Uzbekistan witnessed a substantial uptick in foreign trade in 2023, with the total turnover reaching an impressive $62.5bn, as reported by the Statistics Agency. However, the nation also grappled with an expanding trade deficit, which surged by $2.68bn to reach a negative balance of $13.71bn compared to the previous year.
The statistics for January-December 2023 unveiled a 23.9% increase in foreign trade turnover, amounting to $62.6bn, compared to the same period in 2022. The surge was fueled by a 23.8% growth in exports, totaling $24.42bn, and a 24% increase in imports, reaching $38.14bn.
Gold exports played a significant role in the positive trajectory, nearly doubling from $4.07bn in 2022 to a substantial $8.15bn in 2023.
China retained its position as Uzbekistan's primary trading partner, accounting for 21.9% of the total trade. Over the twelve months, trade between the two nations amounted to $13.72bn, with China contributing more than a quarter of all imports at $11.26bn. Russia followed closely with a trade volume of $9.88bn, maintaining its status as the main export market for Uzbekistan.
Uzbekistan engaged in trade relations with 198 countries globally. The city of Tashkent played a pivotal role, commanding 38.8% of the foreign trade turnover, amounting to $24bn, while the Surkhandarya region recorded the smallest share at 0.5%, equivalent to $325.2mn.
The Commonwealth of Independent States (CIS) countries saw a decrease in their share of foreign trade turnover by 6.8%, constituting 32.9% of the total. Conversely, non-CIS countries witnessed a 6.8% increase, contributing to 67.1% of the total foreign trade turnover.
Uzbekistan's foreign trade turnover with the CIS countries reached $20.5bn with Russia, Kazakhstan, and Turkmenistan being the primary contributors, representing 48.1%, 21.4%, and 5.3%, respectively.
Key Export Sectors:
- Agricultural and Horticultural Products: Due to the state's emphasis on agriculture and horticulture, Uzbekistan experienced an increase in the quality and volume of exported products. Fruits and vegetable exports reached 1,757,700 tons, with major markets being Russia, Pakistan, China, and Kazakhstan.
- Textile Products: Despite a 3.8% decrease compared to 2022, textile products remained a significant contributor, amounting to $3bn or 12.5% of the total export volume. Yarn and finished textile products dominated the export structure.
- Services: The volume of service exports reached $5bn, contributing 21.2% to the total trade exports. Notable sectors include transport services (43.2%), travel (tourism) (41.4%), and telecommunications, computer, and information services (8.5%).
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