Belarus ranks among the top 20 significant trade partners of Uzbekistan. The mutual trade turnover has shown a positive trend in recent years. From 2017 to 2023, Uzbekistan’s trade turnover with Belarus surged 3.4 times to $620.1mn. Exports amplified 4.3 times to $119mn, and imports escalated 3.2 times to $501.1mn.
The mutual trade primarily comprises finished products of the manufacturing industry. In 2023, the export structure to Belarus was diverse: 37% finished clothing, 18% various fabrics and yarn, 17% fruit and vegetable and food products, 7% electrical goods, and 5% various finished goods among others.
Imports from Belarus were equally varied: 25% timber, including chipboard, 17% meat products, 16% tractors and parts of motor vehicles, 7% dairy products, 6% various finished goods, 5% food products and others.
The Centre for Economic Research and Reforms’ analysis indicates an unrealised export potential for increasing the supply of products imported from third countries to the Belarusian market. These include textile products, copper products, certain types of electrical goods, fruits and vegetables, including dried fruits, cars and others.
Considering that Uzbekistan’s exports to Belarus are 4-5 times less than its imports, realising the unused export potential can balance our mutual trade. Belarusian products of woodworking, electrical engineering, meat and dairy products, agricultural machinery and other goods are in demand in Uzbekistan.
Investment Cooperation
Apart from mutual trade, investment cooperation and the development of cooperative ties between our commodity producers is an important area of interaction. The number of enterprises with Belarusian capital in Uzbekistan has grown almost 10 times since 2017. Currently, 209 such enterprises are operating in Uzbekistan, including 63 joint ventures and 146 with 100% Belarusian capital.
The volume of Belarusian investments, although small, also tends to grow. While in 2020 the volume of Belarusian investments totalled $5.8mn, in 2021 - $7.5mn, in 2022 - $12.1mn, and in 2023 this indicator exceeded $18.2mn.
The main areas of Belarusian investments are the production of textile goods, in particular ready-made clothes, leather, pharmaceutical products, agricultural machinery, as well as crop and livestock products, food products and others. In turn, more than a hundred enterprises with Uzbek investments operate in Belarus.
Three joint projects have already been implemented in Uzbekistan in the field of pharmaceuticals: the production of dialysis sets and dialysis lines for patients suffering from kidney failure, the production of antibiotics, as well as antiseptics and disinfectants.
In the realm of IT service exports, a significant untapped potential exists that could be harnessed through collaboration between the Uzbek IT Park and the Belarusian Hi-Tech Park.
The duty-free trade policy, coupled with the existence of complementary economic sectors, paves the way for an enhanced trade and economic partnership between the two nations, fostering cooperation across various economic domains.
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