Analysis: Uzbekistan’s Export Performance in 2024

25.12.2024. In 2024, Uzbekistan’s export sector showcased steady growth and diversification, contributing to the country’s expanding global trade footprint. By the end of the year, exports of goods and services reached $24.2 billion, representing a 4.4% increase compared to the previous year. This growth reflects Uzbekistan’s ongoing efforts to expand its presence in international markets and diversify its export portfolio. The country’s foreign trade turnover for the year exceeded $59.3 billion, with exports accounting for a significant portion. Imports also experienced moderate growth, reaching $35.1 billion. The balance of trade, though still in deficit, highlighted Uzbekistan's resilience in managing both external demand and domestic needs. Key export commodities such as gold continued to play a vital role, generating substantial revenue. In the first half of the year, gold exports alone contributed $4.19 billion, accounting for 34% of the total export volume. While there was a slight decline in gold exports compared to 2023, other sectors such as textiles, chemicals, and agricultural products showed promising growth. Uzbekistan also saw significant increases in trade volumes with its major partners in Asia and Europe, emphasizing the importance of regional cooperation. The first half of the year witnessed a foreign trade turnover of $31.82 billion, an 8.5% increase compared to the same period in 2023. Exports during this time amounted to $12.99 billion, while imports rose to $18.83 billion. This balanced growth across imports and exports highlights the country’s strategic approach to integrating into the global economy. Uzbekistan’s export performance in 2024 reflects its continued efforts to strengthen its economic resilience and capitalize on global market opportunities. As the country invests in infrastructure, digitalization, and trade partnerships, it is poised for further growth in the coming years.