El sector externo en el Uruguay 1911-1930

Although the Uruguayan participation in world trade was insignificant, the external sector had a crucial role in the national economy of such a small and open country. On the one hand, the country's economic growth depended on livestock exports, on the other, continued state funding was supported by import tariffs and international loans. The progress of the reform project led by the Batllismo, was conditioned by external contingencies and the way they were internalized. This paper presents an analysis of key developments and trends related to trade exports and imports between 1911 and 1930, and the balance of trade in goods, services and capital flows with the rest of the world, viewed through an estimation of the Balance of Payments. Also included is an estimate of the Gross National Disposable Income and a synthetic description of the exchange rate trend.