Uzbekistan strengthens trade ties with China and Russia
Trade between Uzbekistan and its two largest trading partners, China and Russia, accounted for nearly 35% of the country’s trade turnover in the first quarter of 2024. According to a report from the Statistics Agency, imports from these countries totaled $4.6 billion during this period.
China and Russia have maintained their positions as Uzbekistan’s primary trade partners, with trade turnover with China reaching $3.01 billion. The majority of this amount, $2.56 billion, was for imports of goods and services, with $451.6 million attributed to the export of Uzbek products. Compared to the previous year, trade turnover with China increased by $646.1 million.
Trade turnover with Russia also saw growth, increasing by $396 million to $2.8 billion. Imports from Russia rose by $427.2 million to $2.07 billion, while exports decreased to $720.9 million.
Kazakhstan emerged as Uzbekistan’s third-largest trading partner, potentially due to factors such as their shared border, trade within the CIS free trade zone, and the liberalization of mutual economic relations. Uzbekistan increased its exports to Kazakhstan to $294.8 million while importing goods and services worth $642.9 million.
However, trade turnover with Germany decreased significantly by 2.5 times to $268.1 million and with Turkey by 1.3 times to $656.3 million in the first quarter of 2024.
Overall, Uzbekistan’s foreign trade turnover in the first three months of 2024 amounted to $15.8 billion, representing a $927.9 million (6.2%) increase compared to the same period last year. Currently, Uzbekistan conducts trade relations with 184 countries worldwide, with the share of foreign trade turnover with CIS countries at 32.2% and with other countries at 67.8%.
