From January to May 2024, Uzbekistan's total foreign trade turnover amounted to $26.8bn, with distinct trends observed between its dealings with CIS nations and those with other countries worldwide, Statistics Agency of Uzbekistan reported.
CIS countries: Key partners in Uzbekistan's trade
During the first five months of 2024, Uzbekistan conducted trade with CIS countries, totaling $8.8bn. This comprised both imports and exports, pointing the robust economic relationships within the Commonwealth of Independent States. Notably, Russia emerged as Uzbekistan's largest trading partner within the CIS, commanding 54.4% of the total trade volume. Kazakhstan followed with 18.0%, and Turkmenistan contributed 5.2%, highlighting a diversified regional engagement strategy.
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The CIS Free Trade Zone played a pivotal role in enhancing Uzbekistan's overall foreign trade turnover. The ease of trade facilitated by this zone has contributed positively to Uzbekistan's export-oriented growth strategy, enabling the nation to capitalize on the economic expansions of its neighboring states.
Global trade landscape: challenges and opportunities
Simultaneously, Uzbekistan's trade with countries outside the CIS amounted to $17.6bn, constituting 67.1% of its total foreign trade turnover for the period. While this segment decreased marginally by 0.6% compared to the same period in 2023, it remains a substantial component of Uzbekistan's international trade profile.
In 4M24, CIS countries accounted for 32.9% of Uzbekistan's foreign trade and by 5M24, this share remained the same. Despite the percentage not changing, the absolute trade volume with CIS countries increased from $6.9bn to $8.8bn, reflecting continued robust economic ties, particularly with major partners like Russia, Kazakhstan, and Turkmenistan. Therefore, the trade volume with CIS countries increased by approximately 28% from January-April 2024 to January-May 2024.
If we compare the January-May 2020 and 2024, trade turnover with CIS countries increased from $4.6bn in 2020 to $8.8bn in 2024, marking a growth of approximately 91.3% over four years.
The share of CIS countries in Uzbekistan's foreign trade turnover has experienced fluctuations over the period from 2019 to 2024. In 2019, the share stood at 35.8%. However, by 2020, there was a slight decline to 34.9%, likely influenced by the global economic impacts of the COVID-19 pandemic.
by Khadicha AbdurashidovaIn 2021, the share increased to 36.1%, indicating a recovery and possibly strengthened economic ties within the CIS region. This recovery was short-lived, as 2022 saw a notable decline, with the share dropping to 34.0%. The downward trend continued in 2023, reaching 32.3%. By 2024, the share saw a minor recovery to 32.9%, indicating some stabilization in trade relations with CIS countries. Overall, the data shows a general trend of a declining share of CIS countries in Uzbekistan's foreign trade turnover from 2019 to 2023, with a slight recovery in 2024.
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