Tashkent, Uzbekistan (UzDaily.com) – In January-June 2024, Uzbekistan’s foreign trade turnover totaled US$31.8 billion, an increase of US$2.5 billion, or 8.5%, compared to the same period in 2023.

Of this total turnover, exports amounted to US$12.99 billion (a 5.5% increase compared to January-June 2023), while imports reached US$18.83 billion (a 10.6% increase). As a result, the trade balance showed a negative balance of -US$5.84 billion.

Kazakhstan has become one of Uzbekistan’s major foreign economic partners (after China and Russia) due to shared borders, trade within the CIS free trade zone, and the liberalization of mutual economic relations.

Uzbekistan now conducts trade with 186 countries worldwide. The largest volumes of foreign trade turnover are recorded with China (18.5%), Russia (18.1%), Kazakhstan (6.0%), Türkiye (4.5%), and South Korea (3.4%). Tashkent city accounts for a significant portion of the foreign trade turnover, representing 39.4% or US$12.54 billion, while the smallest share is 0.6% or US$202.2 million in the Surkhandarya region.

The share of foreign trade turnover with CIS countries for the reviewed period increased by 1.4% compared to the same period in 2023, making up 34.4% of the total.

Economic growth in countries trading with Uzbekistan could lead to increased demand for Uzbek exports from these nations.

For January-June 2024, Uzbekistan’s foreign trade turnover with CIS countries reached US$10.95 billion, with exports totaling US$4.13 billion and imports US$6.82 billion.

Trade within the CIS free trade zone positively impacts Uzbekistan’s overall foreign trade turnover.

The highest volumes of foreign trade turnover with CIS countries were recorded with Russia (52.5%), Kazakhstan (17.5%), and Turkmenistan (5.6%).

Uzbekistan’s foreign trade turnover with EAEU countries for the reviewed period amounted to US$8.38 billion, with exports at US$2.7 billion and imports at US$5.67 billion.

It is important to note that EAEU member states (Russia, Belarus, Kazakhstan, Armenia, and Kyrgyzstan) have formed a unified economic territory with a single customs system, ensuring the free movement of goods, services, migrants, and capital.

The development of international economic relations contributes to stable export growth, creating a foundation for achieving significant results. As a result of reforms aimed at increasing the country’s export potential, supporting exporters, and expanding the range of export products, the number of exporters has reached 5,682, with the volume of goods and services exported amounting to US$8.8 billion (excluding non-monetary gold), a 10.9% increase compared to the same period in 2023.

In the export structure, goods account for 76.0%, with other goods at 32.5%, industrial products at 15.9%, food products and live animals at 6.6%, and chemicals and similar products at 5.9%.

The share of exports to CIS countries for January-June 2024 increased by 0.1% compared to the same period in 2023.

Major export partners for goods and services in January-June 2024 include Russia, China, Kazakhstan, Türkiye, Afghanistan, France, and Kyrgyzstan, accounting for 37.3% of the total export volume.

Tashkent city accounts for a significant portion of the republic’s exports, representing 20.4% or US$2.65 billion, while the smallest share is 0.8% or US$97.9 million in Jizzakh region.

Given the state’s focus on agricultural and horticultural development, the quality and volume of exported products are increasing annually. Specifically, in January-June 2024, 1,000.6 thousand tons of fruit and vegetable products were exported, a 4.7% increase or 45.3 thousand tons compared to the same period in 2023. The main export markets for fruit and vegetable products were Russia (41.2%), Kazakhstan (16.8%), Pakistan (15.3%), and China (5.9%).

The export volume of fruit and vegetable products during the reviewed period amounted to US$607.3 million, with an 8.0% increase compared to the same period in 2023. The total share of fruit and vegetable product exports was 4.7%.

For January-June 2024, the highest export value of fruit and vegetable products is to Russia (41.2% of the total volume), which is 2.7 times higher than the export volume from Pakistan.

In recent years, the light industry has seen growth in the production of high value-added products. As an economically important sector for Uzbekistan, the light industry provides high employment levels and contributes to the country’s industrial potential and international reputation.

The increase in textile product exports can be seen as a result of reforms aimed at producing finished goods instead of raw cotton and creating added value.

For January-June 2024, textile product exports amounted to US$1.53 billion, making up 11.8% of the total export volume, a 5.3% decrease compared to the same period in 2023.

The structure of textile exports mainly includes yarn (46.2%) and finished textile products (38.1%). In January-June 2024, textile products were exported to 55 countries worldwide.

Using data from the Border Guard Service on visitor numbers for January-June (3.531 million people) and estimated average spending of non-residents, updated data on tourism services exports for January-June 2024 was obtained, amounting to US$1.45 billion (US$1.14 billion in the previous estimate).

Additionally, considering the border zone crossed by Uzbekistan citizens during their trips abroad, the import of tourism services for January-June 2024 was US$816.4 million (US$737.3 million in the previous estimate).

Selective observations on inbound and outbound tourism in Uzbekistan are conducted every two years based on recommendations from the World Tourism Organization (UNWTO), with the last observations conducted in May 2022.

For January-June 2024, imports totaled US$18.83 billion (a 10.6% increase compared to January-June 2023). The major components of imports are machinery and transport equipment (36.1%), industrial goods (15.1%), and chemicals and similar products (12.2%).

Analysis of import dynamics also showed that in January-June 2024, compared to the same period in 2023, the volume of goods imports increased by US$1.22 billion to US$17.24 billion, while imports of services reached US$1.59 billion.

The share of imports from CIS countries, compared to the same period in 2023, increased by 2.3%, totaling 36.2% for January-June 2024.

Overall, for January-June 2024, Uzbekistan imported goods and services from 160 countries. Over two-thirds of imports came from major partner countries such as China, Russia, Kazakhstan, South Korea, Türkiye, Turkmenistan, and Germany.

In the republic’s import structure, Tashkent city accounts for a significant share, representing 52.5% or US$9.88 billion, while the smallest share is in Surkhandarya region, at 0.4% or US$76.3 million.

The volume of service imports for January-June 2024 was US$1.59 billion, or 8.5% of the total, and increased by 56.8% compared to the same period in 2023.

In the service import structure, the major components are travel (tourism – 51.3%), transport services (22.1%), telecommunications, computer, and information services (10.5%), and other business services (5.8%).

Additionally, other services account for 10.3% of total service imports, including intellectual property fees not classified elsewhere (3.9%), technical maintenance and repair services not classified elsewhere (2.8%), insurance and pension services (1.5%), and others.

For January-June 2024, the volume of industrial goods imports reached US$2.84 billion, a 2.1% increase compared to the same period in 2023, making up 15.1% of total imports.

Industrial goods imports mainly consist of cast iron and steel (US$1.25 billion), metal products (US$397.6 million), textile yarn, fabrics, and finished products (US$270.7 million), rubber products (US$206.3 million), and others.