Uzbekistan's 4M24 foreign trade reaches nearly $21bn with 6% growth

By Mokhi Sultanova in Tashkent May 24, 2024

Uzbekistan's foreign trade turnover nearly reached $21bn in 4M24, following a 5.9% y/y expansion, reported the country's official statistics agency. 

Total trade volume for the four months was reported at $20.9bn, with exports up by 9% y/y to $8.5bn and imports higher by 3.9% to more than $12.4bn. Uzbekistan's trade deficit was thus $3.9bn.

China remains Uzbekistan's largest trading partner, with a trade volume of $3.96bn, accounting for 19% of Uzbekistan's total trade. Exports to China amounted to $644.4mn in 4M24, while imports were $3.32bn. The trade volume was up by 18.24% y/y, driven primarily by imports.

Russia was by a relatively small margin compared to China, Uzbekistan's second-largest trading partner, with a trade volume of $3.84bn, representing 18.4% of total trade. Exports to Russia stood at $1.02bn, and imports were $2.82bn. The trade volume with Russia grew 29.37% y/y.

Kazakhstan's trade volume with Uzbekistan declined to $1.22bn. It made up 5.9% of total trade. Exports to Kazakhstan were $383.9mn, while imports stood at $841.1mn. The trade volume decreased by 18.77% y/y, mainly due to a reduction in imports.

In relation to other notable trade partners

  • Turkey: Trade volume decreased to $920.2mn, with exports at $378mn and imports at $542.3mn. Trade was down 15.78% y/y.
  • South Korea: Trade volume dropped to $695mn. Exports stood at $13.4mn, and imports were $681.5mn. Trade was down 13.37% y/y.
  • France: Trade with France increased to $386.4mn. Exports grew to $264.6mn, while imports were $121.8mn. Trade was up 52.13% y/y.
  • Germany: The volume declined to $345mn. Exports were $26.3mn, and imports $318.7mn. Trade decreased by 56.29% y/y.
  • Afghanistan: Trade volume with neighbouring Afghanistan grew to $308.6mn. Exports were $301.4mn, and imports $7.1mn. Trade was up 18.56% y/y.
  • Turkmenistan: Trade with another neighbouring country, Turkmenistan, decreased to $288.5mn. Exports were $30.7mn, and imports $257.8mn. The decline measured 8.8% y/y.
  • India: Trade with India increased to $270.3mn. Exports were $15.7mn and imports $254.5mn. The trade volume gain amounted to 40.86% y/y.

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