In 1Q24, Uzbekistan's foreign trade turnover expands by 6.2% y/y, hits $15.8 bn

Uzbekistan's foreign trade has shown an increase of 6.2% y/y in 1Q24, reaching a total turnover of $15.8 bn, the State Statistics Agency reports. Exports surged to $6.4 bn, marking a significant 10% rise compared to the previous year. Notably, gold exports played a substantial role, contributing nearly half of the export revenue in March alone, amounting to $1.3 bn. Since the inception of the year, Uzbekistan exported $2.7 bn worth of precious metals, marking a robust growth of 10.5%.

China continues to maintain its position as Uzbekistan's primary trading partner, with a trade turnover of $3 bn, out of which $2.6 bn constituted Chinese goods. Russia follows closely with a trade volume of $2.8 bn, remaining the principal export market for Uzbekistan, accounting for $720.9 mn.

Other prominent trading partners include Kazakhstan with $937.7 mn, Turkey with $656.3 mn, and South Korea with $544 mn.

Trade relations with France have witnessed substantial growth, with a notable increase of approximately two-thirds, amounting to $337.1 mn. This surge is attributed to a 2.5-fold rise in exports, reaching $237.3 mn, coupled with a decrease in imports to $99.8 mn.

Exports

Manufactured goods continue to hold a significant share in Uzbekistan's export basket. Key sectors such as textiles and fabrics, non-ferrous metals, chemicals, and food have displayed varying degrees of growth.

• Textile and fabric exports: rose by 1.8% to $538 mn.
• Non-ferrous metal shipments: climbed by 14% to $344 mn.
• Chemicals exports: increased by 28.3% to $362.7 mn.
• Food exports: reached $352.9 mn, marking a growth of 2.5%.

Imports

In terms of imports, machine-building products retained the highest share, totalling $3.54 bn, albeit witnessing a slight decline of 2.6% compared to the previous year. Notable increases were observed in categories such as electrical engineering, industrial goods, and medical products.

• Electrical engineering imports: Marked a significant increase of 60% to $458.5 mn.
• Industrial goods imports: rose by 14.2% to $1.55 bn.
• Medical products imports: totalled $492.8 mn, indicating a growth of 22.4%.

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