Trends: Uzbekistan's foreign trade trends in H1 2024

28.07.2024. In the first half of 2024, Uzbekistan's foreign trade turnover reached $31.82 billion, marking an 8.5% increase compared to the same period in 2023. Exports accounted for $12.99 billion, a 5.5% rise, while imports grew by 10.6% to $18.83 billion, resulting in a trade deficit of $5.84 billion. China remained Uzbekistan's largest trading partner, with a trade volume of $5.89 billion, followed closely by Russia at $5.75 billion. Other significant partners included Kazakhstan ($1.91 billion), Turkey ($1.43 billion), and South Korea ($1.06 billion). Notably, trade with France increased 1.5 times, with exports nearly doubling to $384.9 million. Gold exports totaled $4.19 billion, comprising 34% of total exports, though experiencing a 4.1% decline. Manufactured goods exports reached $2.06 billion, a 3% decrease, with textiles contributing $1.05 billion (-1.8%). Food exports stood at $851.5 million (-2.3%), while chemical products saw a significant rise to $764.3 million (+31.2%). Machinery exports slightly declined to $593.3 million (-1.1%). On the import side, machinery and equipment led with $6.79 billion (+5.6%), followed by manufactured goods at $2.84 billion (+2.1%). Chemical product imports were $2.29 billion (+1%), and fuel imports surged to $2.12 billion (+65.8%), driven by increased natural gas and oil product purchases. Food imports amounted to $1.71 billion (+0.7%). These figures highlight the dynamic nature of Uzbekistan's foreign trade in the first half of 2024, with notable growth in both exports and imports across various sectors.