Uzbekistan plans to achieve a basic balance between imports and exports within 5-7 years

According to a report by Uzbekistan's Daily News on March 14 , Uzbekistan's Minister of Investment, Industry and Trade, Kudratov, stated at a parliamentary meeting that Uzbekistan plans to gradually achieve a basic balance between imports and exports within the next 5-7 years.

Data shows that Ukraine's trade deficit is projected to widen from $ 12.69 billion to $ 13.54 billion by 2025. Kuznetsov pointed out that approximately 75% of imports consist of equipment, technology, raw materials, and semi-finished products, primarily used to drive industrial development and expand exports, rather than consumer goods. He emphasized that without the supply of these materials, industrial production and exports would be difficult to develop.

In the past two years, Uzbekistan's average annual export growth rate has been around 20%-25% , while import growth has been around 15%-18% . Kuznetsov stated that Uzbekistan has formulated a strategy to expand exports, planning to implement a number of large-scale investment projects and increase product added value. Investment projects in the geological sector alone are expected to generate an additional $ 10-12 billion in exports. The ministry has conducted similar calculations across various industries, anticipating a basic balance between imports and exports within the next 5-7 years.

Source: mofcom-Ministry of Commerce od China