Uzbekistan’s foreign trade turnover (FTT) reached $59.4bn in January-November 2024, marking an increase of $2.1bn or 3.6% compared to the same period in 2023. This growth reflects the country’s ongoing efforts to stimulate exports, optimize imports, and achieve a balanced trade environment.
Exports in 11M24 amounted to $24.2bn, a 4.4% increase from 2023. On the other hand, imports reached $35.1bn, a 3.0% rise compared to the previous year. The resulting trade deficit stood at $10.9bn, indicating a slight improvement in the trade balance as exports grew faster than imports.
Key Trade Partners
China retained its position as Uzbekistan's largest trade partner, accounting for 19.0% of total FTT in 11M24, down from 21.3% in 2023. Total trade with China reached $11.3bn in 2024, a decrease from $12.2bn in 2023. Exports to China declined to $1.9bn from $2.3bn, while imports fell to $9.3bn from $9.9bn. Despite the decline, China consistently topped the trade list every month since March 2023.
Russia strengthened its position as the second-largest trade partner, contributing 18.0% of FTT in 2024, up from 15.5%in 2023. Total trade with Russia rose to $10.7bn, an increase from $8.9bn in 2023. Exports to Russia grew to $3.4bn from $3.0bn, while imports expanded to $7.3bn from $5.9bn. In January and February 2023, Russia was Uzbekistan's largest trade partner, a position it held until China surpassed it.
Kazakhstan remained the third-largest trade partner, contributing 6.5% to total FTT in 2024, down slightly from 7.0% in 2023. Total trade with Kazakhstan reached $3.9bn in 2024, a marginal decline from $4.1bn in 2023. This decrease reflects slight shifts in trade priorities and demand.
Surprisingly, Kyrgyzstan, which was part of Uzbekistan's top 10 trade partners in 2023, has fallen off the list in 2024. Replacing it is India, which has become a significant player in Uzbekistan's foreign trade. Uzbekistan's FTT with India for 11M24 reached $867.4mn, with exports totaling $97mn and imports accounting for $770.4mn.
Trade with CIS, EAEU, and Global Regions
In 2024, the foreign trade turnover with the CIS countries reached $21.0bn, with exports valued at $8.3bn and imports at $12.8bn. This marks an increase of 3.0% from 2023, making the CIS a significant trading block for Uzbekistan, accounting for 35.4% of total foreign trade turnover. The largest trade volumes with CIS countries were recorded with Russia (50.8%), Kazakhstan (18.3%), and Turkmenistan (5.1%).
In the first 11 months of 2023, the share of CIS countries in Uzbekistan's total foreign trade turnover decreased by 7.5%, falling to 32.4%. In contrast, foreign trade turnover with countries outside the CIS increased by 7.5%, reaching 67.6% of the total.
In terms of the Eurasian Economic Union (EAEU), which includes Russia, Belarus, Kazakhstan, Armenia, and Kyrgyzstan, Uzbekistan’s trade turnover amounted to $15.9bn, with exports at $5.4bn and imports at $10.6bn. The EAEU's unified customs system and free movement of goods and services continue to foster strong trade relations.
Asia dominated Uzbekistan’s trade structure, contributing 46.0% of FTT in 2024, with exports totaling $7.7bn and imports reaching $19.6bn. Europe accounted for 42.5% of FTT, with exports and imports almost evenly distributed at $12.7bn and $12.5bn, respectively. Other regions, including Africa, North America, and South America, contributed marginally, with shares below 2%.
Sectoral Insights
The structure of Uzbekistan's exports is diverse, with goods accounting for 73.4% of the total export value. Industrial goods, agricultural products, and chemicals were significant contributors to the export volume. The largest export markets for Uzbekistan in January-November 2024 were Russia, China, Kazakhstan, Türkiye, Afghanistan, France, and Tajikistan, with these countries accounting for 40.5% of total export volume.
Notably, Uzbekistan's agricultural exports, particularly fruits and vegetables, saw a 16.6% increase in volume, with 1.9mn tons exported in 2024. Russia remained the largest market for these products, accounting for 42.1% of the total fruit and vegetable export value.
Meanwhile, textile exports also showed growth in value, totaling $2.7bn, though the sector experienced a slight decline of 6.4% in comparison to the previous year. The light industry continues to evolve, focusing on high-value-added products rather than raw cotton.
In terms of imports, machinery and transport equipment made up the largest share (34.6%), followed by industrial goods (15.7%) and chemicals (12.2%). The volume of services imports also saw a notable increase, up by 42.2% to $3.3bn, with tourism, transport, and telecommunications services leading the way.
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