In 4M24, Uzbekistan conducted trade with 186 worldwide and the country's foreign trade turnover reached nearly $21bn, marking an increase of almost 6% y/y the State Statistics Agency reports.
Overall Trade Performance
In 4M24, the country's foreign trade turnover reached $20.9bn, up 5.9% y/y. Exports rose by 9% to $8.4bn y/y, while imports grew by 3.9% to $12.3bn y/y. Despite this growth, the trade balance remains negative with a deficit of $3.9bn, with imports continuing to outpace exports.
However, the 9% growth in exports is promising, with steady growth over the last two years indicating the state has been improving its value-added goods for the global market. From 2022 to 2023, total exports decreased by 25.85%, while total imports grew by 13.44%. However, from 2023 to 2024, total exports rebounded, increasing by 6.10%, and total imports continued to rise by 6.04%. Overall, from 2022 to 2024, total exports declined by 21.36%, whereas total imports increased by 20.37%.
Key Trading Partners
China remains Uzbekistan's largest trade partner, with a total trade volume reaching $3.96bn, accounting for 19% of Uzbekistan's total trade turnover. Exports to China amounted to $644.4mn, while imports from China stood at $3.32bn. The trade volume with China increased by 18.24% year-on-year (y/y), driven by significant growth in imports.
Russia is the country's second-largest trading partner, with a trade volume of $3.84bn, representing 18.4% of the total trade turnover. Exports to Russia were $1.02bn, and imports from Russia were $2.82bn. The trade volume with Russia saw a substantial increase of 29.37% y/y, with notable growth in both exports and imports.
Kazakhstan, traditionally a significant partner, experienced a decline in trade volume to $1.22bn, making up 5.9% of the total trade turnover. Exports to Kazakhstan amounted to $383.9mn, while imports were $841.1mn. The trade volume with Kazakhstan decreased by 18.77% y/y, primarily due to a reduction in imports.
Turkey saw its trade volume with the Central Asian state decrease to $920.2mn. Exports to Turkey were $378mn, and imports were $542.3mn. The total trade volume with Turkey decreased by 15.78% y/y, with significant declines in both exports and imports.
South Korea's trade volume with Uzbekistan declined to $695mn. Exports to South Korea were $13.4mn, while imports from South Korea amounted to $681.5mn. The trade volume decreased by 13.37% y/y, with reductions in both exports and imports.
France's trade volume with the country increased to $386.4mn. Exports to France up to $264.6mn, while imports were $121.8mn. The trade volume with France increased by 52.13% y/y, driven by a significant rise in exports.
Germany experienced a sharp decline in trade volume with Uzbekistan, dropping to $345mn. Exports to Germany were $26.3mn, and imports from Germany were $318.7mn. The trade volume with Germany decreased by 56.29% y/y, reflecting significant volatility in trade dynamics.
Afghanistan showed improved economic ties with the state, with a trade volume growing to $308.6mn. Exports to Afghanistan were $301.4mn, while imports were $7.1mn. The trade volume with Afghanistan increased by 18.56% y/y, driven by a rise in exports.
Turkmenistan saw a decline in trade volume with Uzbekistan to $288.5mn. Exports to Turkmenistan were $30.7mn, and imports were $257.8mn. The trade volume with Turkmenistan decreased by 8.80% y/y, indicating potential trade barriers or reduced economic activities between the two countries.
India's trade volume with the country increased, reaching $270.3mn. Exports to India were $15.7mn, while imports from India were $254.5mn. The trade volume with India increased by 40.86% y/y, driven by a significant rise in imports.
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