Trade turnover between Uzbekistan and Türkiye in the first half of 2024 totaled $1.434bn. This represents a decline of $128mn (8.2%) compared to $1.562bn during the same period in 2023 and a drop of $308mn (17.7%) from $1.742bn in 2022.
In 1H24, exports from Uzbekistan to Türkiye showed a consistent decline over the past three years. In 2022, exports were valued at $907.8mn. This figure dropped to $686.8mn in 2023, marking a decrease of $221mn, or 24.4%. The downward trend continued into 2024, with exports further declining to $596.8mn, a reduction of $90mn, or 13.1%. Over the three years, the total decrease in exports amounts to $311mn, or 34.3%.
Imports, on the other hand, displayed a more mixed trend. In 2022, imports stood at $833.9mn. This number increased to $875.4mn in 2023, reflecting a rise of $41.5mn, or 5%. However, in 2024, imports experienced a slight decrease, falling to $837.5mn, which represents a decline of $37.9mn, or 4.3%. Despite the fluctuations, the overall change in imports from 2022 to 2024 is a minor decrease of $3.6mn, or 0.4%.
In 2022, Türkiye exported $732mn worth of goods to Uzbekistan. Major exports included packaged medicaments ($91.7mn), textile processing machines ($47.4mn), and toilet paper ($46mn). Over the past five years, Turkish exports to Uzbekistan have grown at an annual rate of 39.6%, rising from $138mn in 2017 to $732mn in 2022.
Uzbekistan, on the other hand, exported $903mn worth of goods to Türkiye in 2022. Key exports included non-retail pure cotton yarn ($503mn), refined copper ($245mn), and copper wire ($199mn). The annual growth rate of Uzbekistan’s exports to Türkiye was 73.2%, increasing from $57.9mn in 2017 to $903mn in 2022.
In 2023 alone, Türkiye attracted over $500mn in direct investments, resulting in the establishment of more than 200 new enterprises in Uzbekistan. By May 2024, direct investments had surged to $1.5bn.
Over the last five years, the mutual trade volume between the two countries has increased by 1.3 times. The number of Turkish-funded enterprises in Uzbekistan has tripled to 1,898, and the inflow of foreign direct investment from Türkiye has seen a tenfold increase.
Uzbekistan and Türkiye are now aiming to elevate their trade figures to $5bn in 2024, an increase from the $3bn recorded in 2023. The number of flights between the two countries has also increased substantially, reaching 90 per week.
Both nations are prioritizing the enhancement of the investment climate, focusing on sectors such as the agro-industrial complex, water resource management, energy projects, and privatization through public-private partnerships. Recent legislative improvements have been recognized for fostering a favorable business environment and advancing business collaborations.
Diplomatic relations between Türkiye and Uzbekistan have strengthened since Uzbekistan's independence in 1991. The partnership has evolved into a multifaceted relationship covering political, economic, cultural, and educational areas. High-level visits and agreements have bolstered cooperation in sectors such as energy, agriculture, and construction.
Cultural and educational exchanges continue to thrive, fostering mutual understanding. Türkiye has also expressed interest in participating in Uzbekistan's infrastructure development projects. While military cooperation is limited, discussions on security matters reflect shared interests in regional stability.
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