, still undergoing environmental assessment and location analysis.
Analysis reviewed: 2026-10-08 · Indicators updated: 2026-10-08Bilateral context
Pablo Quirno and Mario Lubetkin met in Montevideo on 12 May 2026 with national and local authorities from both banks.
What merchandise trade shows
In 2025, goods trade between Argentina and Uruguay totalled 2,521.9 million current USD.
Documented trade sectors
Within the selected chapters, mineral fuels and oils stands out in shipments from Argentina to Uruguay, at 478 million USD in 2025.
Bilateral indicators
Blank cells: data unavailable.
| Indicator | Value | Period |
|---|---|---|
| Goods trade | 2,521.89 M USD | 2025 · Comtrade |
| Goods: Argentina to Uruguay | 1,905.96 M USD | 2025 · Comtrade |
| Goods: Uruguay to Argentina | 615.93 M USD | 2025 · Comtrade |
| Services trade | ||
| Export share: Argentina to Uruguay | 2.19 % | 2025 · Comtrade |
| Export share: Uruguay to Argentina | ||
| Investment stock: Argentina in Uruguay | ||
| Investment stock: Uruguay in Argentina |
Definitions and sources
Trade adds both directions. Shares refer to the country’s total goods exports; investment is an accumulated stock, not an annual flow. Every figure retains the currency and period of its source. BEA positions are historical-cost estimates based on the immediate counterpart, not market values or investment by ultimate owner. ‘More than’ indicates a lower bound, not an exact amount. A recorded stock does not establish new activity or authorisation to operate under sanctions.
- Goods trade
- 2025 · UN Comtrade · Goods; full calendar year; reporter ARG. Exports normally FOB and imports CIF; no addition of mirror declarations. Both directions are identified from the same customs authority.
- Goods: Argentina to Uruguay
- 2025 · UN Comtrade · Goods; full calendar year; reporter ARG. Exports normally FOB and imports CIF; no addition of mirror declarations. Both directions are identified from the same customs authority.
- Goods: Uruguay to Argentina
- 2025 · UN Comtrade · Goods; full calendar year; reporter ARG. Exports normally FOB and imports CIF; no addition of mirror declarations. Both directions are identified from the same customs authority.
- Export share: Argentina to Uruguay
- 2025 · UN Comtrade · Exports to the partner / worldwide exports by the same reporter; same year and coverage.
Country comparison
Period and source beside each figure · est. = estimate by the stated institution.
| Indicator | Argentina | Uruguay |
|---|---|---|
| Nominal GDP | 683.1 billion USD2025 · WB | 85.35 billion USD2025 · WB |
| GDP per capita | 14,898.09 USD2025 · WB | 25,215.82 USD2025 · WB |
| GDP growth | 4.37 %2025 · WB | 1.78 %2025 · WB |
| Policy interest rate | No single rate · BCRA | |
| Inflation · annual average | 41.9 %IMF est.Annual average · 2025 · IMF | 4.65 %Annual average · 2025 · WB |
| Inflation · latest year-on-year figure | 33.5 %Year-on-year · Aug. 2026 · INDEC | |
| Unemployment | 7.15 %ILO est.2025 · WB | 7.52 %ILO est.2025 · WB |
| Budget balance (% of GDP) | -0.4 %IMF est.2025 · IMF | -3.4 %IMF est.2025 · IMF |
| Gross public debt (% of GDP) | 80.3 %IMF est.2025 · IMF | 65.7 %IMF est.2025 · IMF |
| Current account balance (% of GDP) | -1.11 %2025 · WB | -0.44 %2025 · WB |
| Population | 45,851,3782025 · WB | 3,384,6882025 · WB |
| Area | 2,780,400 km²2023 · BM / FAO | 176,220 km²2023 · WB |
| Military expenditure | ||
| Military expenditure (% of GDP) |
Definitions, dates and sources
Blank cells are not zero. Average annual inflation and the latest year-on-year figure appear in separate rows: they are not the same measure. Every annual indicator retains its reference year; when the years differ, the figures are identified as not directly comparable. When a figure is unavailable from the World Bank, an annual IMF estimate is used and identified as such. The latest year-on-year figure is the latest official release verified as of 7 October 2026. This includes advance releases marked as provisional. Mexico may have a fortnightly figure before the full month is published; it is not automatically compared with a monthly figure. The publication date is retained in each source’s details; it does not replace the observation period or the annual average. Policy rates carry their own dates and represent different instruments. Spain and France share the ECB rate. Balances are positive for surpluses and negative for deficits. The IMF may use fiscal years; unemployment retains each source’s definition (ILO estimates, IMF WEO or PCBS), as stated in the details. For Palestine, debt and the fiscal balance cover central government and retain the PCBS definition; they are not presented as consolidated general government. These are economic magnitudes, not measures of relationship quality.
Area retains each source’s territorial coverage; it does not determine sovereignty or effective control. Canada uses an archived national geographic reference. Military expenditure retains the 2024 SIPRI sample distributed by the World Bank: the amount and percentage of GDP use that same definition, which differs from NATO’s. It is not an approved budget or a 2026 figure. Information from the Stockholm International Peace Research Institute (SIPRI). Military expenditure database · Terms of use0
Indicators reviewed: 2026-10-07. Each source retains its original access date; this review does not turn all the data into 2026 observations. Figures may be revised.
