June sees 5% decline in imports from Russia to Uzbekistan

In June 2024, imports of Russian goods to Uzbekistan decreased by nearly 5%. According to a report prepared by analysts of the Central Bank of Uzbekistan, this was due to sanctions and the complication of payment processes.

It is noted that the negative trend is mainly associated with trade sanctions imposed against Russia. The complication of the settlement system for foreign trade operations also played an important role.

The Central Bank of Uzbekistan, in turn, reported that exports of goods to Russia, on the contrary, increased by 32.3% in June. In particular, the supply of vegetables and fruits increased by 11%. Although there was a 6% decrease in the sale of textile products, this still accounts for half of the export volume to Russia. Analysts explained the decrease in figures by the price effect resulting from a drop in the cost of cotton on the world market.

According to the Statistics Agency, Russia remains one of the main trade partners of the republic. In January-July 2024, the volume of trade turnover increased by 30% compared to the same period last year, amounting to $5.75 billion. Of this, $4 billion accounted for imports of Russian goods and services.

In terms of mutual trade volume with Uzbekistan, Russia ranks second after China.