The Statistics Agency released data on Uzbekistan’s foreign trade for the period from January to July 2024. According to the report, the country’s total foreign trade turnover reached $36.8 billion, with exports amounting to $14.78 billion and imports to $22.05 billion. Compared to the same period last year, exports decreased by 1.1%, while imports increased by 10.1%. The trade deficit reached $7.26 billion.
China remains Uzbekistan’s largest trading partner, although Russia’s share is steadily increasing. During the reporting period, trade with China reached $6.85 billion, while trade with Russia totaled $6.80 billion, accounting for 18.6% and 18.5% of Uzbekistan’s total foreign trade turnover, respectively. Significant portions of trade were also recorded with Kazakhstan (6.2%), Turkey (4.6%), and South Korea (3.2%).
Top 10 Countries by Trade Volume (January-July 2024):
China - $6.85 billion
Russia - $6.80 billion
Kazakhstan - $2.27 billion
Turkey - $1.69 billion
South Korea - $1.19 billion
Turkmenistan - $740 million
France - $689 million
Germany - $600 million
Afghanistan - $572 million
USA - $553 million
Among Uzbekistan’s top 20 trading partners, five countries (France, Afghanistan, Kyrgyzstan, Pakistan, and Tajikistan) showed a positive trade balance, while the remaining 15 had a negative balance.
Significant Changes in Export Volumes:
Increased exports to: Russia ($1.63 billion to $2.10 billion), France ($239 million to $480 million), Afghanistan ($466 million to $555 million), USA ($84 million to $185 million).
Decreased exports to: Kazakhstan ($807 million to $735 million), Kyrgyzstan ($463 million to $294 million), Tajikistan ($337 million to $287 million), Turkmenistan ($109 million to $70 million), China ($1.53 billion to $1.17 billion), Turkey ($841 million to $680 million).
Export Overview
Non-gold exports grew by 10.9%, reaching nearly $10.6 billion in the first seven months. However, the share of gold in total exports dropped to 28.4%, amounting to $4.2 billion, as the Central Bank of Uzbekistan has not been exporting gold in recent months.
In comparison to the same period in 2023, the share of industrial products in total exports increased from 16.3% to 16.8%, food products from 6.9% to 7.3%, chemicals from 4.6% to 6.3%, and mineral fuels from 3.6% to 5.4%.
Import Overview
The largest shares in imports were held by machinery and transport equipment (35.4%), industrial goods (15.1%), and chemicals and related products (12.4%).
Fuel Product Imports and Exports
During the reporting period, Uzbekistan imported gas worth $984 million, nearly five times more than in the same period of 2023. In July alone, $174.2 million worth of gas was purchased, a staggering 174-fold increase compared to July of the previous year.
On the export side, gas exports decreased by 5.6%, totaling $323 million, though export volumes have been increasing in recent months. In June-July alone, $263 million worth of gas was exported.
Additionally, 96 million worth of coal was imported, a 2% decrease compared to the same period last year. Uzbekistan also purchased $81.6 million worth of electricity (up 2.4%) and exported electricity worth $68.6 million (up 45.3%).
Exports of oil and oil products nearly tripled, reaching $400 million, while imports increased by 30%, totaling $1.304 billion.
