Uzbekistan's Foreign Trade Review: Gold sales down, gas imports surge

The Statistics Agency provided information on Uzbekistan's foreign trade turnover from January to May 2024.

According to the report, the country's foreign trade turnover reached $26.7 billion during this period. Exports amounted to $10.8 billion, and imports to $15.8 billion. Compared to the same period last year, the volume of exports increased by 1.9%, and imports by 3.7%. The negative trade balance reached $5 billion.

China maintained its position as Uzbekistan's largest trading partner. During the reporting period, the volume of mutual trade reached $5 billion, accounting for 18.9% of the country's total foreign trade turnover. Additionally, significant portions of foreign trade turnover were recorded with Russia (17.9%), Kazakhstan (5.9%), Turkey (4.5%), and South Korea (3.4%).

In January-May 2024, the top 10 countries with the highest share in Uzbekistan's foreign trade turnover were:

• China – $5.05 billion
• Russia – $4.78 billion
• Kazakhstan – $1.58 billion
• Turkey – $1.19 billion
• South Korea – $920 million
• France – $471 million
• Turkmenistan – $455 million
• Germany – $426 million
• USA – $386 million
• Afghanistan – $382 million

Of the 20 largest partner countries in foreign economic activity, a positive trade balance was observed with five countries – France, Afghanistan, Kyrgyzstan, Tajikistan, and Pakistan. A negative trade balance remained with the other 15 countries.

Notably, compared to the same period last year, the volume of exports to the following countries increased significantly: Russia (from $1 billion to $1.35 billion), France (from $161 million to $319 million), Afghanistan (from $326 million to $372 million), and the USA (from $72 million to $110 million). The supply of goods to all Central Asian countries decreased:

• Kazakhstan (from $578 million to $485 million)
• Kyrgyzstan (from $307 million to $195 million)
• Tajikistan (from $233 million to $199 million)
• Turkmenistan (from $69 million to $48 million)

Additionally, the volume of exports to China decreased from $844 million to $822 million.

Exports

During the 5 months, exports excluding gold increased by 5.9%, reaching approximately $6.58 billion. During this period, the share of gold in total exports was 38.6% or $4.2 billion.

The share of industrial products in the overall export structure increased from 15.8% to 15.9%, chemical products from 4.3% to 5.6%, mineral fuels from 3% to 3.2%, and machinery and transport equipment from 4.5% to 4.6%.

Conversely, the share of gold decreased from 40.3% to 38.6%, and food products and live animals from 6.3% to 5.8%.

Imports

In the import structure, the largest share was attributed to machinery and transport equipment (37.3%), industrial goods (15.2%), and chemical products and related items (12.3%).