Uzbekistan's foreign trade turnover with Türkiye reached $1.6bn in the first seven months of 2024 reflecting a 9.76% year-on-year decline compared to the same period in 2023. Despite this decrease, Türkiye remains a crucial partner holding the position of Uzbekistan's fourth-largest trading partner. However, this trade volume also represents a more substantial decline of approximately 22.3% when compared to the $2.06bn recorded in 2022.
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Exports from Uzbekistan to Türkiye
Uzbekistan's exports to Türkiye have experienced a steady decline over the past three years. In 2022, exports were valued at $1bn. However, this figure dropped to $841mn in 2023 representing a decrease of 15.9%. The downward trend continued into 2024 with exports falling further to $680mn marking a significant decline of 19.2% compared to the previous year.
Imports from Türkiye to Uzbekistan
In contrast to the declining export figures, Uzbekistan's imports from Türkiye have remained relatively stable with only minor fluctuations. In 2022, imports were valued at $964mn. This figure saw a slight increase in 2023, reaching $1.02bn indicating a modest growth of 5.8%. However, in 2024 imports slightly decreased to $1.01bn, a negligible decline of approximately 1% from the previous year.
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From January to July 2024, Uzbekistan exported 10.8 thousand tons of fruit and vegetable products to Türkiye generating $19.1mn in revenue. During the same period Türkiye accounted for 4.6% of Uzbekistan's total imports making it one of the top five import partners for the country. This places Türkiye just behind South Korea which held a 5.3% share and ahead of other significant partners like Kazakhstan (7%), Russia (21.3%) and China (25.7%). In the industrial sector, Türkiye's exports to Uzbekistan amounted to $171.7mn in the first seven months of 2024 representing 5.2% of Uzbekistan's total industrial product imports.
Earlier Daryo reported that Uzbekistan and Türkiye discussed enhancing transport and logistics via the Middle Corridor and strengthening their bilateral partnership across various sectors during the third Uzbekistan-Türkiye High-level Strategic Cooperation Council meeting held in June. The meeting co-chaired by Presidents Shavkat Mirziyoyev and Recep Tayyip Erdoğan emphasized expanding economic ties, increasing mutual trade and boosting Turkish investments in Uzbekistan. Both nations set ambitious goals, including raising trade volume to $5bn and implementing over 100 joint projects worth $10bn. The leaders also focused on industrial cooperation, market access and cultural exchanges, concluding with plans to deepen collaboration through a newly established Uzbekistan-Türkiye Business Council.
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