Uzbekistan's foreign trade circulation witnessed a decrease of 17.2% compared to 2023. The trade balance also shifted, with the deficit widening from $850.8 mn in 2023 to $1,965.2 mn in January of 2024, Uzbekistan statistics agency reported.
Foreign trade turnover, a pivotal indicator encompassing the total value of a country's exports and imports, underscores Uzbekistan's engagement in global commerce. This statistical measure tracks the movement of goods across international borders, capturing the inflow and outflow of material resources within the country's customs territory.
Analyzing the breakdown of foreign trade components reveals notable trends. Exports totaled $1,116.6 mn, marking a decline of 47.1% compared to January 2023. Concurrently, imports surged to $3,081.8 mn, representing a 4.1% increase over the same period. Uzbekistan recorded a negative trade balance of -$1,965.2 mn, highlighting a disparity between export and import values. This decrease in exports resulted in a reduced share of exports in the foreign trade turnover (FTT), down to 26.6% from 2023's figure of 43.5%.
On the import side, there was a increase, with imports rising to $3,081.8 mn compared to $2,959.7 mn in January 2023.
President Mirziyoyev criticizes lack of export growth
At a meeting on January 18, President Shavkat Mirziyoyev expressed dissatisfaction with the export plan put forth by the management of the complex and the khokims (mayors) of Uzbekistan for 2024.
Mirziyoyev emphasized the need to "increase exports by at least 30% per year" to propel the economy to new heights. He highlighted that while exports grew by 23.3% in the first 11 months of 2023, the growth excluding gold was a mere 5.7%.
The president underscored concerns over declining export volumes in two key industries and four regions of the country compared to 2022. Additionally, he noted that exports in 10 regions and cities failed to reach even half of the previous year's levels.
In response to these challenges, Prime Minister Abdulla Aripov was tasked with implementing disciplinary measures against the deputy khokims (mayors) for investments of Andijan, Bukhara, Kashkadarya, and Navoi regions, as well as against the khokims (mayors) of 10 districts and cities.
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