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    Finance

    Uzbekistan's exports surge by 5.7% to over $15bn

    Uzbekistan's exports surge by 5.7% to over $15bn

    Uzbekistan's efforts to boost international economic relations are yielding positive results, with a steady rise in exports contributing to the country's economic growth. The volume of goods and services exports has reached $15.05 bn, reflecting a notable 5.7% increase compared to the same period in 2022, the Statistics Agency of Uzbekistan reports.

    Photo: Uzbekistan's exports surge by 5.7% to over $15bn
    Source: Statistics Agency of Uzbekistan

    In the export structure, goods constitute 79.2%, with industrial goods accounting for 16.2%, food products and live animals at 7.1%, and machinery and transport equipment at 5.2%. The Commonwealth of Independent States (CIS) countries, including Russia, China, Kazakhstan, Turkey, Afghanistan, Kyrgyzstan, and Tajikistan, collectively make up 41.6% of Uzbekistan's total exports.

    Tashkent emerges as a significant contributor to exports, holding a share of 19.5%, amounting to $4.52 bn. The agriculture and horticulture sectors play a crucial role in export growth, with the quality and quantity of exported products steadily increasing. Notably, 1,633.5 thousand tons of fruits and vegetables were exported in January-November 2023, representing a 1.4% increase compared to the same period in 2022.

    The main export markets for fruits and vegetables are Russia (37.6%), Pakistan (16.5%), China (12.7%), and Kazakhstan (10.4%). The total export value of fruits and vegetables during this period reached $1.09 bn, marking a 5.0% increase.

    Photo: Share of CIS countries in total foreign trade turnover of Uzbekistan 
    Source: Statistics Agency of Uzbekistan

    Uzbekistan's light industry, emphasizing high-value products, has contributed to the country's economic development. Textile exports, valued at $2.81 bn, constitute 12.1% of the total volume. The focus on finished goods, rather than raw cotton, demonstrates the success of reforms in adding value to the textile industry.

    In the service sector, exports amounted to $4.82 bn, representing 20.8% of the total trade exports, with a notable 19.5% increase compared to the same period in 2022. Major contributors to service exports include transport services (43.1%), travel (tourism) (41.5%), telecommunications, computer, and information services (8.5%), and other business services (3.1%).

    While exports are thriving, Uzbekistan has also experienced a growth in imports, reaching $34.10 bn during January-November 2023, reflecting a 23.3% increase compared to the same period in 2022. The import structure is dominated by machinery and transport equipment (38.8%), industrial goods (16.8%), and chemicals and similar products (13.0%).

    The analysis reveals a decrease in imports from CIS countries by 6.8%, with over two-thirds of imports coming from major partners such as China, Russia, Kazakhstan, South Korea, Turkey, Germany, and Turkmenistan.

    Tashkent leads the way in imports, representing 50.0% or $17.05 bn, while Surkhandarya has the smallest share at 0.3%, amounting to $99.9 mn.

    The import of services totaled $2.28 bn, constituting 6.7% of the total import volume, with a slight decrease of 1.5% compared to the same period in 2022. Travel (tourism) remains the dominant sector in service imports at 51.9%, followed by transport services (21.0%), telecommunications, computer, and information services (9.7%), and other business services (4.9%).

    In the structure of imports, the volume of industrial goods reached $5.73 bn, experiencing a 9.3% increase compared to the same period in 2022, constituting 16.8% of the total import volume. Key imports in this category include cast iron and steel, metal products, textile yarn, fabrics, finished products, and rubber products.

    Earlier Daryo reported Uzbekistan's foreign trade has witnessed a notable upswing, with the turnover hitting a remarkable $44.8 bn in the first nine months of 2023. This signifies an impressive growth of 22.1%, amounting to $8.1 bn, showcasing the country's dedication to economic reforms and enhanced global trade competitiveness.

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    22.12.2023, 17:01   Comments (0)   2040
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