Uzbekistan's trade deficit widens to $7.5 billion as exports fall and imports surge

Data from the National Statistics Committee reveals that this growth was entirely driven by a surge in imports, while the country's export volume contracted sharply. Between January and May, national exports fell by 15.5 percent to $12.6 billion, whereas imports jumped by 20.8 percent to $20.1 billion, resulting in a trade deficit of $7.5 billion.

China remains the leading trade partner

China firmly established itself as Uzbekistan’s largest trading partner during the five-month period. Bilateral trade between the two countries reached $7.65 billion, reflecting an increase of $2.20 billion year-on-year. While Uzbekistan exported $1.10 billion worth of goods and services to China, its imports from the country neared $6.50 billion.

Russia secured the second position, with bilateral trade approaching $5.80 billion, a year-on-year expansion of $1.00 billion. Uzbek exports to Russia amounted to $1.90 billion, against $3.90 billion in inbound goods and services from the Russian Federation.

Kazakhstan ranked as the third-largest overall trading partner, with total mutual trade rising by $450 million to reach $2.26 billion. However, looking strictly at export destinations, Afghanistan took the third spot as Uzbekistan dispatched $817.8 million in goods and services to its neighbor. On the import side, Kazakhstan retained its third-place ranking, supplying goods valued at $1.70 billion to the Uzbek market. Overall, imports accounted for the vast majority of trade volume with the country's primary economic partners.

Services and manufactured goods lead exports as gold falls

Services generated the largest share of Uzbekistan’s export revenues between January and May, bringing in $4.60 billion – a 34.9 percent increase that accounted for 36.3 percent of total exports. Tourism drove this segment by bringing in $2.24 billion, followed closely by transport services at $1.66 billion. Telecommunications, computer, and information services yielded $441.8 million.

Conversely, gold exports plummeted by 76.8 percent compared to the first five months of 2025. This year, the precious metal was only sold in April, generating $1.50 billion. In contrast, Uzbekistan exported $6.50 billion worth of gold during the same timeframe last year.

Industrial goods exports rose by 18 percent to $1.90 billion. Textile products led this category at $747.8 million, followed by non-ferrous metals at $721.5 million. Chemical exports surpassed $1.00 billion, growing by 37.6 percent, with inorganic chemicals representing the largest share at $656.9 million.

Food and live animal exports also cleared the $1.00 billion threshold. Fruits and vegetables accounted for $654.0 million of this total, while cereal products brought in $250.9 million.

Additionally, mineral fuels and lubricants generated $660.7 million in export revenues. Sales of petroleum and petroleum products accounted for $357.7 million of this category, whereas natural gas exports decreased by 29 percent to $202.9 million.

Inbound trade fueled by machinery, gas, and food

Machinery and transport equipment remained Uzbekistan's dominant import expense, rising by 20.5 percent to $6.66 billion. Automobile purchases reached $1.55 billion, and electrical machinery and equipment spiked by 46.1 percent to $1.15 billion.

Industrial goods imports cost the country $3.10 billion, with iron and steel making up $1.24 billion of that total. Service imports required an expenditure of $2.00 billion, driven primarily by $919.4 million spent on outbound tourism and $490.0 million on transport. Chemical imports climbed to $2.50 billion, propelled by $794.9 million in medical and pharmaceutical products.

Food and live animal imports experienced a sharp increase of 42.3 percent, totaling $2.30 billion. Cereals led this category at $632.5 million. Meat and meat products saw a 46.9 percent surge, costing the country $393.6 million. Sugar imports grew by 51.1 percent to $296.4 million, and fruit and vegetable purchases from abroad reached $284.0 million.

The country also expanded its intake of energy resources, importing $1.86 billion worth of mineral fuels and lubricants. Petroleum and related products took up $1.00 billion of this budget, with petrol purchases soaring by 85.1 percent to $373.4 million, and diesel accounting for $226.8 million.

Notably, natural gas imports surged by 84.1 percent to reach $724.7 million. Within the gas sector, liquefied petroleum gas (propane) imports grew 3.3-fold, totaling $68.2 million.