The latest report from the Statistics Agency under the President of Uzbekistan reveals a remarkable surge in the country's foreign trade, showcasing a 26% increase in the period from January to November. The total volume reached an impressive $57.3bn, reflecting a robust economic performance.
Exports and Imports Dynamics
The report highlights a substantial boost in exports by 30.6%, amounting to $23.2bn, while imports also witnessed a significant uptick of 23.3%, totaling $34.1bn. However, it notes a $1bn increase in the negative balance compared to the previous year, reaching $10.9bn.
A notable contributor to the positive trade balance is Uzbekistan's gold exports, totaling $1.28bn in the last month alone. The cumulative revenue from gold sales to foreign countries in 2023 has already surpassed $8.15bn, more than doubling the figures from the previous year.
Key Trading Partners
The People's Republic of China maintains its position as Uzbekistan's primary trading partner, accounting for 21.2% of the total trade turnover. The mutual trade between the two nations over eleven months reached $12.23bn, with China representing more than a quarter of all imports at $9.95bn.
The Russian Federation follows closely with $8.86bn, constituting 15.5% of the total trade. Russia remains the principal export market for Uzbekistan, amounting to $3bn since the beginning of the year. Other prominent partners include Kazakhstan ($4bn), the Republic of Turkey ($2.83 billion), and the Republic of Korea ($2.11bn).
Export Categories and Dynamics
Aside from gold, manufactured goods dominate Uzbekistan's export landscape, contributing $3.75bn. Notably, textile and fabric exports account for a significant portion at $1.89bn, despite experiencing a slight decrease of 7.7%. Non-ferrous metals, particularly aluminum, contribute $1.28bn, marking a 4.1% decline. The export of steel and cast iron, however, witnessed a robust growth of almost 20%.
The food products category generated $1.64bn in revenue, driven by fruits, vegetables ($1.1bn), and grains ($443mn). There was a notable surge in meat product exports, more than tripling to $3.1mn.
Engineering products played a crucial role, reaching $1.2bn with a remarkable 38% increase. This category includes substantial growth in exports of electrical equipment, electronics, and automotive components.
Import Categories and Dynamics
Engineering products continue to lead in import categories, reaching $13.23bn with a significant 53.4% increase. Vehicle imports surged to $3.97bn, reflecting a substantial 70.7% rise, including $1.33bn spent on components. Electrical equipment and electronics imports amounted to $1.59bn and $799mn, respectively, both experiencing notable growth.
Manufactured goods imports accounted for $5.72bn, showing a 9.3% increase. The iron and steel category remained consistent at $2.31bn, while fabric imports increased by more than a quarter to $624.1mn.
Chemical products represented the third-largest import category, totaling $4.44bn. Fertilizer imports doubled to $155.8mn, and pharmaceutical product imports exceeded $1.45bn.
Energy and Fuel Dynamics
Uzbekistan's energy sector witnessed increased imports of fuels and lubricants, totaling $2.24bn, reflecting a notable 41.7% surge. Oil and petroleum product imports reached $1.38bn, marking a 27% increase, while gas imports more than doubled to $562.7mn. Additionally, coal imports rose by 78.8%, amounting to $189.2mn.
Uzbekistan's foreign trade performance in the reported period underscores its growing economic strength and diversified trade partnerships. The surge in exports, particularly in gold and manufactured goods, contributes significantly to the country's positive trade balance. With robust trade relations with key partners like China and Russia, Uzbekistan is poised for continued economic growth, emphasizing the resilience and dynamism of its economy.
Earlier Daryo reported that during the initial nine months of 2023, Uzbekistan showcased robust trade dynamics, engaging with 193 nations and achieving significant growth in foreign trade turnover. Official statistics showed that, the foreign trade turnover surpassed $44.7bn in this timeframe, reflecting a 22.1% surge compared to the same period in the preceding year. Uzbekistan maintained equilibrium in its foreign trade profile, recording exports of $17.7bn and imports totaling $27bn.
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