According to a report by the Uruguayan Rice Growers Association, rice was Uruguay's second largest agricultural export in 2021, with exports worth $386 million, the Observer reported on September 10. Uruguay ranks among the world's leading rice exporters, ranking seventh in 2021, and is the largest rice exporter in Latin America.

The top five export markets for Uruguayan rice in 2021 were Iraq (19%), Peru (17%), Brazil (13%), Mexico (9%) and Venezuela (8%). Uruguayan rice has better access than rivals, with trade agreements with Mexico and Brazil that allow it to pay no tariffs on its rice exports and preferential tariffs in Cuba. In addition, Uruguayan rice exports also enjoy a 3 percent tax rebate.

It is estimated that Uruguayan rice producers will see their earnings fall by 9 per cent in 2021/2022 due to higher production costs in US dollars coupled with lower yields and prices, but they will remain historically high at more than US $2,000 per hectare. In the first half of 2022, the export price of Uruguayan rice fell 14 percent to about $425 per ton, in line with the international environment.