Russia overtakes China and becomes the main trade partner for Uzbekistan

In November, Russia overtook China to become Uzbekistan’s main foreign trade partner. For the first time in seven months, Uzbekistan resumed the export of gold, selling the precious metal for $556.7 million in a month. The country is becoming increasingly dependent on the export markets of the CIS countries.

The trade turnover of Uzbekistan for 11 months reached $44.95 billion, having increased by $6.84 billion, or 18%, compared to January-November last year. This follows from the data of the State Committee on Statistics.

Exports since the beginning of the year increased to 17.36 billion (+12%), and imports to 27.59 billion (+22.1%). The foreign trade deficit exceeded 10.22 billion, which is 45.5% more than last year’s figure (-$7.02 billion).

For the first time since April, Uzbekistan resumed the export of gold and sold the precious metal worth $556.7 million in November. Gold ranks third (20.3%, or $3.53 billion) in the structure of exports after industrial goods (23.1%, $4.01 billion) and services (20.8%, $3.62 billion).

Export

Exports excluding gold in value terms increased by 21.4% to $13.84 billion. This was achieved mainly due to the growth in sales of textile products by 9.5% – up to $2.9 billion, vegetables and fruits – $1.05 billion (+20.7%), gas – $ 910.9 million ( +30.3%), oil and oil products – $148.4 million (2 times), fertilizers – $393.8 million (35.6%) and other items.

It is worth noting separately the growth in exports of power generating machines and equipment by 8.1 times ($154.5 million) and non-special machinery and equipment for industry, machine parts by 2.8 times ($75.8 million).

Textile exports account for 16.7% of the structure of total exports. Most products are yarn (45.2%), finished knitwear, and garments (28.5%). At the same time, the share of the latter is growing.

For Uzbek textiles, the Russian market remains the main one, where products worth $1.16 billion (+41%) were sent. Deliveries to Turkey increased by 21.8% to $481.9 million, but to China, they more than doubled from $609.3 million to $253.1 million.

Import

As for imports, food supplies remain at a high level: grains and products from them – $957.5 million (+30.1%), various food products and drugs – $438.4 million (almost twice), sugar, sugar and honey products – $518.9 million (+49.6%), meat and meat products – $283.9 million (+80.8%).

Imports of oil and oil products also increased – $1.09 billion (+17.9%), coal, coke and briquettes – $266.1 million (72.3%), electric current – $105.8 million (+23, 9%), while gas supplies fell to $104.8 million (-23.2%).

Imported medical and pharmaceutical products worth $1.44 billion (+1.9%), plastics – $769.7 million (+39.7%), iron and steel – $2.27 billion (+25.6%), cars — $1.92 billion (+11.1%).

Trade with countries

Dynamics of major partner countries in the foreign trade turnover of Uzbekistan (for January-November, million US dollars).

Russia again regained its leadership in foreign trade with Uzbekistan – $ 8.34 billion (share – 18.6%). The volume of exports to Russia increased by 49.5% to $2.8 billion, while imports increased by 17.3% to $5.54 billion.

China dropped to second place with $8.18 billion (18.2%). Next comes Kazakhstan – $4.2 billion (9.3%), Turkey (6.5%) – $2.93 billion and the Republic of Korea – $2.17 billion (4.8%).

Trade with Russia and China proliferates (26.7% and 21.6%, respectively). While the growth of trade with Kazakhstan has slowed down: if the indicator for the same period in 2021 increased by 34.7%, then this year it is 18.7%.

Foreign trade with Turkey began to fall: if last year the indicator increased by 61.8%, then this year the decline was 3.5%. This may be due to the lira devaluation and logistics problems.

Trade relations with Korea after falling in 2021 (-12%) increased by 29.1%.

Trade with Kyrgyzstan increased by 31.3%, with Turkmenistan – at 12.7%, Tajikistan – at 11.8%, and Afghanistan – at 11.3%.

Uzbekistan is increasingly expanding trade relations with the CIS countries. Due to the decrease in trade turnover with other foreign countries, the share of the CIS countries increased to 40% (it was 36.9%). Dependence on export markets in the CIS also increased from 31.5% to 41%, mainly due to Russia.

 

Source: gazeta.uz