Uzbekistan's foreign trade turnover reached $26.7bn in 5M24, the State Statistics Agency reports. From January to May 2024, exports totalled almost $11bn and imports amounted to nearly $16bn. Compared to last year's period, exports increased by 1.9% and imports rose by 3.7%, resulting in a negative trade balance of $5bn. The USA ranked among the top ten in Uzbekistan’s foreign trade turnover with $386mn.
China continues to be Uzbekistan's largest trading partner, with the mutual trade volume reaching $5bn, which represents 18.9% of Uzbekistan's total FTT. Other significant trading partners include Russia (17.9%), Kazakhstan (5.9%), Turkey (4.5%), and South Korea (3.4%).
In terms of trade volume for January-May 2024, the top 10 partners are: China ($5.1bn), Russia ($4.8bn), Kazakhstan ($1.6bn), Turkey ($1.2bn), South Korea ($920mn), France ($471mn), Turkmenistan ($455mn), Germany ($426mn), the USA ($386mn), and Afghanistan ($382mn).
Exports, excluding gold, increased by 5.9%, amounting to nearly $6.6bn. The share of gold in total exports decreased from 40.3% to 38.6%, totaling $4.2bn. The share of industrial products in total exports rose to 15.9% from 15.8%, chemicals increased to 5.6% from 4.3%, mineral fuels grew to 3.2% from 3%, and machinery and transport equipment went up to 4.6% from 4.5%. However, the share of food products and live animals decreased to 5.8% from 6.3%.
Imports were primarily composed of machinery and transport equipment (37.3%), industrial goods (15.2%), and chemicals and related products (12.3%).
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