Uzbekistan's foreign trade turnover for the first half of 2024 totaled $31.8bn, marking an increase of $2.5bn, or 8.5%, compared to the same period in 2023, as it was reported by the Statistics Agency.
Trade Breakdown
Of the total trade turnover, exports accounted for $13bn, reflecting a 5.5% increase compared to January-June 2023. Imports reached $18.8 bn, showing a 10.6% increase. This resulted in a trade deficit of $5.84bn.
Kazakhstan has emerged as one of Uzbekistan’s key trading partners, following China and Russia. This is due to shared borders, trade within the CIS free trade zone, and liberalized economic relations.
Global Trade Partners
Uzbekistan conducts trade with 186 countries worldwide. The largest trade volumes were recorded with:
- China: 18.5%
- Russia: 18.1%
- Kazakhstan: 6.0%
- Turkey: 4.5%
- South Korea: 3.4%
Tashkent city contributed significantly to the trade turnover, accounting for 39.4% or $12.5 bn, while Surkhandarya region represented the smallest share at 0.6% or $202.2mn.
CIS and EAEU Trade
The share of foreign trade turnover with CIS countries increased by 1.4% compared to the same period in 2023, making up 34.4% of the total. For January-June 2024, trade turnover with CIS countries totaled $10.9bn, with exports at $4.1bn and imports at $6.8bn.
Trade with EAEU countries amounted to $8.4bn, comprising $2.7bn in exports and $5.7bn in imports. The EAEU member states (Russia, Belarus, Kazakhstan, Armenia, and Kyrgyzstan) form a unified economic territory with a single customs system, facilitating free movement of goods, services, migrants, and capital.
Export Dynamics
The number of exporters in Uzbekistan has reached 5,682, with exported goods and services amounting to $8.8bn (excluding non-monetary gold), a 10.9% increase compared to the same period in 2023. Goods accounted for 76.0% of exports, with industrial products making up 15.9%, food products and live animals 6.6%, and chemicals 5.9%.
The main export partners for January-June 2024 were Russia, China, Kazakhstan, Turkey, Afghanistan, France, and Kyrgyzstan, which collectively accounted for 37.3% of the total export volume. Tashkent city was the largest contributor to exports, representing 20.4% or $2.65bn.
Agricultural Exports
Agriculture and horticulture continue to play a vital role in Uzbekistan's export strategy. In the first half of 2024, 1,000.6 thousand tons of fruit and vegetable products were exported, a 4.7% increase compared to the same period in 2023. The main markets for these products were Russia (41.2%), Kazakhstan (16.8%), Pakistan (15.3%), and China (5.9%).
Textile Industry
Textile product exports for January-June 2024 totaled $1.53bn, representing 11.8% of the total export volume, a 5.3% decrease from the same period in 2023. The primary components of textile exports were yarn (46.2%) and finished textile products (38.1%).
Tourism and Services
Based on data from the Border Guard Service, tourism services exports for January-June 2024 amounted to $1.45bn, up from the previous estimate of $1.14bn. The import of tourism services for the same period was $816.4mn.
Import Structure
Imports for January-June 2024 totaled $18.8 bn, with machinery and transport equipment accounting for 36.1%, industrial goods for 15.1%, and chemicals for 12.2%. Goods imports increased by $1.2bn to $17.2bn, while services imports reached $1.6bn. The share of imports from CIS countries increased by 2.3% compared to the same period in 2023, making up 36.2% of total imports.
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