Uzbekistan has experienced a significant uptick in its foreign trade volume throughout the year 2023, marking a period of notable economic growth and strategic partnerships by reaching $62.6bn, which is significantly higher from $50bn in 2022, Statistics Agency reports.
Record-Breaking Trade Volume
In a remarkable feat, Uzbekistan's foreign trade soared to a staggering $62.6bn in 2023, representing a substantial 24% increase compared to the previous year. This impressive surge translates to an additional $12.1bn injected into the nation's economy, underscoring its resilience and economic vitality.
Dominant Trading Partners
China continues to hold sway as Uzbekistan's leading trading partner, contributing 21.9% to the overall trade turnover. The bilateral exchanges between the two nations span diverse sectors, ranging from textiles to technology. Meanwhile, Russia emerges as a close contender, accounting for 15.8% of Uzbekistan's trade, with energy, machinery, and agricultural products driving commerce between the historic allies.
Regional Collaborations
Uzbekistan's trade alliances extend beyond its borders, with significant collaborations in the region. Notably, Kazakhstan maintains a 7% trade volume, fueled by shared borders and complementary industries. Turkey plays a pivotal role, contributing 5% to Uzbekistan's trade, with textiles, machinery, and agricultural goods forming the cornerstone of this partnership. Additionally, South Korea's technological prowess resonates well in the Uzbek market, accounting for 3.7% of the trade share.
Import-Export Dynamics
The influx of goods, machinery, and raw materials has driven Uzbekistan's imports to surge by 23.8%, reaching $24.4bn. On the export front, the nation's exports soared by 24%, totaling $38.1bn. Uzbekistan's export basket includes textiles, minerals, agricultural products, and energy resources, further bolstering its position in the global market.
Central Asian Countries
- Kazakhstan's total foreign trade for 2023 stands at $197.1bn with leading partners being Russia and China.
- Kyrgyzstan's foreign trade volume was at $8.5bn in 2023 with the biggest trading partner being Russia as in the case of most Central Asian states.
- Tajikistan in 2023 recorded a trade volume higher than that of Kyrgyzstan, standing at $8.8bn with Uzbekistan and China as key partners.
- Lastly, Turkmenistan's trade volume stood at $45.2bn. The main partners were Russia and China.
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