Foreign trade overview: Uzbekistan increases gas imports by 5.7 times, resumes gold exports

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.

Compared to the same period last year, the share of industrial goods in total exports decreased from 16.8% to 16.3%, while the share of food products rose from 7.1% to 7.3%, chemicals from 5.1% to 6.2%, and mineral fuels from 3.7% to 5.1%.

Import Trends

In the import structure, machinery and transport equipment accounted for the largest share (35.5%), followed by industrial goods (15.1%) and chemicals (12.3%).

Fuel Exports and Imports

During the reporting period, Uzbekistan imported gas worth $1.15 billion, which is 5.7 times higher than the same period in 2023. In July alone, gas imports amounted to $168.3 million, which is 210 times more than in July 2023 ($0.8 million).

Conversely, gas exports increased by 7.1%, amounting to $404.8 million. Notably, $344 million worth of gas was exported during June-August.

Uzbekistan also imported $106 million worth of coal in the eight months, a decline of 8.8% compared to the same period last year.

Additionally, the country imported $88 million worth of electricity (a 10.5% increase) and exported $70.4 million worth of electricity (a 45.8% increase).

Crude oil and petroleum product exports surged 2.3 times, reaching $409 million, while imports rose by 29.5%, totaling $1.42 billion.