Uzbekistan’s trade deficit narrows as exports outpace imports

According to the data from the National Statistics Committee, Uzbekistan’s foreign trade turnover in January–September 2025 amounted to $59.8 billion, up by $11.1 billion or 22.9% compared to the same period in 2024.

Exports totaled $26.7 billion (up 33.3%), and imports reached $33.1 billion (up 15.6%). Due to the faster growth of exports, the negative trade balance narrowed by $2.2 billion – from $8.6 billion to $6.4 billion – mainly because of gold exports.

Since the beginning of the year, Uzbekistan sold gold worth $9.9 billion, 1.7 times more than in the same period last year. Excluding gold, exports increased by 18% to $16.8 billion.

Trade performance in September

According to economist Mirkomil Kholboev, exports in September amounted to $3.7 billion, while imports reached $4.7 billion. Monthly imports rose by 45.7%, and exports by 47.5%. The sharp growth in exports was primarily due to gold exports worth $1.5 billion. However, even excluding gold, exports increased by 30.6% in a single month – mainly driven by services, which rose by 50.6%.

“In general, the acceleration of monthly import growth observed since May can be attributed to the strengthening of the real exchange rate and lower prices for Chinese goods amid the trade war. However, it is more difficult to explain the acceleration of export growth under currency appreciation. Until May, average monthly export growth excluding gold, energy resources, and services stood at 6.6%, while after May it accelerated to 13%,” the expert noted.

Trade by partner countries

Exports to China continued to decline in September – down 8.3% – while shipments to other major partners increased:

• Russia – up 20.8%
• Afghanistan – up 47.5%
• Kazakhstan – up 16.8%
• Tajikistan – up 63.4%
• Kyrgyzstan – up 36.8%
• UAE – up 281%

Imports from China, on the other hand, continued to grow rapidly – up 82% in September. The trade war played a key role here: before April, monthly imports from China grew by just 1%, but after April, the rate jumped to 45%. The stronger UZS also contributed to higher import volumes.

Monthly imports from other major partners also rose:

• Russia – up 22%
• Kazakhstan – up 21%
• Turkey – up 7%

Another notable trend: imports from the United States grew by 321% in September.

Major trade partners

In the first nine months of 2025, Uzbekistan’s trade grew significantly with China, Russia, the UAE, Afghanistan, and India.

China remains Uzbekistan’s largest trading partner, with turnover increasing from $9.0 billion to $11.4 billion (+26.3%). Russia holds the second position with $9.39 billion (+8.4%).

Kazakhstan strengthened its position as the third-largest partner – $3.48 billion (+12.4%). Trade with Tajikistan and Kyrgyzstan also rose by 17.5% and 14.7%, respectively.

Trade with the UAE nearly doubled to $937.8 million, while trade with Afghanistan grew 1.5 times to $1.15 billion.

France increased trade to $1.1 billion (+18.9%), while trade with Turkey decreased to $2.16 billion (–2.2%). Germany recorded stable growth to $957.6 million (+11.4%).

Trade with India rose by 39.5% to $961.1 million, while trade with South Korea dropped by 12.6% to $1.29 billion.

Changes in trade with other partners:

• Belarus – $693.6 million (+36.9%)
• USA – $719.1 million (+5.6%)
• Turkmenistan – $750 million (–18.1%)
• Netherlands – $309.9 million (+59.8%)
• Poland – $286 million (+2.9%)

Energy resources

In the first nine months, Uzbekistan imported oil and petroleum products worth $1.47 billion, 4.1% less than a year earlier. Imports of gasoline rose slightly to $1.15 billion (+1.8%), while exports of petroleum products decreased to $456.4 million (–1.1%).

Coal imports increased to $146.8 million (+26.6%). Energy Minister Jurabek Mirzamakhmudov earlier reported that by October 28, private businesses had imported 2.9 million tons of coal, including 727,000 tons through centralized channels – 145% of the plan. Around 200,000 tons of imported coal remain in storage.

Electricity imports fell to $82.4 million (–14.4%), while exports of electricity – mostly to Afghanistan – jumped 1.5 times to $114.8 million.

Uzbekistan imported gas worth $932.3 million, down 29.7% from $1.3 billion a year earlier. Meanwhile, gas exports increased by 15.4% to $546.2 million.

Other traded goods

Textile exports continued to decline, reaching $1.85 billion (–16.6%) over the nine-month period.

At the same time, exports of fruits and vegetables rose sharply in value terms to $1.45 billion (+39.3%), with physical volume up to 1.6 million tons (+7.5%).

Exports of grains and grain products – mainly to Afghanistan – reached $400.2 million (+53.3%), while grain imports to Uzbekistan slightly increased to $693.6 million (+6.3%).

Uzbekistan imported less sugar in value terms – $384.9 million (–19.6%) – but more meat and meat products ($589.5 million, +72.4%), coffee, tea, cocoa, and spices ($340.1 million, +14.7%), dairy products and eggs ($240.7 million, +45.5%), and vegetable oils and fats ($349.8 million, +54.3%).

Imports of medical and pharmaceutical products totaled $1.46 billion (+13.5%).

The country imported vehicles and other transport equipment worth $2.56 billion (+8.4%). Imports of passenger cars decreased to $807.3 million (–18.1%), while imports of auto parts and accessories increased by 40.8% to $1.29 billion.

Aircraft imports fell by 18.2% to $409.9 million.

Exports of services (including travel, transport, and telecommunications) increased by 25.3% to $6.76 billion, with tourism accounting for $3.57 billion (52.9%), transport for $2.14 billion (31.7%), and ICT services for $495.8 million (7.3%).

Imports of services grew by 34.9% to $3.65 billion, of which tourism made up $1.86 billion (51.1%).