Uzbekistan's foreign trade turnover with China in 7M24 reached $6.85bn, ranking China as the top trading partner of Uzbekistan during this period, the State Statistics Agency reports. This trade volume represents a slight decline of approximately 0.7% compared to the $6.9bn recorded during the same period in 2023.
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In terms of exports, Uzbekistan's shipments to China amounted to $1.2bn during this period, marking a decrease of 20% from the $1.5bn exported in the corresponding months of the previous year. Despite this decline in export volume, the growth rate of exports in the current year was 76.6%, which, while significant, is lower than the 98.4% growth rate observed in 2023. This suggests that while there has been an increase in the pace of exports to China, the overall value of goods exported has diminished, potentially due to changes in demand or the composition of exports.
On the import side, China continued to be Uzbekistan's leading supplier, with imports amounting to $5.7bn from January to July 2024. This reflects an increase of 5.6% from the $5.4bn recorded in the same months last year. However, the growth rate of imports has decelerated to 105.7% this year, down from 144% in the previous period.
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This consistent rise in import volume highlights China's crucial role in providing goods to Uzbekistan, particularly in industrial products, where China contributed $1bn, representing 21.2% of Uzbekistan's total imports in this category. Nevertheless, Russia surpassed China, exporting $1.2bn worth of industrial products to Uzbekistan, making up 37% of the total share.
The trade balance between Uzbekistan and China remains significantly weighted toward imports, resulting in a trade deficit of $4.5bn with China during 7M24. In specific sectors, Uzbekistan exported 46,700 tonnes of fruit and vegetable products to China, valued at $38mn. Despite China's role as a major trading partner, it ranked fifth in this category, with Afghanistan, Kazakhstan, Pakistan, and Russia ahead in importing these products.
Earlier, Daryo reported that Uzbekistan's foreign trade turnover in 7M24 reached an impressive $36.8bn, reflecting a 5.3% increase compared to the same period in 2023. The country recorded a significant trade deficit of $7.3bn, as imports, totalling $22.0bn, far outpaced exports, which amounted to $14.8bn.
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