In the ever-evolving realm of international commerce, the Republic of Uzbekistan has distinguished itself with a substantial surge in foreign trade turnover during the initial ten months of 2023. This report navigates through the intricate details of Uzbekistan's trade relations, highlighting key partner countries and the consequential trends shaping the nation's economic engagements on the world stage.
Key Partner Countries:
China (21.2%): Uzbekistan's formidable trade front-runner, contributing a significant 21.2% to the nation's foreign trade turnover. This robust partnership signifies the depth of economic ties between Uzbekistan and China, underscoring their shared commitment to fostering mutually beneficial relations.
Russia (15.6%): A pivotal trade ally, accounting for 15.6% of Uzbekistan's overall foreign trade.
Kazakhstan (7.0%): The third-largest trading partner, holding a 7.0% share in Uzbekistan's foreign trade turnover.
Turkey (5.1%): Turkey emerges as a noteworthy partner, claiming a 5.1% share in Uzbekistan's foreign trade.
Republic of Korea (3.7%): The Republic of Korea establishes itself as a significant player in Uzbekistan's foreign trade, contributing 3.7% to the total turnover.
Detailed Analysis of Selected Partners:
Russia: Uzbekistan maintains a consistent and substantial trade relationship with Russia. Exports totaled $2,668.2 million, while imports reached $5,261.8mn. The trade deficit underscores the importance of Russian imports in meeting Uzbekistan's demands.
Kazakhstan: Trade relations with Kazakhstan remain stable, with exports at $1,165.1mn and imports at $2,427.3mn. The balanced trade activities underscore the resilience and strength of this economic partnership.
Turkey: The trade relationship with Turkey is on an upward trajectory, with exports reaching $1,111.7mn and imports at $1,502.6mn. A positive trade balance highlights the robust nature of economic ties between the two nations.
Republic of Korea: The Republic of Korea stands out as a notable partner, with exports at $33.1mn and imports at $1,845.5mn. The trade deficit accentuates the significance of Uzbekistan's imports from the Republic of Korea.
Dynamics of Major World Partner Countries:
India: Economic ties with India are growing, with exports at $101.5mn and imports at $507.9mn. The positive trade balance with India underscores the potential for expanded collaboration.
Tajikistan: As a neighboring partner, Tajikistan exhibits strong trade ties, exporting goods worth $475.9mn and importing goods valued at $129.8mn.
Brazil: Trade relations with Brazil are witnessing growth, with exports at $2.6mn and imports at $584.8mn. The trade deficit highlights Brazil's role as a significant supplier to Uzbekistan.
Uzbekistan's foreign trade landscape is a canvas painted with diversity and expansion, as the nation engages with over 198 countries globally.
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