Uzbekistan’s foreign trade turnover for the period of January to October 2023 reached $50.93 billion, showing a notable increase of $10.26 billion or 25.2% compared to the same period in the previous year, according to the report from the Statistics Agency under the President, TuraNews.kz reports citing Gazeta.uz.
Export Highlights:
- Exports surged by 29.1%, totaling $20.47 billion, while imports reached $30.5 billion, marking a 22.7% increase.
- The trade deficit exceeded $10 billion, surpassing last year’s figure of $9.01 billion, with gold exports playing a pivotal role in narrowing the gap.
- Gold exports saw a remarkable increase, reaching a record $6.87 billion over seven months, accounting for 33.6% of the country’s total exports.
- Despite the significant gold exports, the share of industrial goods in exports decreased from 23% to 16.5%, while machinery and transport equipment increased from 4.8% to 5.4%.
- Exports excluding gold saw a modest 5.6% increase, reaching $13.6 billion.
- Notable increases were observed in the sales of grains, oil and petroleum products, automobile accessories, and telecommunications equipment.
- However, textile product supplies fell by 3.2%, while gas, electricity, and fertilizer imports experienced declines.
Import Highlights:
- Imports saw increases in food supplies, with notable figures for grains, sugar products, coffee, tea, and vegetable oils.
- Imports of oil and petroleum products, coal, and gas also recorded significant growth.
- Car imports rose to $1.39 billion, spare parts to $1.17 billion, and airplanes to $614.1 million.
- Fertilizer imports surged 2.4 times to $150.7 million, possibly due to decreased production at Uzkimyosanoat enterprises.
Overall, Uzbekistan’s foreign trade demonstrates robust growth, fueled by various factors, including a surge in gold exports, increased food imports, and a notable uptick in certain industrial categories.
