Russia, China, Kazakhstan, and Türkiye make up nearly 50% of Uzbekistan’s export market as reported by the Press Secretary of Uzbekistan. These nations account for approximately 50% of Uzbekistan’s total exports. In 2022, Russia received 17% of all exports, followed by China (11.5%), Turkey (9.5%), and Kazakhstan (8.2%).
Diversification of export products
Uzbekistan exports a variety of products, with 20 types of products making up the bulk of exports. However, these products are heavily dependent on a single market, which can pose risks related to market volatility.
Raw material exports
One-third of Uzbekistan’s export goods are raw materials. These include commodities such as gold, cotton fibre, and copper. The prices of these raw materials are subject to fluctuations in foreign markets, which can impact the value of exports.
GSP+ system and European market
In 2021, Uzbekistan joined the European Union’s special incentive arrangement for sustainable development and good governance, known as the GSP+. This system allows Uzbekistan to import 6,200 types of goods to European markets duty-free. However, in the past year, only 384 types of goods were exported under this system.
The underutilization of the GSP+ system indicates an opportunity to expand exports to European markets. Additionally, working closely with countries where exports can reach $1bn could open new avenues for trade.
Earlier, Daryo reported that over the first 10M 2023, the trade turnover between Uzbekistan and the EU increased by an impressive 36%, reaching $4.8bn. Since 2021, the exports of products from Uzbekistan to EU countries have surged by 1.5 times, amounting to $794.6mn at the close of 2022.
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