Uzbekistan continued to strengthen its trade ties with various nations worldwide, engaging in commerce with a total of 137 countries in January 2024. The latest data released by Statistics Agency, highlights the top trading partners of Uzbekistan.
Leading Trade Partners:
China: Uzbekistan's largest trading partner, accounting for 27.2% of the country's foreign trade turnover.
Russia: Following closely behind, Russia constitutes 18.3% of Uzbekistan's foreign trade volume.
Kazakhstan: With a share of 6.5%, Kazakhstan holds a significant position in Uzbekistan's trade network.
Turkey: Turkey maintains a substantial trade relationship with Uzbekistan, representing 5.1% of its foreign trade.
Republic of Korea: The Republic of Korea accounts for 4.3% of Uzbekistan's foreign trade, further diversifying its trade portfolio.
Dynamics of Trade with Major Partners:
Russia: Uzbekistan's exports to Russia witnessed an increase from $691.5 mn in 2023 to $766.7 mn in January of 2024, imports increased from $221.9 mn to $240.6 mn during the same period.
Kazakhstan: Uzbekistan's exports to Kazakhstan surged from $469.6 mn in 2023 to $526.1 mn in January of 2024, whereas imports slightly decreased from $182.1 mn to $76.3 mn.
Turkey: Trade with Turkey saw an uptick, with exports increasing from $272.9 mn to $276.8 mn and imports decreasing from $333.6 mn to $194.9 mn from 2023 to 2024.
Emerging Trade Partners:
United States: Uzbekistan's trade with the United States saw notable growth, with exports rising from $5.1 mn to $9.4 mn and imports surging from $25.8 mn to $50.5 mn.
Turkmenistan: While exports to Turkmenistan declined from $6.4 mn to $5.2 mn, imports increased from $10.4 mn to $54.6 mn.
CIS trade highlights
In January 2024, Uzbekistan's foreign trade turnover with CIS countries amounted to an impressive $1,448.3 mn. Notably, Russia emerged as the largest trading partner, accounting for 52.9% of the total trade volume, followed by Kazakhstan at 18.7% and Turkmenistan at 4.1%.
Earlier Daryo reported that in January 2024, Uzbekistan experienced a notable decline of 17.2% in its foreign trade turnover compared to the previous year. Moreover, there was a significant shift in the trade balance, with the deficit widening from $850.8 mn in 2023 to $1,965.2 mn.
A detailed analysis of the components of foreign trade reveals significant trends. Export figures amounted to $1,116.6 mn, reflecting a substantial decline of 47.1% compared to January 2023. In contrast, imports increased to $3,081.8 mn, marking a 4.1% rise during the same period. This resulted in a negative trade balance of -$1,965.2 mn, indicating a considerable gap between export and import values. The decrease in export volumes led to a reduced share of exports in the foreign trade turnover, dropping to 26.6% from the previous year's figure of 43.5%.
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