Uzbekistan's foreign trade turnover reached $62.6bn in 2023, showing a 23.9% increase from 2022. The year's exports were valued at $24.4bn, marking a 23.8% rise, while imports totalled $38.1bn, up by 24.0%.

China remained second largest Central Asian economy Uzbekistan's largest trading partner, contributing 21.9% to total trade. Russia followed with a 15.8% share, and largest Central Asian economy Kazakhstan accounted for 7.0% of trade.

Also in 2023, Uzbekistan exported gold worth $8.1bn, nearly doubling from $4.1bn in 2022. Despite no gold exports conducted in December 2023, the year's total significantly impacted the overall trade figures.

China was the largest source of imports flowing to Uzbekistan, with the total import value amounting to $11.26bn, representing over a quarter of all imports and 4% growth from 2022’s figure.

Russia maintained its position as a greatly significant trading partner, with a total trade volume of $9.88bn, including $3.3bn in Uzbek exports. Other major trading partners included Kazakhstan ($4.39bn), Turkey ($3.09bn) and South Korea ($2.34bn).

The statistics show an increase in Uzbekistan's negative trade balance, which rose by $2.68bn to $13.71bn compared to the previous year.

In comparison, in 2022, trade turnover was $50bn, with an 18% increase from the prior year. Exports in 2022 were valued at $19.3bn, and imports at $30.7bn. The growth rate of imports (20.4%) exceeded that of exports (15.9%) in 2022, leading to a wider trade deficit.

The import structure in both years reflects Uzbekistan's ongoing industrialisation and modernisation policy, with machinery and transport equipment, industrial goods, and chemicals being the major categories.

The growth of China and Russia’s trade relations with Uzbekistan are indicative of the impact of sanctions imposed on Russia sanctions and China’s strained relations with the EU and US, with both nations forced to seek out other markets.