Uruguay and China

China's state news agency touts its economic ties to Uruguay. Unwittingly, it also provides an excellent summation of dependency theory.

China is now the largest buyer of Uruguay's wood, soy and cellulose. It also imports frozen fish, leather, meat, gemstones and dairy products from Uruguay. 

Meanwhile, Uruguay imports trucks, motor vehicles, computers, screens and telephones from China.

You export primary products and import finished goods. It seems OK when commodity prices are high, not so much when they drop. I've written about the great Chinese commodity grab a number of times before.