Uzbekistan suffers 17.2% foreign trade decline in January, president miffed by export performance

By bne IntelliNews February 24, 2024

Uzbekistan's foreign trade fell 17.2% y/y in January to $4.2bn, with the trade deficit widening from $851mn a year ago to $1.97bn, according to the national statistics agency.

Exports dropped 47.1% y/y to $1.12bn. Imports rose 4.1% y/y to $3.08bn.

President Shavkat Mirziyoyev expressed his dissatisfaction with the current direction of export volumes during a meeting on January 18. Mirziyoyev critiqued the export plan for 2024, saying it was necessary to "increase exports by at least 30% per year" to drive the economy forward. He lamented that, excluding gold, export growth in 11M23 was merely 5.7% y/y.

Mirziyoyev highlighted concerns regarding export volume declines in certain key industries and regions. He noted that "exports in 10 regions and cities failed to reach even half of the previous year's levels".

Prime Minister Abdulla Aripov has been instructed to take disciplinary action against deputy khokims (mayors) for investment in Andijan, Bukhara, Kashkadarya and Navoi regions, as well as against the mayors of 10 districts and cities. 

Related Articles

Tashkent Stock Exchange reports decline in 1Q24 trading volume

Tashkent Stock Exchange (TSE) has released its results for 1Q24, revealing a significant decrease in trading volume y/y. The results report, compiled by the TSE and Avesta Investment Group, ... more

Uzbekistan's basalt industry attracts $498mn investment

Uzbekistan’s basalt industry has attracted an investment of $498mn. The focus on basalt stone mining and fibre production, particularly in the Forish district of Jizzakh region, has become a ... more

Coca-Cola invests $165mn in two new Uzbekistan factories

Coca-Cola Ichimligi Uzbekistan has announced plans to invest $165mn in constructing two new factories, Spot reported on April 8. The first factory, to be situated in ... more