Trade turnover between Uzbekistan and Turkmenistan totaled $1.07bn in the first eleven months of 2024, marking a 10.8% increase from the same period in 2023, when the figure stood at $970.1mn. This growth has solidified Turkmenistan's position as one of Uzbekistan's top trading partners, entering the top ten for the first time.
Uzbekistan's exports to Turkmenistan in 2024 totaled $110.4mn, a 45.3% decrease compared to the previous year, when exports were valued at $160.5mn.
On the other hand, Uzbekistan's imports from Turkmenistan saw an increase, rising by 19.1% to $964.9mn. This is up from $809.6mn in 2023, reflecting a strengthening of trade ties between the two nations.
Overall, Uzbekistan's foreign trade volume for the period of January to November 2024 reached $59.4bn, a 3.6% increase from the $57.3 billion recorded during the same period in 2023.
Uzbekistan's FTT hits $59.4bn in 11M24, China remains top trade partner throughout year
— Daryo | Central Asia & Afghanistan (@DaryoEng) December 23, 2024
Uzbekistan’s foreign trade turnover reached $59.4bn in January-November 2024, marking a 3.6% y/y increase, with key trade partners China, Russia, and Kazakhstan maintaining strong positions,… pic.twitter.com/CISAWkU7Co
On December 12, Uzbekistan reached an agreement to boost its natural gas imports from Turkmenistan after talks between Uzbek President Shavkat Mirziyoyev and Gurbanguly Berdimuhamedov, Chairman of Turkmenistan’s Halk Maslahaty (People’s Council). The specific volume of the additional gas and pricing terms have not been disclosed.
To meet its gas needs, Uzbekistan had previously signed its first gas import agreement with Turkmenistan in December 2022 for 1.5 bcm annually, which was later increased to 2 bcm. The new agreement is expected to help address part of Uzbekistan’s increasing demand for natural gas.
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