- Nominal GDP
- Current USDArgentina: 2025 · World BankUruguay: 2025 · World Bank · Official World Bank series. Observation year, not download date.
- GDP per capita
- Current USD per personArgentina: 2025 · World BankUruguay: 2025 · World Bank · Official World Bank series. Observation year, not download date.
- GDP growth
- Annual real change (%)Argentina: 2025 · World BankUruguay: 2025 · World Bank · Official World Bank series. Observation year, not download date.
- Policy interest rate
- Central bank instrument (%)Argentina: The BCRA abandoned the concept of a single monetary-policy rate under the new monetary-aggregates framework. It is not replaced with TAMAR, BADLAR, court interest rates or the last historical rate. · Central Bank of the Argentine Republic
- Inflation · annual average
- Average annual change in headline CPI (%)Argentina: 2025 · Annual average change in headline CPI (%) · IMF — World Economic Outlook · IMF est. · WEO estimate; not the year-on-year change for December or August 2026. · Alternative official source; verified 2026-10-07Uruguay: 2025 · Annual average CPI change (%) · World Bank · Official World Bank series. Observation year, not download date.
- Inflation · latest year-on-year figure
- Headline CPI relative to the same period of the previous year (%); monthly or fortnightly frequency statedArgentina: 2026-08 · Change in headline CPI from the same month of the previous year (%) · Argentina INDEC · Published: 2026-09-10 · Original INDEC national report; replaces the previous link to its social-media publication without changing the value. Not the monthly change (1.7%) or cumulative change (21.3%).
- Unemployment
- % of the labour force; definition used by the stated institutionArgentina: 2025 · World Bank · ILO est.Uruguay: 2025 · ILO modelled estimate; percentage of the labour force · World Bank · ILO est. · Official World Bank series. Observation year, not download date.
- Budget balance
- General government (% of GDP)Argentina: 2025 · IMF — World Economic Outlook · IMF est.Uruguay: 2025 · IMF · IMF est. · WEO general-government estimate, % of GDP. Not an observed balance for the current month.
- Gross public debt
- General government (% of GDP)Argentina: 2025 · IMF — World Economic Outlook · IMF est.Uruguay: 2025 · IMF · IMF est. · WEO general-government estimate, % of GDP. Not an observed balance for the current month.
- Current account balance
- % of GDPArgentina: 2025 · World BankUruguay: 2025 · World Bank · Official World Bank series. Observation year, not download date.
- Population
- PeopleArgentina: 2025 · World BankUruguay: 2025 · World Bank · Official World Bank series. Observation year, not download date.
- Area
- Total area in km²; territorial coverage of the sourceArgentina: 2023 · Total area, including inland waters; source's territorial coverage · World Bank · FAOUruguay: 2023 · World Bank · Official World Bank series. Observation year, not download date.
- Military expenditure
- Current USD per year; SIPRI series
- Military expenditure (% of GDP)
- Percentage of GDP; SIPRI definition, not NATO’s definition
Other data specific to this relationship
What they buy and sell
Documented selection, not an exhaustive list. Cells without a figure do not mean zero value; some products are identified without a verified amount.
Argentina to Uruguay
| Product or sector | Value / share |
|---|---|
| Mineral fuels and oils | 478 M USD2025 · Source |
| Pharmaceutical products | 183 M USD2025 · Source |
| Vehicles and components | 74.9 M USD2025 · Source |
| Machinery and mechanical appliances | 53.6 M USD2025 · Source |
| Electrical and electronic equipment | 21.4 M USD2025 · Source |
| Dairy products, eggs and honey | 20.5 M USD2025 · Source |
| Meat and edible offal | 13 M USD2025 · Source |
Uruguay to Argentina
| Product or sector | Value / share |
|---|---|
| Vehicles and components | 81.5 M USD2025 · Source |
| Mineral fuels and oils | 64.5 M USD2025 · Source |
| Pharmaceutical products | 53 M USD2025 · Source |
| Machinery and mechanical appliances | 23.1 M USD2025 · Source |
| Dairy products, eggs and honey | 14 M USD2025 · Source |
| Electrical and electronic equipment | 7.5 M USD2025 · Source |
| Meat and edible offal | 2.9 M USD2025 · Source |
How trade has changed
Billions of current USD · full calendar years
View chart figures
| Period | Total | Argentina to Uruguay | Uruguay to Argentina |
|---|---|---|---|
| 2021 | 1,875.2 | 1,334.3 | 540.9 |
| 2022 | 2,788 | 1,544.1 | 1,243.9 |
| 2023 | 2,226.4 | 1,659 | 567.5 |
| 2024 | 2,593.3 | 1,773 | 820.2 |
| 2025 | 2,521.9 | 1906 | 615.9 |
Connections between people
Residents, study and travel
Blank cells: data unavailable. Each measure retains its definition and period.
