Uzbekistan's foreign trade grows by 6.6%, led by increased imports and resumed gold sales

BUSINESS 13:47 / 21.09.2024 1462

As of September 1, Uzbekistan's foreign trade turnover amounted to $42.7 billion, according to the Statistics Agency report.

Compared to the same period last year, this figure increased by 6.6%. This growth was driven by a significant rise in imports ($25.35 billion, +7.4%) and an increase in exports ($17.34 billion, +5.5%).

In August, Uzbekistan resumed gold sales, totaling $793 million for the month. Since the beginning of the year, the volume of gold exports has approached $5 billion, representing a year-on-year decline of 11.5%.

China remains Uzbekistan's top trade partner ($8.01 billion) and its largest supplier of goods ($6.64 billion). Russia is in second place with $7.76 billion, with a noticeable increase in exports to Russia ($2.45 billion).

Kazakhstan ($2.63 billion), Turkey ($1.95 billion), and South Korea ($1.3 billion), where trade has slowed, round out the top five trading partners. Among key partners, a trade surplus was recorded with France, Afghanistan, Kyrgyzstan, Tajikistan, and Pakistan.

Exports Besides gold, industrial goods remain the main export category. Revenue from industrial goods reached $2.85 billion (+3.4%) since the beginning of the year.

Textile and fabric exports brought in $1.38 billion (-1.8%). Non-ferrous metal exports increased by 9.9% to $1 billion, while steel and iron exports dropped by nearly 3.3% to $143.3 million.

Food exports ranked second with $1.27 billion (+8.8%), primarily consisting of vegetables and fruits ($936.5 million, +20.3%) and grain ($226.1 million, -30.2%).

Exports of chemical products totaled $1.06 billion (+28.1%). Inorganic substances saw a two-thirds increase, reaching $58.9 million, while fertilizer exports grew by 6.9% to $210.9 million.

Exports of machinery products fell by 6.9% to $785.8 million. Leading this category was the export of cars and their components, which decreased by 22.5% to $245 million.

"Other transport equipment" exports nearly doubled to $116.4 million, though they slowed in August. Electrical equipment exports fell by 10.7% to $134 million, while telecommunications and audio-visual equipment dropped almost threefold to $35.3 million, and data processing equipment exports plummeted fourfold to $5.9 million.

Exports of consumer and other goods totaled $724.4 million (-14.4%). Revenue from clothing exports was $601.3 million (-15.4%), while exports of various finished products grew to $76.6 million.

Oil product exports exceeded $400 million, increasing by 2.3 times, while electricity exports also grew significantly to $70.4 million. Moreover, gas exports surpassed last year's figure by 7.1%, reaching $404.8 million.

Imports Machinery products dominated imports, totaling $8.98 billion (-0.4%). Car and component imports amounted to $2.11 billion (-23.9%), electrical equipment imports reached $1.33 billion (+50.8%), power generator imports totaled $741.5 million (+45%), and communication devices amounted to $642.8 million (+3%).

Industrial goods ranked second at $3.83 billion (-3.3%). Imports of iron and steel increased ($1.69 billion, +6.8%), along with wood products ($248.1 million, +4.1%) and non-ferrous metals ($231.8 million, +6.1%).

Chemical product imports fell by 1.2% to $3.13 billion. Spending on medical goods reached $1.17 million (+19.6%), while primary plastic imports fell to $517.2 million (-14.7%).

Fuel and lubricant imports surged by 85.1% to $2.76 billion. Gas imports from Russia and Turkmenistan grew nearly sixfold, amounting to $1.15 million. Oil and oil product imports reached $1.42 billion (+29.5%).

Food imports totaled $2.34 billion (+3%). Grain imports accounted for $573.6 million (-25.3%), while sugar and confectionery products amounted to $431.7 million (+9.2%), and vegetable and fruit imports reached $270.4 million (+27.4%).

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