Uzbekistan's foreign trade turnover with Russia in 7M24 reached $6.8bn, highlighting Russia's position as a key trading partner for Uzbekistan. This trade volume represents a significant increase of approximately 28.3% compared to the $5.3bn recorded during the same period in 2023. The growth underscores the deepening economic ties between the two nations, with Russia securing the second position among Uzbekistan's trade partners, accounting for 18.5% of the total foreign trade turnover.
= Uzbekistan's exports to Russia accelerated to 128.4% in 2024, a notable rise from the 105.3% growth rate observed in 2023. This positions Russia as Uzbekistan's leading export destination, accounting for 14.2% of the country's total exports. Key export products included 468,300 tonnes of fruit and vegetable products, valued at $343.9 mn, placing Russia at the top of Uzbekistan's export markets for these goods.
On the import side, Russia remained a dominant supplier, with imports to Uzbekistan totalling $4.7bn from January to July 2024. This marks a 30.6% increase from the $3.6bn recorded during the same period in 2023. Although the growth rate of imports from Russia slowed to 105.7% in 2024, down from 144% in 2023, Russia still plays a crucial role in supplying industrial products to Uzbekistan, with a total value of $1.2bn, representing 37% of Uzbekistan's industrial imports.
The trade balance between Uzbekistan and Russia remains tilted towards imports, contributing to Uzbekistan's broader trade deficit, which stood at $7.3bn in 7M24. However, the increased export activity with Russia has helped mitigate some of the deficit, indicating a strengthening of bilateral trade relations.
Earlier, Daryo reported that Uzbekistan's foreign trade turnover for the first 7M24 amounted to $36.8 bn, marking a 5.3% increase from the same period in 2023. The country experienced a notable trade deficit of $7.3bn, with imports reaching $22bn, significantly surpassing exports, which totalled $14.8bn. This widening deficit underscores a continuing trend of increasing trade imbalance in recent years.
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