Analysis: Uzbekistan's top trading partners and export destinations in 2023

28.12.2023. In 2023, Uzbekistan's foreign trade turnover reached $62.6 billion, marking a 23.9% increase from the previous year. This growth was driven by a 23.8% rise in exports, totaling $24.4 billion, and a 24% increase in imports, amounting to $38.1 billion. Despite this positive trend, the trade deficit widened to $13.71 billion, reflecting a 24.3% increase from 2022. China emerged as Uzbekistan's largest trading partner, accounting for 21.9% of the total foreign trade turnover. Russia followed, contributing 15.8% to the trade volume. Other significant partners included Kazakhstan (7%), Turkey (5%), and South Korea (3.7%). In terms of exports, gold remained a significant commodity, with sales reaching a record $8.15 billion, nearly doubling from 2022. Other key export destinations included Russia, China, Kazakhstan, and Turkey, reflecting strong regional trade ties. The export portfolio was diversified, including commodities such as textiles, machinery, and agricultural products. On the import side, machinery and transport equipment dominated, sourced primarily from China, Russia, and South Korea. Other notable imports included chemical products, foodstuffs, and metals, essential for Uzbekistan's industrial and consumer needs. These trade dynamics underscore Uzbekistan's strategic engagement with both regional neighbors and global economic powers, aiming to diversify its trade partnerships and enhance economic growth.