Trade turnover between Uzbekistan and China has shown remarkable growth from 2022 to 2024, the State Statistics Agency reports. In 2024, the total trade turnover reached $5.9bn, an 11.3% increase from $5.3bn in 2023 and a 31.1% increase from $4.5bn in 2022.
2022: trade turnover set at $4.5bn
In 2022, the total trade turnover between Uzbekistan and China was $4.5bn, with exports amounting to $1.2bn and imports at $3.3bn. Uzbekistan’s strategic location in Central Asia and its relative stability have made it an attractive partner for China, fostering consistent and reliable trade relations. This stability, combined with Uzbekistan’s ongoing economic reforms, has created new opportunities for Chinese companies to invest and strengthen their market position.
In 2022, Chinese investments in Uzbekistan saw a substantial increase, amounting to $2.2bn. This influx of investment played a crucial role in boosting trade turnover. Additionally, Uzbekistan’s diverse economy, which includes not only raw materials but also industrial products, has enhanced the overall trade volume with China.
High-level negotiations and business forums, such as the Uzbek-Chinese Business Forum, have further facilitated cooperation between major Chinese companies and Uzbekistan. These events have emphasized the consistent growth in trade, economic, and investment relations. Moreover, the development of transport corridors like the “China-Kyrgyzstan-Uzbekistan” route has improved connectivity and trade potential, allowing Uzbekistan to access new markets in Southeast Asia.
2023: a significant rise in trade activity
The trade turnover between the two countries increased by 17.8% to $5.3bn in 2023. This growth was primarily fueled by a rise in imports from China, which surged by 27.3% to $4.2bn. The increase in imports can be attributed to Uzbekistan's growing demand for Chinese machinery, electronics, and consumer goods, which are essential for the country's ongoing modernization and infrastructure projects.
However, exports from Uzbekistan to China saw a slight decrease of 8.3%, amounting to $1.1bn. This decline was due to several factors, including fluctuations in global commodity prices and a temporary reduction in the production of key export goods.
2024: sustained trade expansion
By 2024, the total trade turnover reached $5.9bn, marking an 11.3% increase from 2023. Imports continued to rise, reaching $4.9 bn, a 16.7% increase. This sustained growth in imports reflects Uzbekistan's ongoing infrastructure development and the increasing integration of Chinese technology and equipment into various sectors of the Uzbek economy.
On the other hand, exports from Uzbekistan to China decreased by 9.6% to $994.7mn. This decline can be linked to the challenges faced by Uzbek exporters in maintaining competitive pricing and meeting the quality standards required by the Chinese market.
The trade relationship between Uzbekistan and China is characterized by a diverse range of commodities. Uzbekistan primarily exports petroleum gas, refined copper, and non-retail pure cotton yarn to China. On the other hand, China exports cars, broadcasting equipment, and stone processing machines to Uzbekistan. This exchange highlights the complementary nature of the two economies, with Uzbekistan providing raw materials and China supplying manufactured goods.
Agriculture remains a vital sector for Uzbekistan, with significant exports of fruits and vegetables. In 1H24, Uzbekistan exported over 1mn tons of fruits and vegetables, a 4.7% increase compared to the same period in 2023. China was a key market, importing 44,300 tonnes worth $35.8 mn, representing 5.9% of Uzbekistan's total fruit and vegetable exports.
In 1H24, the volume of industrial goods imported into Uzbekistan reached $2.8bn, marking a 2.1% increase compared to the same period in 2023. China was the largest supplier, accounting for $882.6mn or 31.1% of the total industrial imports.
The volume of goods and services imported from China during this period was $4.9bn, up from $4.2bn in the same period of 2023, representing a 16.7% increase. The growth rate, however, showed a slight decrease from $128.9mn in 2023 to $115.9mn in 2024.
On the export side, Uzbekistan's exports to China were $994.7 mn in 1H24, down from $1.1bn in 2023, a 9.6% decrease, with the growth rate increasing from $84.9mn to $93.6mn.
Presently, 2,141 enterprises operate with Chinese investments, with prominent companies such as Huawei, ZTE, and Sinotruk leading the way. This influx of Chinese enterprises has significantly contributed to the industrial and technological development of Uzbekistan, fostering innovation and creating job opportunities.
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