El Tratado de Libre Comercio entre México y Uruguay, vigente desde 2004, ha llevado a un notable incremento del intercambio comercial bilateral. En este trabajo se evalúan sus resultados para las partes desde su puesta en marcha, particularmente a partir de los saldos comerciales registrados. Las exportaciones de México a Uruguay son mayormente productos manufactureros de tecnología media y alta, mientras que este país le provee de materias primas y manufacturas basadas en bienes primarios y de tecnología media. Se concluye que los mayores beneficios en este intercambio han sido para al país sudamericano.The Free Trade Agreement between Mexico and Uruguay, in operation since 2004, has led to a remarkable increase of bilateral commercial exchange. This document evaluates the results of this Agreement for both countries, since it entered into force, with particular reference to commercial exchange. Mexican exports to Uruguay consist mainly of manufactured products of medium and high technology, while the South American economy provides raw materials and manufactured products based on raw materials and medium technology. It is concluded that trade has been more favourable to Uruguay.