Uzbekistan’s FTT Reaches $51 Billion in Ten Months of Trading
Uzbekistan’s Foreign Trade Turnover Reaches $51 Billion in January-October 2023
The Statistics Agency of Uzbekistan has reported that the foreign trade turnover (FTT) of the country amounted to $51 billion in the period of January-October 2023. This figure represents a significant increase of $10.3 billion or 25.2% compared to the same period in 2022.
During this period, Uzbekistan exported goods and services worth $20.5 billion, marking a substantial increase of 29.1% in comparison to the previous year. On the other hand, imports amounted to $30.5 billion, indicating a strong demand for foreign goods and services in the country.
Despite the growth in trade volume, Uzbekistan continues to face a negative trade balance, with a deficit of $10 billion. This suggests that the country is importing more than it is exporting, which could have implications for its economy and foreign exchange reserves.
The significant increase in foreign trade turnover is a positive development for Uzbekistan’s economy, indicating growing international trade and economic activity. It also highlights the country’s potential as a trade partner and investment destination for foreign businesses.
It will be interesting to see how Uzbekistan’s foreign trade landscape evolves in the coming months and how the government and businesses respond to the challenges and opportunities presented by the growing trade volume.
