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Remittances to Uzbekistan from Russia have decreased by 68 % in the first quarter in 2024. Declining remittances have been observed since 2023, when Uzbeks working in Russia sent $8.58 billion home. According to experts at the World Bank, the reasons for the decline were several: a decrease in the number of migrant workers in Russia, devaluation of the ruble, and inflation keeping more of labor migrants' income in Russia to fund their basic needs. Uzbekistan became the leading nation in receiving remittances from Kazakhstan in 2023, at $588.62 million for the year. Remittances from Uzbeks living and working abroad account for 17.8% of the country's (gross domestic product) GDP. Uzbekistan continues to actively support labor migrants who wish to find employment abroad, offering them reimbursement for tickets and professional certification costs, and offering training in various professions and languages, as well as material and legal assistance. In parallel, the state is opening new markets for labor migration - among them Germany, Britain, Japan, South Korea, and Israel. Citizens of Uzbekistan with the appropriate qualifications and language skills can earn salaries abroad of $1,000-$1,500 per month.
Uzbekistan exported gold worth $2.66 billion in the first quarter (January-March) of 2024. In 1Q 2024, Uzbekistan's total foreign trade turnover amounted to $15.8 billion, which is almost $1 billion (6.2%) more than in the same period in 2023. Exports increased by 10% to $6.38 billion, and imports increased to $9.44 billion. The foreign trade deficit decreased slightly and amounted to $3.05 billion, which is $232.2 million less than in 2023. In 1Q 2024, gold exports increased by 10.5% annually and amounted to $2.66 billion -- in 1Q 2023, the figure was $2.41 billion. Revenues from gold exports comprised 41.7% of the country’s total exports. More than $1.35 billion worth of gold was exported in March, or nearly the same amount as in February ($1.32 billion). Looking at the total annual figures, in 2023 Uzbekistan's total export volume was $24.4 billion. Of that sum, 33.4%, or $8.1 billion, was accounted for by gold exports.
The first meeting of the working group on the development of the multimodal transport corridor Belarus–Russia–Kazakhstan–Uzbekistan–Afghanistan–Pakistan took place in Termez, Uzbekistan on 23 April. Attended by each of the countries’ ministers of transport, the meeting focused on connections between Central Asian states and the CIS through Uzbekistan with South Asia. According to the Uzbek Transport Ministry, the resulting roadmap, signed by all parties, aims to increase transit cargo transportation through Uzbekistan, Afghanistan, and Pakistan through the introduction of digital documents to speed up and simplify processing. In recent years, the volume of transit cargo through Afghanistan has increased by over 30%, reaching almost 1 million tons. Following a transit trade agreement between Uzbekistan and Pakistan in 2021, cargo volumes have increased significantly and in 2022, cargo transportation between the two countries through Afghanistan increased 2.5-fold. This year, Uzbekistan plans to transport more than 1 million tons of cargo through Afghanistan to Pakistan.
Russian state nuclear power corporation Rosatom is ready to offer lower-capacity nuclear power plant (NPP) projects to Uzbekistan. That's according to comments made by Denis Manturov, Russia's Minister of Trade and Industry, at the fourth annual international industrial exhibition, Innoprom, Central Asia. “Currently, the Rosatom state corporation and the Uzatom agency are working out the general contract for the construction of a nuclear power plant. This is a large-scale and complex project. Rosatom is ready to offer Uzbekistan additional solutions, including solutions related to low-power nuclear power plants,” Manturov said. According to Manturov, who is also a Deputy Prime Minister, the site for the construction of the NPP has already been chosen, and the spot is located near Tuzkon Lake in the Jizzakh region, which studies have confirmed is a favorable place. In addition, the optimal technical configuration for the project has already been determined. Rosatom plans to build a complex consisting of two power units with VVER-1200 reactors. “Now, together with Uzbek and international experts, technical issues related to the integration of the nuclear power plant into the energy system, cooperation with renewable energy sources, reducing the volume of water for the use of the plant and maximum production of electricity are being considered taking into account the climatic characteristics of the region,” Manturov stated.
In the first three months of 2024, the value of bilateral trade between China and Uzbekistan reached $2.1 billion. During this period, Uzbekistan's exports to China totaled $349.4 million, whilst imports from the People's Republic of China (PRC) reached $1.7 billion. This trade flow reflects a significant surplus in the PRC's trade balance, indicating a steady demand for Chinese goods. According to the Uzbek statistics agency, trade with China accounts for 21.5% of the country's total foreign trade. The number of companies with Chinese investments is steadily growing in Uzbekistan - at the beginning of April, there were 2,501 of them, up 7% compared to the end of last year. At a meeting of the leaders of Uzbekistan and China in Beijing in late January, 2024, Presidents Mirziyoyev and Xi agreed to prepare programs of cooperation in infrastructure development, industrial cooperation, technology transfer in agriculture, and green energy. Last year, Chinese companies commissioned two solar power plants in Uzbekistan with a capacity of 1,000 MW. Mirziyoyev and Xi said bilateral trade turnover between the countries could reach $20 billion annually. The two sides see great potential in the construction of the China-Kyrgyzstan-Uzbekistan trunk-line railroad. According to various estimates, this multi-modal corridor will reduce the distance of cargo delivery to Europe from China by 900 kilometers, saving 7-8 days of transit time.
The Uzbek government is to open 27 educational institutions across the country for the purpose of training potential migrants in professions in demand by foreign employers. Students will also have access to lessons in various languages including English, German, Japanese, Korean and Arabic. Courses will be offered on a paid-contract basis for a year. Attendees with existing proficiency in languages spoken in countries of their choice, will be eligible for a 50% reimbursement by the state of costs incurred in attaining related certificates. Teachers at the centres will receive a 100% salary supplement. The government of Uzbekistan had earlier announced measures to support citizens seeking employment abroad and from June this year, migrant workers will be offered compensation for passing the qualification exam, obtaining a work visa in a foreign country, travel costs and insurance. In addition to training programmes to open up opportunities in better-paid and professional jobs outside Uzbekistan, the government has now confirmed further subsidies for legal and material assistance. According to the Uzbek Agency for External Labour Migration, some 70,000 citizens have legally secured work abroad over the past two years and Germany, Great Britain and Japan have recently shown great interest in employing Uzbek migrants. Remittances from labour migrants to Uzbekistan remain a material part of the country's gross domestic product (GDP) -- accounting for 17.8% in 2023. In neighbouring Tajikistan, migrant remittances account for almost half of the country's economic output, and in Kyrgyzstan, 20%.
