Kazakhstan Becomes Uzbekistan’s Third Largest Trade Partner with $3.8 Billion in Trade

In the first 11 months of 2024, Kazakhstan ranked as the third largest trade partner of Uzbekistan, with bilateral trade valued at 3.8 billion US dollars, according to the Uzbekistan Statistics Agency.

The Central Asian country’s total volume of foreign trade was estimated at 59.4 billion US dollars in January-November 2024, increasing by 3.6% year-on-year, The Caspian Post reports, citing Kazakh media.

Over 50% of Uzbekistan’s trade involved one of its five partners - China (19%), Russia (18%), Kazakhstan (6.5%), Türkiye (4.4%) and South Korea (3%). Uzbekistan currently enjoys trade relations with 195 countries.

In the first 11 months of this year, Uzbekistan traded goods for 3.8 billion US dollars with Kazakhstan, with exports totaling at $1.3bn and imports at 2.5bn.

It’s worth noting that Kazakhstan has emerged as one of the major foreign trade partners of Uzbekistan (behind China and Russia), attributable to the common border, free trade zone within the CIS as well as liberalized mutual economic relations, said the Uzbekistan Statistics Agency.

To note, Uzbekistan is finalizing its accession to the WTO.

Earlier, Uzbek President Shavkat Mirziyoyev stated Uzbekistan’s commitment to cut the poverty rate to 6%.

As was reported Uzbekistan’s economic potential and investment attractiveness was presented in Berlin, Germany.