Uzbekistan’s trade deficit reached $17.4 billion in 2024 – Central Bank

In 2024, the negative trade balance — the gap between exports and imports — amounted to $17.4 billion, indicating that the country's trade deficit remains at a high level.

The Central Bank of Uzbekistan independently analyzes the country's trade balance, while the National Statistics Committee also keeps track of these figures. Officials note that the two institutions use different calculation methods, leading to discrepancies in their reported data.

According to the Central Bank, in 2024:

Exports totaled $26.2 billion, a 4.5% increase from 2023.
Imports reached $43.6 billion, reflecting 2.3% growth.
As a result, the trade deficit stood at $17.4 billion, slightly lower than the $17.6 billion recorded in 2023.

Migrant remittances and investment inflows

Labor migrants' remittances played a key role in reducing the trade deficit. In 2024, migrants sent home $14.8 billion, marking a 30% increase from 2023.
The rise in wages and expansion of labor migration geography contributed to a growth in primary and secondary income inflows, helping offset the trade deficit.
Foreign investment inflows also helped cover the deficit. In 2024, net foreign direct investment (FDI) reached $2.8 billion, a 32% increase from the previous year.
Portfolio investment inflows, mainly driven by international bond operations, surged 3.1 times, reaching $3.1 billion.

Current account deficit and external debt

The current account deficit in 2024 amounted to $5.7 billion, lower than the $7.8 billion recorded in 2023.
Uzbekistan's total external debt stood at $64.1 billion, accounting for 55.7% of GDP.
Public external debt was $33.9 billion (29.5% of GDP).
Corporate external debt amounted to $30.2 billion.

Trade and economic outlook for 2025

Exports are expected to grow by 10–12% in 2025, reaching around $28.8 billion.
Factors driving export growth:
Increased demand for Uzbek products in key trading partner countries.
Higher prices for raw materials sold abroad.
Sustained high gold prices, as well as expected increases in silver and copper prices.
Growth in service exports, particularly in tourism, transportation, logistics, telecommunications, and IT.
Imports are projected to increase by 8–10%, surpassing $47 billion.
Remittances from labor migrants are expected to grow by 10–15%, exceeding $16 billion.
The current account deficit in 2025 is expected to be financed through foreign direct investment, portfolio investment, and external borrowing.