Trade relations between Uzbekistan and France have surged in recent years, with the trade turnover for January-August 2024 reaching $743.8mn, representing a 27.6% increase from $582.5mn in 2023 and more than tripling from $207.9mn in 2022. This growth highlights the strengthening economic ties and expanding trade dynamics between the two countries.
In the first eight months of 2024, Uzbekistan’s exports to France soared to $497.2mn, up from $261.6mn in 2023, reflecting a 90% increase. This surge highlights the growing demand for Uzbek goods in the French market, particularly in sectors such as textiles, agricultural products, and raw materials. Notably, exports have more than doubled compared to just $67.8mn in the same timeframe of 2022.
Conversely, imports from France have decreased to $246.6mn in 2024, down from $320.9mn in 2023. This decline follows an increase from $140.1mn in 2022, indicating a potential shift in trade dynamics and a focus on increasing exports.
The first quarter of 2024 set a positive tone for trade relations, with Uzbekistan’s trade turnover with France reaching $337.1mn, a 63% increase compared to $206.8mn during the same period in 2023. By July 2024, the total trade turnover had already hit $689.8mn, representing a 33.3% increase from $517.6mn in the previous year.
On the other hand from January to August 2024, Uzbekistan's foreign trade turnover reached $42.7bn, reflecting an increase of $2.7bn, or 6.6%, compared to the same period in 2023.
Over the past five years, the cumulative trade turnover between Uzbekistan and France has reached $2.1bn, with Uzbekistan exporting approximately $775.6mn and importing around $1.3bn. France remains one of Uzbekistan’s key trade partners, bolstered by mutual economic interests and a strategic partnership.
In 2022, Uzbekistan's primary exports to France included radioactive chemicals valued at $121mn, followed by platinum at $5.06mn and vegetable saps at $1.75mn. However, the annualized export rate from Uzbekistan to France has faced challenges, declining by 16.7% over the past five years, from $131mn in 2017 to $52.3mn in 2022.
On the other hand, French exports to Uzbekistan have shown steady growth, valued at $51.1mn in scented mixtures, $47.5mn in industrial fatty acids, oils, and alcohol, and $16.8mn in packaged medicaments in 2022. French exports have experienced an annualized growth rate of 16.3% from $50.3mn in 2017 to $107mn in 2022.
France has significantly strengthened its economic collaboration with Uzbekistan, with the number of joint ventures and projects involving French companies tripling in recent years. Currently, active French-led projects in the country are valued at over €5 billion, with 47 enterprises benefiting from French investment, including 17 fully owned by French entities.
Key investment initiatives include the construction of a 100 MW solar power plant in Samarkand by Total Eren, uranium exploration by Orano Mining, and the development of a 1600 MW combined-cycle power plant in Syrdarya by a consortium featuring EDF.
In the water sector, transformation projects led by SUEZ are underway in Tashkent and Surkhandarya province, while Veolia manages Tashkent’s heating network under a 30-year public-private partnership.
In addition, cultural exchanges have also flourished, with exhibitions such as "Treasures of the Oases of Uzbekistan at the Crossroads of Caravan Routes" at the Louvre and "Road to Samarkand. Wonders of Silk and Gold" at the Institute of the Arab World in France.
Air France is also exploring direct flight options to Uzbekistan, enhancing connectivity and tourism potential. Recent discussions between Air France’s Commercial Director, Frédéric Decors, and Uzbekistan's Tourism Committee Chairman, Umid Shadiev, highlighted plans for a joint feasibility study on establishing air routes between the two nations.
In addition to direct flights, a public association of French tourism organizations aims to increase tourist traffic from France and other European countries to Uzbekistan through thematic tour routes and marketing campaigns. This initiative aims to showcase Uzbekistan’s rich cultural and historical heritage, potentially elevating its status as a premier travel destination.
As part of the broader economic landscape, Uzbekistan’s overall foreign trade turnover reached $42.7bn from January to August 2024, representing a 6.6% increase compared to the same period in 2023.
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