Uzbekistan's foreign trade turnover reached $26.7bn in 5M24, marking an increase compared to the same period in 2023. According to data released by the Statistics Agency of Uzbekistan, this figure represents a $769.5mn, or 3.0%, rise year-on-year (y/y).
Exports from Uzbekistan totaled $10.85bn, showing a moderate increase of 1.9% compared to January-May 2023. Meanwhile, imports amounted to $15.87bn, indicating a growth rate of 3.7%. Despite the growth in trade volumes, Uzbekistan experienced a negative trade balance of -$5.02bn, reflecting a deficit as imports exceed exports.
The nation's gold exports, totaling $4.19bn since the beginning of the year, constituted 38.6% of all exports, despite a 4% decrease in sales compared to last year.
China maintained its position as Uzbekistan's top trading partner with a total trade volume of $5.05bn, primarily driven by $4.23bn in imports from China. Russia followed closely with $4.78bn, with exports from Uzbekistan amounting to $1.35bn.
Together, China and Russia accounted for 18.9% and 17.9% of Uzbekistan's total trade turnover, respectively. Kazakhstan, Turkey, and South Korea rounded out the top five trading partners with volumes of $1.58bn, $1.19bn, and $920.7mn, respectively.
The United States has surged into Uzbekistan's top 10 export destinations, totaling $386.2mn, nearly matching Afghanistan. This represents the first instance in quite some time that the U.S. has ranked among Uzbekistan's key trading partners.
Meanwhile, trade with Afghanistan has grown since the Taliban's assumption of power, reaching $382.8mn. By the end of 2023, the trade volume between Uzbekistan and Afghanistan had totaled $866.9mn, solidifying Uzbekistan's position among Afghanistan's top ten trading partners, with exports surpassing $856.6mn.
China and Russia accounted for 18.9% and 17.9% of the total trade turnover, respectively, while Kazakhstan also made a contribution with a 5.9% share.
Uzbekistan's exports were bolstered by textile products, which accounted for $1.28bn, constituting 11.8% of total exports. Agricultural products, especially fruits and vegetables, also showed strong performance, with exports increasing by 10.4% y/y.
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