Uzbekistan's Foreign Trade Turnover Hits $59 Billion in 2024

From January to November 2024, Uzbekistan's foreign trade turnover (FTT) totaled $59.4 billion, reflecting a $2.1 billion or 3.6% increase compared to the same period in 2023, according to the Uzbek Statistical Agency.

The volume of exports rose to $24.2 billion, a 4.4% increase compared to January-November 2023. Imports totaled $35.1 billion, growing by 3.0% over the same period, The Caspian Post reports, citing The Times of Central Asia.

Kazakhstan emerged as one of Uzbekistan’s largest economic partners, following China and Russia. Factors contributing to this include a shared border, trade liberalization, and economic collaboration within the CIS free trade zone.

Uzbekistan currently conducts trade with 195 countries, with significant FTT shares attributed to:

• China: 19.0%
• Russia: 18.0%
• Kazakhstan: 6.5%
• Turkey: 4.4%
• South Korea: 3.0%

The Commonwealth of Independent States (CIS) countries accounted for 35.4% of Uzbekistan’s FTT during this period, reflecting a 3.0% increase from 2023. The growing economies of Uzbekistan’s trading partners in the CIS suggest a potential for increased demand for Uzbek exports.

However, trade with non-CIS countries saw a decline. Uzbekistan’s trade share with other foreign nations dropped by 3.0% compared to the same period in 2023, comprising 64.6% of the total FTT.