Trade turnover between Uzbekistan and the United States has nearly doubled from 2022 to 2024. For the first half of 2024, trade turnover with the U.S. reached $463mn, a substantial increase from $282mn in the same period of 2023 and $248.2mn in 2022.
Over the past three years, Uzbekistan's exports to the U.S. surged from $28.7mn in 2022 to $149.8mn in 2024, marking a 421% increase, with a 172% rise from 2022 to 2023 and a 92% rise from 2023 to 2024, indicating a strengthening of trade relations between the two countries and a growing demand for Uzbek products in the U.S. market.
Conversely, Uzbekistan's imports from the U.S. have fluctuated, starting at $219.4mn in 2022, decreasing to $203.9mn in 2023, and rising to $313.1mn in 2024. This represents a $15.5mn decrease, or about 7%, from 2022 to 2023, followed by a $109.2mn increase, or approximately 54%, from 2023 to 2024. Overall, imports from the U.S. rose by $93.7mn, or about 43%, from 2022 to 2024.
In April 2024, the United States exported $15.7mn worth of goods to Uzbekistan and imported $2.11mn, resulting in a positive trade balance of $13.6mn. Compared to the same month in 2023, US exports to Uzbekistan decreased by 32.3%, from $23.2mn to $15.7mn, while imports fell by 90.4%, from $21.9mn to $2.11mn.
During April 2024, key US exports to Uzbekistan included steam boilers ($14.9mn), cars ($8.79mn), industrial food preparation machinery ($7.43mn), aircraft parts ($1.07mn), and valves ($746,000).
The top imports from Uzbekistan were dried vegetables ($263,000), pepper ($212,000), radioactive chemicals ($198,000), knit t-shirts ($80,400), and commodities not elsewhere specified ($69,500).
The decrease in U.S. exports to Uzbekistan in April 2024 was primarily due to a drop in exports of aircraft parts, motor vehicles, and other electrical machinery. Similarly, the reduction in imports was attributed to a decline in hand-woven rugs, grapes, and processed hair.
Nevertheless, Uzbekistan’s foreign trade turnover for 1H24 reached $31.8bn, marking an 8.5% increase compared to the same period in 2023.
The country has emerged as a lucrative investment destination, attracting over 300 American companies—more than double the number in 2017. Prominent sectors include automobile manufacturing, agricultural machinery, gas production, and agriculture.
In addition, in the first five months of 2024, Uzbekistan welcomed 10,600 American tourists. The majority visited for leisure, exploring historical sites such as Samarkand, Bukhara, and Khiva. Business and familial visits also contributed to the influx, highlighting Uzbekistan’s growing role as a business hub.
Follow Daryo's official Instagram and Twitter pages to keep current on world news.
Comments (0)