Uzbekistan's foreign trade turnover in January-October 2024 reached $9.92 billion, up by nearly $1 billion compared to the same period last year, as reported by the Statistics Agency. The export sector grew by 13.6% to $3.63 billion, while imports increased to $6.29 billion (+8.7%), resulting in a trade deficit of -$2.65 billion, slightly offset by gold exports.
In February, Uzbekistan sold gold worth $1.32 billion, an 11.5% increase from January-February 2023. Despite this, the country's gold reserves decreased. Industrial goods' share in exports dropped, while exports of chemical products surged by 2.9 times, reaching $240.9 million.
The export of non-gold products saw a 14.9% increase, reaching $2.3 billion. Vegetable and fruit sales rose by 1.9 times, with Pakistan becoming the main market for Uzbek produce. Notably, cabbage, onion, and carrots saw significant growth in exports.
While Uzbekistan reduced exports of grains and automobile parts, it saw a surge in oil, natural gas, electricity, and chemical exports. Textile product exports grew by 3.5%, dominated by yarn and finished textile items.
On the import side, the dynamics of food products varied, with decreases in grain and sugar imports but increases in fruits, meats, beverages, and tobacco. Import of oil, gas, coal, and electricity rose, along with a significant increase in vehicle and aircraft imports.
Medical and pharmaceutical imports dropped, possibly due to medication labeling regulations, leading to difficulties in accessing imported medicines for consumers. China remained Uzbekistan's top trading partner, followed by Russia, Kazakhstan, Turkey, South Korea, and France.
While trade with some countries like Turkey and Kazakhstan decreased, Uzbekistan saw growth in trade with South Korea, France, Turkmenistan, India, Afghanistan, Tajikistan, the US, and Japan. Overall, the foreign trade landscape of Uzbekistan in 2024 reflects a mix of challenges and opportunities in various sectors.