| Indicator | Value | Period / source |
|---|---|---|
| Residents from Argentina living in Uruguay | ||
| Residents from Uruguay living in Argentina | ||
| Study and training: Argentina in Uruguay | ||
| Study and training: Uruguay in Argentina | ||
| Academic stays: Argentina in Uruguay | ||
| Academic stays: Uruguay in Argentina | ||
| Travel: Argentina to Uruguay | ||
| Travel: Uruguay to Argentina |
What each figure measures
Residents are counted by nationality and the coverage of the stated register, not as people born in the other country or as new arrivals in one year. PERE includes dual nationals and people born outside Spain. Study with OPT and stays carrying academic credit are different measures. Travel may include several visits by the same person; FRONTUR arrivals require an overnight stay, whereas the Canadian survey includes day visits. These figures are neither added together nor automatically compared across directions.
Mobility data added or reviewed: 2026-10-07. Reference periods may be earlier.
Underlying ties
History, institutions and long-standing issues.
The scale of both economies
Nominal GDP for Argentina is 683.1 billion USD (2025), compared with 85.3 for Uruguay (2025). The reference populations are 45.85 and 3.38 million, respectively. In the same year, the economy of Argentina was 8 times that of Uruguay in nominal GDP. The comparison provides context on market size, but does not, on its own, measure influence, well-being or diplomatic closeness. Estimates and their sources retain their labels in the tables. [5] [6] [7] [8]
Recent developments
Recent developments and latest available data · Review: 2026-10-08
Bilateral context
Pablo Quirno and Mario Lubetkin met in Montevideo on 12 May 2026 with national and local authorities from both banks. Uruguay reported the HIF memorandum and assessment of its environmental study. [1]
Cooperation and bilateral issues
It was also analysing alternative locations. Argentina welcomed including Colón in the area of influence and asked to avoid damage to existing riverside activities. Lubetkin indicated that after deciding the location and assessing the study, CARU would be informed to activate prior consultation under articles 7 to 13 of the Statute of the River Uruguay. The document does not confirm final authorisation, construction or production at the plant. Participation by Entre Ríos, Colón and Paysandú shows a specific territorial dimension to bilateral dialogue. [1]
What merchandise trade shows
In 2025, merchandise trade between the two countries (Argentina and Uruguay) totalled 2,521.9 million current USD. Shipments from the first to the second were 1,906 million; those in the opposite direction, 615.9 million. The difference between the two flows was 1,290 million, in favour of Argentina. This is a goods balance, not the total balance of the economic relationship: it excludes services, income and transfers. Both directions come from a single customs reporter to avoid adding mirror records. [2]
The partner's share of exports
Sales from Argentina to the partner represented 2.19% of its worldwide goods exports in 2025. The share compares the same reporter, year and coverage. It measures export concentration, not the percentage of GDP dependent on this relationship. A partner may be important in a specific sector even if its share of total goods trade is small. [2]
Five years of trade trends
The consistent series shows 1,875.2 million USD in 2021 and 2,521.9 million in 2025. The change between the two endpoints was +34.5 % in current dollars. The highest annual value in the period was recorded in 2022, at 2,788 million. The chart allows the two directions to be compared to see whether they moved together or differently. The change combines quantities, prices and exchange rates; it is not automatically attributed to a treaty, a visit or a political decision. The same reporter is retained and missing years are not interpolated. [3]
Documented trade sectors
Within the selected chapters, mineral fuels and oils stands out in shipments from Argentina to Uruguay, at 478 million USD in 2025. Within the selected chapters, vehicles and components stands out in shipments from Uruguay to Argentina, at 81.5 million USD in 2025. The table compares eight selected chapters with the same coverage as the trade total. It is not a complete list or proof that the first item in this selection is the leading product across the entire relationship. A chapter groups numerous goods: machinery and components, for example, do not describe a single business transaction. [4]
Sources and data
Periods and scope of the figures
Institutional sources and periods accompany each figure. Annual trade, investment positions, residents and visits are distinct measures. Empty cells do not mean zero. Statements of intent are not presented as project implementation or treaties in force.
- Bilateral relations — ARG-URY
cancilleria.gob.ar · Institutional source · Accessed: 2026-10-08
- Bounded matrix; reporter, partner, year, chapter and direction identified in each record
UN Comtrade · Institutional source · Accessed: 2026-10-08
- Trade series 2021–2025
UN Comtrade · Institutional source · Accessed: 2026-10-08
- Bounded matrix; reporter, partner, year, chapter and direction identified in each record
UN Comtrade · Institutional source · Accessed: 2026-10-08
- Official statistics
World Bank · Institutional source · Accessed: 2026-09-17
- NY.GDP.MKTP.CD; ISO and reference year; no military dataset expansion
World Bank · Institutional source · Accessed: 2026-10-07
- Official statistics
World Bank · Institutional source · Accessed: 2026-10-06
- SP.POP.TOTL; ISO and reference year; no military dataset expansion
World Bank · Institutional source · Accessed: 2026-10-07
Additional sources on products and human connections
- UN Comtrade
2026-10-08 · Accessed: 2026-10-08 · Bounded matrix; reporter, partner, year, chapter and direction identified in each record.