Foreign trade: Uzbekistan’s dependence on China is increasing

17:30 / 24.10.202314,3165 min

In the first 9 months of 2023, the foreign trade turnover of Uzbekistan amounted to nearly $45 billion. The share of China has increased to 21.1%. In particular, exports to this country decreased by 14.3% or up to $1.85 billion, while the volume of imports increased by 58.5% or up to $7.6 billion. The overall trade deficit also continues to grow.

Photo: TASS

Foreign trade: Uzbekistan’s dependence on China is increasing

Photo: TASS

Statistics Agency published information on foreign trade turnover of Uzbekistan in January-September 2023.

It is noted that during the reporting period, the republic’s foreign trade turnover (FTT) reached $44.8 billion. The volume of export was $17.74 billion, and the volume of import was $27.01 billion. Compared to the corresponding period of last year, the volume of export increased by 23.5%, and the volume of import increased by 21.1%. The negative foreign trade balance reached $9.27 billion. In the corresponding period of last year, the foreign trade deficit was $7.9 billion.

Dependence on China has increased in foreign trade

Uzbekistan’s dependence on China in foreign trade relations is increasing. In particular, since the beginning of the year, China’s trade volume with Uzbekistan has reached $9.45 billion. This made up 21.1% of the total foreign trade turnover of the republic. For comparison, in the corresponding period of 2022, the volume of trade with China was $6.78 billion (18.8% of the total FTT), and in 2021 it was $5.4 billion (19.1% of the total FTT).

The top 10 countries with the highest share in the foreign trade turnover of Uzbekistan in January-September 2023:

• China – $9.45 billion;
• Russia – $7.03 billion;
• Kazakhstan – $3.23 billion;
• Turkey – $2.35 billion;
• Korea – $1.7 billion;
• Turkmenistan – $830 million;
• Germany – $784 million;
• Kyrgyzstan – $753 million;
• France – $658 million;
• Afghanistan – $615 million.

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.

During the past period, the volume of exports to China decreased by 14.3%, and sales to Turkey decreased by 20%. In turn, the volume of exports to Russia increased by 5%, to Kazakhstan by 5.4%, and to Afghanistan by 17.6%.