Kazakhstan-Uzbekistan Trade Reaches $1.1 Billion in Q1
Kazakhstan and Uzbekistan Witness 5.2% Increase in Trade Turnover
ASTANA – The trade turnover between Kazakhstan and Uzbekistan has experienced a significant growth in the first three months of this year, reaching $1.1 billion according to a report by Finprom.kz. This figure represents a 5.2% increase compared to the same period in 2022.
The majority of the turnover (76.7%) consisted of exports from Kazakhstan, totaling $821.3 million. This represents a 0.9% increase since the beginning of the year. The goods exported to Uzbekistan by Kazakhstan included wheat, meslin, fertilizers, stainless steel products, wheat flour, fats, and oils.
On the other hand, imports from Uzbekistan to Kazakhstan witnessed a growth of 22.6%, reaching $248.9 million. The key imported products consisted of knitwear, automobile spare parts, refrigerators, freezers, and flat products.
The strong trade relations between Kazakhstan and Uzbekistan continue to contribute to the economic growth of both countries. This increase in trade turnover highlights the potential for further collaboration and trade expansion between the two nations.
The positive trade exchange between Kazakhstan and Uzbekistan is further strengthened by their geographical proximity and shared borders. These factors result in simplified logistics and transportation, making it easier for businesses to engage in cross-border trade.
The growth seen in the trade turnover reflects the efforts made by both Kazakhstan and Uzbekistan to strengthen economic ties and promote bilateral trade. This positive trend is expected to continue in the coming months, as both countries focus on expanding their trade relations and exploring new avenues for cooperation.
The increase in trade turnover between Kazakhstan and Uzbekistan not only benefits the economies of both countries but also contributes to regional economic integration and stability. As the countries continue to strengthen their trade relations, it is expected that they will further enhance their cooperation in various sectors, including agriculture, industry, and technology.
In conclusion, the trade turnover between Kazakhstan and Uzbekistan has experienced a notable increase in the first three months of this year. This growth in trade highlights the strong economic ties between the two nations and presents opportunities for further collaboration and mutual benefit. Both Kazakhstan and Uzbekistan are committed to expanding their trade relations and exploring new avenues for cooperation, which is expected to contribute to the overall economic development of the region.
