Uruguay and the First Globalization. On the accuracy of export performance, 1870-1913

In order to understand Uruguayan long-run economic evolution it becomes crucial to interpret its export performance during the First Globalization. The lack of accuracy of official figures, especially official prices used, calls for an adjustment of Uruguayan exports series. We have used empirical evidence to test the accuracy of quantities and values of exports' records, first, according to import partners' records and, second, according to international market prices. Results show a general undervaluation of official export values during the period along with severe distortions in the registers caused by transit trade. We reconstructed new Uruguayan export f.o.b values and export price index, which present an export evolution more unstable and less dynamic than the one showed by its neighbor Argentina.