Uzbekistan's foreign trade turnover reached $26.7bn in 5M24 on a 3.0% y/y expansion, the Statistics Agency of Uzbekistan has reported. 

The rise in turnover amounted to an additional $769.5mn.

Exports during January-May totalled $10.85bn, up 1.9% y/y. Imports stood at $15.87bn, up 3.7% y/y. 

Consequently, the foreign trade balance recorded a deficit of $5.02bn.

Uzbekistan maintains trade relations with 186 countries, with the largest trade volumes reported with China, Russia, Kazakhstan, Turkey and South Korea.

China remains Uzbekistan's leading trading partner, with a total trade volume of $5.05bn, primarily driven by $4.23bn in Chinese exports. Russia follows closely with $4.78bn in trade, including $1.35bn in exports from Uzbekistan. 

Together, China and Russia account for 18.9% and 17.9% of Uzbekistan's total trade turnover, respectively.

Kazakhstan, Turkey and South Korea make up the top five trading partners, with trade volumes of $1.58bn, $1.19bn and $920.7mn.

In addition, the United States has become one of Uzbekistan's top 10 export destinations, with a trade volume of $386.2mn, nearly on par with Afghanistan's $382.8mn.

Trade with CIS countries constituted 32.9% of Uzbekistan’s total foreign trade turnover, marking a 0.6% increase from the previous year. Uzbekistan’s trade with the CIS reached $8.79bn, with exports at $3.11bn and imports at $5.68bn. 

The Eurasian Economic Union (EEU) countries accounted for $6.93bn of trade, with $2.1bn in exports and $4.83bn in imports. 

The EEU’s unified customs system facilitates the free movement of goods, services, and capital among its member states: Russia, Belarus, Kazakhstan, Armenia, and Kyrgyzstan.

Uzbekistan reported 5,215 exporters, with goods and services exports amounting to $6.58bn (excluding non-monetary gold), representing a 5.9% increase from the previous year. 

Goods represented 79.8% of exports, with contributions from other goods (38.9%), industrial goods (15.9%), food products and live animals (5.8%) and chemicals (5.6%).

Furthermore, agriculture and horticulture exports saw significant growth, with 722,100 tons of fruits and vegetables exported in January-May 2024, equivalent to a 10.4% increase from 2023. Major markets for these products included Russia (32.7%), Pakistan (19.7%), Kazakhstan (15.3%) and China (7.8%).

Textile product exports reached $1.28bn, making up 11.8% of total exports, with yarn and finished textile products being the primary contributors. 

Technological advancements and quality management systems have boosted the global competitiveness of Uzbek textiles.

Service exports surged to $2.19bn in 2024, marking a 13.0% increase from 2023, driven notably by transport services and tourism. 

Concurrently, service imports soared to $1.16bn, rising by 39.0% y/y, led predominantly by tourism, with contributions also from transport services and telecommunications.

Imports in January-May 2024 amounted to $15.87bn, with machinery and transport equipment and industrial goods being the major import categories. 

The CIS accounted for 35.8% of total imports, up 1.8% y/y.