Foreign trade turnover - The Times Of Central Asia

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Drop in Uzbekistan’s Exports to Central Asia

Local media has reported that from January - August, Uzbekistan's exports to its four neighboring countries decreased, compared to the same period in 2023. According to data from the Statistical Agency data, exports to Kazakhstan dropped from 950 million USD to 872 million USD; to Kyrgyzstan, from 491 million USD to 365 million USD; to Tajikistan, from 389 million USD to 329 million USD, and to Turkmenistan, from 118 million USD to 78 million USD. The share of Central Asian countries in Uzbekistan's total foreign trade turnover (FTT) in the first nine months of 2023 was 11.5%. The total FTT was worth 40 billion 45 million USD, of which 4 billion 574.3 million USD were with Central Asian countries. This year, it has decreased to 10.3%, meaning 4 billion 400.6 million USD of FTT of 42 billion 703.3 million USD are with CA countries. The Ministry of Investments, Industry, and Trade attributed the drop to an increase Uzbekistan's exports to international markets with high purchasing power, especially Europe, Arab countries, Southeast Asia, and the Americas, and explained, " due to diversification, the volume of exports to neighboring countries, which are considered a traditional market, decreased. In particular, the volume of exports to Kazakhstan decreased by 8.3%, to Kyrgyzstan by 25.6%, to Tajikistan by 15.3%, and to Turkmenistan by 36.2%."

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Kyrgyzstan Expands Banking Cooperation with China

The Chairman of the People's Bank of China, Zhang Qingsong, has met with the heads of key ministries in Kyrgyzstan. The parties discussed connecting the National Bank of the Kyrgyz Republic to the Chinese cross-border interbank payment system. Kyrgyzstan's Minister of Finance Almaz Baketaev emphasized the country's interest in using the Chinese payment system and in cooperating with the Bank of China. Currently, only two Kyrgyz commercial banks have correspondent relations with the organization. In addition, the Kyrgyz authorities offered Chinese colleagues the opportunity to invest in securities in Kyrgyzstan, which are placed on the local stock exchange. For this purpose, the country is ready to realize the issue of securities in yuan, but only with guarantees from China. “The Kyrgyz side raised questions about providing guarantees from Chinese financial institutions for the successful placement of securities, as well as the conclusion of an agreement on mutual settlements between the National Bank of the Kyrgyz Republic and the People's Bank of China,” the Ministry of Finance said. According to the National Statistical Committee of Kyrgyzstan, trade turnover between the two countries amounted to about $11 billion for the first six months of 2024, increasing by 40% over last year. At the end of 2023, the figure reached $20 billion.

Foreign trade turnover Economic Cooperation China Finance

China Gives 200 Million Yuan Grant Aid to Kyrgyzstan

The Kyrgyz Ministry of Economy and Commerce has announced that the Chinese government has allocated grant assistance to Kyrgyzstan totaling 200 million yuan (more than $28 million). The money will be used to finance socially significant projects in priority areas. The grant agreement was signed on September 19 in Beijing, following the Intergovernmental Kyrgyz-Chinese Commission on Trade and Economic Cooperation meeting held the previous day. Deputy Chairman of the Kyrgyz Cabinet of Ministers, Bakyt Torobaev, headed the Kyrgyz delegation at the meeting. On September 18, Torobaev held meetings with the heads of Chinese companies. During a meeting with Zoomlion, a leading Chinese agricultural machinery manufacturer, the sides discussed supplying agricultural machinery and equipment to Kyrgyzstan and the potential opening of a training center for the assembly of agricultural machinery in Kyrgyzstan. Noting Kyrgyzstan’s efforts to expand the export of agricultural products to China, Torobaev said that work is nearing completion on constructing a warehouse near the Irkeshtam checkpoint on the Kyrgyz-Chinese border. This will increase the volume of cargo transportation from Kyrgyzstan and Uzbekistan to China. During a meeting with Jiangnan Delivery (GZ) Food Supply Chain Co., Ltd, a Chinese importer of agricultural products, the parties focused on issues of exchanging experience in the field of e-commerce and a proposal to build a laboratory in Kyrgyzstan that will create opportunities for the unhindered entry of Kyrgyz agricultural products into the Chinese market. According to Chinese statistics, trade turnover between China and Kyrgyzstan amounted to $20 billion in 2023, a 32% increase compared to 2022. Bilateral trade reached almost $11 billion from January to July this year.

Foreign Trade Russia China Export/Import Economy CIS Foreign trade turnover

Uzbekistan Releases Foreign Trade Data For 2024 So Far

The Statistics Agency of Uzbekistan has presented a report on the country’s foreign trade turnover in January-July 2024. According to the report, during this period, the country's foreign trade turnover (FTT) reached $36.8 billion and increased by $1.9 billion, or 5.3%, compared to January 2023. The volume of exports amounted to $14,786 million, which decreased by 1.1% compared to last year; imports increased by 10.1% and amounted to $22,049 million. Kazakhstan became one of Uzbekistan's largest foreign economic partners after China and Russia during this period. This may be due to a common border, trade in the CIS free trade area, and the recent liberalization of mutual economic relations. Uzbekistan has trade relations with 187 countries worldwide. A significant share of FTT was recorded in the PRC (18.6%), Russia (18.5%), Kazakhstan (6.2%), Turkey (4.6%), and South Korea (3.2%). From January to July 2024, the share of the CIS countries in the foreign trade turnover was 35.3%, which increased by 3.1% compared to the corresponding period of 2023. The total cost of FTT with these countries was $13,020.8 million. Exports reached $4,940.3 million, while imports amounted to $8,080.5 million. Uzbekistan's FTT with the Eurasian Economic Union member states amounted to $9,913.1 million. The export volume reached $3,230.5 million, and the import volume reached $6,682.5 million.