The Statistics Agency published a report on the foreign trade turnover of Uzbekistan in January-March 2023. 

It is noted that during the reporting period, the republic’s foreign trade turnover (FTT) reached $14.8 billion. The volume of export was $5.7 billion, and the volume of import was $9.1 billion. Compared to the corresponding period of last year, the volume of export decreased by 2.9%, the volume of import increased by 23.4%. The negative balance of foreign trade amounted to $3.4 billion. 

Against the background of the deterioration of the situation in the international markets in the first quarter, the government’s easing of barriers to the import of a number of food products into the territory of Uzbekistan may have had an effect on the significant increase in the volume of imports. 

Even in 2023, Uzbekistan’s dependence on China and Russia remains. China’s trade volume with Uzbekistan reached $2.3 billion, surpassing Russia in this regard. The share of both countries in the total FTT was 31%. 

During the reporting period, a relatively significant share of FTT was recorded with China (15.9%), Russia (15.1%), Kazakhstan (7.5%), Turkey (5.6%), Germany (4.6%), Korea (4.1%), Turkmenistan (1.8%) and Kyrgyzstan (1.7%). 

Out of the 20 major partner countries in terms of foreign economic activity, only three countries – Afghanistan, Kyrgyzstan and Tajikistan – have a positive foreign trade balance. A passive foreign trade balance with the remaining 17 countries has been maintained. 

Top 10 partner countries with a high share in Uzbekistan’s exports in January-March 2023: 

● Russia – $736.2 million;

● Turkey – $336.4 million;

● China – $334.1 million;

● Kazakhstan – $280 million;

● Afghanistan – $178.2 million;

● Kyrgyzstan – $166.2 million;

● Tajikistan – $117.7 million;

● France – $97.1 million;

● the UAE – $47.1 million;

● Pakistan – $44.4 million. 

Top 10 partner countries with a high share in Uzbekistan’s imports: 

● China – $2 billion;

● Russia – $1.6 billion;

● Kazakhstan – $807 million;

● Germany – $655 million;

● Korea – $594 million;

● Turkey – $460 million;

● Turkmenistan – $218 million;

● Lithuania – $180 million;

● Brazil – $175 million;

● Switzerland – $143 million. 

Export of gold 

Gold worth $2.4 billion was sold in the first quarter. This is 42.4% of total exports. In turn, gold exports decreased by $560 million compared to the corresponding period of 2022. Last year, the share of gold in Uzbekistan’s exports reached 50.8%. 

Against the backdrop of rising gold prices on the world market, the Central Bank of Uzbekistan may have exported a large amount of precious metal during January-March. 

For information, $4.1 billion worth of gold was sold in 2022, $4.1 billion in 2021, $5.8 billion in 2020, and $4.9 billion in 2019. 

Export and import of fuel products 

According to official statistics, in the first quarter of this year, Uzbekistan imported gas worth $151.2 million, which is 2.6 times more than in the corresponding period of 2022. In turn, during this period, gas export decreased by 70.4% or $27.4 million. 

Also, in the first three months of 2023, $45.2 million worth of coal was imported, which is 61.7% more than in the first quarter of last year. 

During the reporting period, electricity worth $34.4 million was purchased and electricity worth $18.9 million was exported. 

Export of oil and oil products increased by 41.5% to $39.5 million, while import decreased by 19.6% to $34.4 million. 

It is noteworthy that during January-March 2023, natural gas production in Uzbekistan decreased by 9.6%, and electricity production decreased by 5%.