5% Drop in Russian Imports to Uzbekistan in June
Imports of Russian Goods to Uzbekistan Decline Due to Sanctions and Payment Complexities
In June 2024, the Central Bank of Uzbekistan reported a nearly 5% decrease in the imports of Russian goods to the country. Analysts attribute this decline to the impact of sanctions imposed against Russia and the complexities involved in payment processes for trade operations.
The negative trend in imports is primarily linked to trade sanctions against Russia, which have affected the flow of goods into Uzbekistan. Additionally, the complication of the settlement system for foreign trade transactions has also contributed to the decline in imports.
On the other hand, exports of goods from Uzbekistan to Russia saw a significant increase of 32.3% in June. Particularly, the export of vegetables and fruits witnessed an 11% growth. Despite a 6% decrease in the export of textile products, it still constitutes half of the total export volume to Russia. Analysts explained the decrease in textile exports by the price effect caused by a decline in cotton prices on the global market.
According to the Statistics Agency, Russia remains one of the key trade partners of Uzbekistan. From January to July 2024, the trade turnover between the two countries increased by 30% compared to the same period last year, reaching a total of $5.75 billion. Imports of Russian goods and services accounted for $4 billion of this total trade volume.
In terms of mutual trade volume, Russia holds the second position after China in trade relations with Uzbekistan. Despite the challenges posed by sanctions and payment complexities, the trade partnership between Uzbekistan and Russia continues to grow, highlighting the resilience of their economic ties.
