Uzbekistan’s total external debt surpasses $60 billion

The current account deficit for the first nine months of 2024 decreased by 17% compared to the same period last year, amounting to $3.4 billion or 4.3% of GDP. This improvement was attributed to a slower growth rate in the trade deficit and a significant increase in international remittances.

Exports grew by 4% year-on-year, reaching $19.1 billion, driven by changes in raw material prices and an increase in services provided to non-residents. Imports grew at a slower pace of 5.5%, totaling $31.4 billion. Despite these developments, the trade deficit widened by 8% to $12.4 billion.

Primary and secondary income balances recorded surpluses of $973 million and $8 billion, respectively, partially offsetting the trade deficit.

International reserve assets in foreign currency decreased by $678 million during the reporting period. However, a significant rise in gold prices boosted the total reserves by $6.6 billion since the beginning of the year, bringing the total to $41.1 billion as of October 1, 2024.

Uzbekistan’s net international investment position strengthened by 29% to $16.3 billion. Resident foreign currency assets increased by 13% to $10.8 billion, while external liabilities rose by 10% to $7.1 billion.

The country’s total external debt reached $60.2 billion, with state debt accounting for $32.5 billion and corporate debt for $27.7 billion.