Uzbekistan's foreign trade tops $26 billion in early 2026, but trade deficit widens

19:23 / 28.05.20261,5854 min

Uzbekistan's total foreign trade turnover reached $26.3 billion in the first four months of 2026, up 5.8% compared to the same period last year, according to preliminary data published by the National Statistics Committee. The headline figure, however, masks a deepening trade imbalance: imports surged while gold-driven export revenues fell sharply, pushing the trade deficit to $6.4 billion – more than six times wider than the $930 million gap recorded in the corresponding period of 2025.

Photo: Kun.uz

Uzbekistan's foreign trade tops $26 billion in early 2026, but trade deficit widens — Photo: Kun.uz

Exports fall on lower gold shipments

Total exports came to $9.97 billion, a 16.8% decline year-on-year. The drop is largely explained by a dramatic fall in non-monetary gold exports, which collapsed from $5.48 billion to $1.5 billion – a reflection of Uzbekistan's deliberate pause on gold shipments that lasted until early 2026. Gold's share of total exports fell from 45.7% to 15.1%.

Stripped of gold, however, the picture looks considerably healthier. Non-gold goods exports reached $5.0 billion, up 28.7% on the same period last year, pointing to genuine gains across a range of sectors.

Services exports were a particularly strong performer, climbing 32.6% to $3.46 billion and accounting for 34.7% of all export revenues. Tourism and travel led the way at 47.8% of services exports, followed by transport at 36.1% and telecommunications and IT services at 10.1%.

Among goods categories, the standout performers were miscellaneous manufactured articles, up 93.8% to $792.8 million, and chemicals and related products, up 40.2% to $812.8 million. Industrial goods rose 17.1% to $1.5 billion, while food and live animals grew 13.7% to $753 million.

Textiles and fresh produce hold firm

Textile exports reached $1.01 billion in January–April, a 20.2% increase and equivalent to 10.1% of total exports. Finished textile goods and yarn together accounted for more than 80% of the category, at 50.5% and 32.5% respectively.

Fruit and vegetable exports also grew, with 489,500 tonnes shipped – up 5.6% in volume and 9.5% in value at $454.5 million. Fruits and berries saw the sharpest value gains, nearly doubling to $112.1 million. Cabbage and tomatoes were the leading vegetables by export value.

Russia and China dominate export destinations

On the export side, Russia remained the top destination, accounting for 14.5% of goods and services exports ($1.45 billion), followed by China at 9.2% ($919.6 million) and Afghanistan at 6.5% ($643.7 million). France, Kazakhstan, and Turkey rounded out the next tier.

Imports climb as investment-related purchases rise

Import volumes reached $16.36 billion, up 26.7% year-on-year. Goods imports accounted for $14.73 billion of this total, with services imports at $1.63 billion. Machinery and transport equipment was by far the largest import category at 33.7% of the total, or $5.51 billion – up 29.1%. Industrial goods and chemicals followed at 15.3% and 12.4% respectively.