According to the Statistics Agency, Uzbekistan’s foreign trade turnover from January to August 2024 reached $42.7 billion. Exports amounted to $17.34 billion, while imports totaled $25.36 billion. Compared to the same period last year, exports increased by 5.5%, and imports by 7.4%. The trade deficit stood at $8 billion.

Despite China maintaining its position as Uzbekistan’s largest trading partner, Russia’s share in trade continues to grow. The trade volume with China reached $8 billion, while with Russia it was $7.7 billion, accounting for 18.8% and 18.2% of the total trade turnover, respectively. Kazakhstan (6.2%), Türkiye (4.6%), and South Korea (3.1%) were also significant trading partners.

Top 10 Trading Partners of Uzbekistan (January-August 2024):

  1. China – $8 billion
  2. Russia – $7.7 billion
  3. Kazakhstan – $2.6 billion
  4. Türkiye – $1.9 billion
  5. South Korea – $1.3 billion
  6. Turkmenistan – $805 million
  7. France – $744 million
  8. Germany – $679 million
  9. Afghanistan – $668 million
  10. USA – $614 million

Among Uzbekistan's top 20 foreign trade partners, the country has a positive trade balance with five: France, Afghanistan, Kyrgyzstan, Pakistan, and Tajikistan. However, it remains in a trade deficit with 15 other countries.

Significant Export Growth to Key Markets

In January-August, Uzbekistan significantly increased its exports to several countries compared to the same period last year: Russia (from $1.97 billion to $2.46 billion), France (from $261 million to $497 million), Afghanistan (from $537 million to $646 million), and the USA (from $90 million to $210 million). However, exports to all Central Asian countries saw a decline:

  • Kazakhstan (from $950 million to $872 million),
  • Kyrgyzstan (from $491 million to $365 million),
  • Tajikistan (from $389 million to $329 million),
  • Turkmenistan (from $118 million to $78 million).

Export Dynamics

Over the eight months, non-gold exports grew by 14.4%, reaching nearly $12.35 billion. The share of gold in total exports fell to 28.8%, or $4.9 billion. In July, Uzbekistan’s Central Bank exported gold worth approximately $791 million.