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.
Don’t just follow the news—understand it.
The IntelliNews PRO service includes access to reports, exclusive market data, and more news that decision-makers care about. Stay ahead of the market with IntelliNews PRO.
Sign Up NowRelated Articles
Eurasian Development Bank redeems €286mn Eurobond
The Eurasian Development Bank (EDB) said on March 26 it had fully redeemed a five-year Eurobond, meeting all obligations to investors at maturity. The bank paid a total of €286mn, covering both ... more
Georgia’s TBC Bank weighs up separate IPO for TBC Uzbekistan digital bank
London-listed TBC Bank Group PLC (LON: TBCG) is weighing up conducting a separate initial public offering (IPO) for its TBC Uzbekistan digital bank business. Reuters on February 24 ... more
IndiGo cancels Central Asian flights until late February over Iran tensions
Indian budget carrier IndiGo has cancelled all flights to and from Tbilisi, Almaty, Baku and Tashkent until February 28 due to the developing situation around Iran, the airline announced on February ... more