Uzbekistan's foreign trade turnover hits $42.7bn in 8 month 2024

Uzbekistan's foreign trade turnover has shown robust growth, reaching approximately $42.7bn from January to August 2024, according to the latest report from the Statistics Agency of the Republic of Uzbekistan. This figure represents a 6.6% increase compared to the same period last year.

Exports of goods and services amounted to $17.3bn, up 5.5%, while imports rose to $25.3bn, marking a 7.4% increase. The foreign trade turnover reflects the total volume of goods and services exchanged between Uzbekistan and other countries, indicating the nation's active participation in global trade.

Uzbekistan resumed gold sales in August after a two-month hiatus, exporting $793mn worth of the precious metal. Since the start of the year, gold exports have approached $5bn, although this represents an 11.5% decline year-on-year.

China remains Uzbekistan's largest trade partner, with a turnover of $8.01bn, including $6.64bn in imports. Russia follows with $7.76bn, showing a notable increase in exports to Russia at $2.45bn. Other key partners include Kazakhstan ($2.63bn), Turkey ($1.95bn), and South Korea ($1.3bn). Notably, a trade surplus was recorded with France, Afghanistan, Kyrgyzstan, Tajikistan, and Pakistan.

Industrial goods dominate Uzbekistan's exports, generating $2.85bn (+3.4%). Textile and fabric exports totaled $1.38bn, experiencing a slight decline of 1.8%. Non-ferrous metal exports increased by 9.9% to $1bn, while steel and iron exports fell by 3.3% to $143.3mn.

Food exports reached $1.27bn (+8.8%), primarily driven by vegetables and fruits, which saw an increase of 20.3% to $936.5mn. Chemical product exports surged by 28.1% to $1.06bn.

Machinery products lead imports, totaling $8.98bn (-0.4%). Car and component imports significantly dropped by 23.9% to $2.11bn. Conversely, electrical equipment imports rose by 50.8% to $1.33bn.

Industrial goods imports reached $3.83bn (-3.3%), while chemical product imports fell slightly by 1.2% to $3.13bn. Fuel and lubricant imports surged by 85.1% to $2.76bn, with gas imports from Russia and Turkmenistan increasing nearly sixfold.

All information taken from www.daryo.uz