Uzbekistan and Afghanistan have seen an increase in trade turnover over recent years, with the figure reaching $572.8mn from January to July 2024. This is up from $470.7mn in the same period of 2023 and $22.3mn in 2022.
In detail, Uzbekistan's exports to Afghanistan have reached $555.7mn this year, compared to $466.7mn in 2023 and $417.5mn in 2022. Meanwhile, imports from Afghanistan have increased totaling $17.2mn in 2024, up from $4mn in 2023 and $4.9mn in 2022.
The bilateral trade between Uzbekistan and Afghanistan amounted to approximately $866.9mn in 2023. In the first half of 2024 alone, the trade volume was $461.4mn, marking a 24.5% increase compared to the same period in 2023.
In 2022, Afghanistan exported $8.67mn worth of goods to Uzbekistan, with key products including raw cotton, other nuts, and dried fruits. Over the past five years, Afghan exports to Uzbekistan have grown at an annualized rate of 47.2%.
Uzbekistan's exports to Afghanistan in 2017 were valued at $525mn, with significant exports of wheat flour, electricity, and refined petroleum. However, these exports have declined at an annualized rate of 9.68% from $873mn in 2022 to $525mn in 2017.
In addition, both nations aim to achieve a mutual trade turnover of $1bn by the end of 2024, with ambitions to reach $3bn in the near future. In fact, A high-level delegation from Uzbekistan, led by Prime Minister Abdulla Aripov, visited Afghanistan on August 17 to enhance bilateral relations.
During the visit, key areas of cooperation including trade, energy, mining, transport, logistics, agriculture, and water management were discussed. The discussions highlighted the importance of maximizing mutual benefits and strengthening bilateral agreements.
Several agreements were signed during the visit, totaling $2.5bn. This includes 12 investment agreements valued at $1.4bn and 13 trade agreements worth $1.1bn.
Additionally, as of August 1, 2024, the Ayritom-Khayraton border post operates 24 hours a day, and a 15-day visa-free regime and tax exemptions will be introduced at the International Trade Center in Termiz, Uzbekistan, to boost economic interactions.
Uzbekistan's ongoing economic reforms and export potential are contributing to this rapid growth in trade relations, positioning the country to enhance its competitive edge in global markets. As of January-July 2024, Uzbekistan's foreign trade turnover reached $36.8bn, reflecting a 5.3% increase from the same period in 2023.
Uzbekistan continues to expand its trade relations globally, with significant trade volumes with China, Russia, Kazakhstan, Türkiye, and South Korea.
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