Foreign Trade - The Times Of Central Asia

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Russia China Export/Import Economy Foreign Trade 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.

Foreign Trade Economy Gold

U.S. Ranks Among Top Ten in Uzbekistan’s Foreign Trade Turnover

The Statistics Agency of Uzbekistan has presented information on the country’s foreign trade turnover for January - May 2024. The republic’s foreign trade turnover (FTT) reached $26.7 billion during the reporting period. The volume of exports was $10.8 billion, and the volume of imports was $15.8 billion. Compared to the same period last year, the volume of exports increased by 1.9%, and the volume of imports increased by 3.7%. Uzbekistan's negative foreign trade balance has reached $5 billion. China has retained its position as Uzbekistan's largest trading partner. During the reporting period, the volume of mutual trade reached $5 billion, which is 18.9 % of the republic's total foreign trade turnover. A significant segment of foreign trade turnover was also registered with Russia (17.9%), Kazakhstan (5.9%), Turkey (4.5%), and South Korea (3.4%). Top 10 countries with the highest share in foreign trade turnover of Uzbekistan in January-May 2024 were: China – $5.05 billion; Russia – $4.78 billion; Kazakhstan – $1.58 billion; Turkey – $1.19 billion; Korea – $920 million; France – $471 million; Turkmenistan – $455 million; Germany – $426 million; the USA – $386 million; and Afghanistan – $382 million. For the five months in question, exports without gold increased by 5.9%, almost $6.58 billion. During this period, the share of gold exports decreased from 40.3% to 38.6 %, or $4.2 billion. Furthermore, the share of industrial products in total exports rose from 15.8% to 15.9%, chemicals from 4.3% to 5.6%, mineral fuels from 3% to 3.2%, and machinery and transport equipment from 4.5% to 4.6%, whilst the share of food products and live animals decreased from 6.3% to 5.8%. Machinery and transport equipment (37.3 %), industrial goods (15.2 %), and chemicals and similar products (12.3 %) accounted for the largest share of imports.

Foreign Investment Foreign Trade Bilateral Cooperation Strategic Partnership

Uzbekistan and Turkey Deepen Strategic Partnership

On 6 June, President of Uzbekistan Shavkat Mirziyoyev and President of Türkiye Recep Tayyip Erdogan signed a Joint Declaration in Ankara on deepening the comprehensive strategic partnership between the two nations. During the third meeting of the Uzbek-Turkish High-Level Strategic Cooperation Council, chaired by the presidents, Mirziyoyev emphasized that the establishment of the Strategic Cooperation Council “opened a new page in the history of Uzbek-Turkish relations and gave a powerful impetus to the further development of partnership in all areas.” It was stated that in recent years, trade turnover between Uzbekistan and Turkey has increased 1.5-fold, the number of joint ventures has doubled, and Turkish investments in the Uzbek economy has grown 2.5-fold. Ninety flights operate weekly between the countries’ major cities and the number of Turkish tourists in Uzbekistan has tripled. The two countries now aim to increase the volume of bilateral trade turnover to five billion dollars in the shortest possible time. Leading Turkish companies as Cengiz Holding, Aksa Energy, Çalık Holding, Akay Inşaat, Anadolu Group, Özgüven, and Eczacıbaşı Holding are currently implementing over 100 projects in Uzbekistan and during President Mirziyoyev’s visit, a portfolio of new investment projects worth $10 billion was formed. The agenda focused on strengthening industrial cooperation, deepening the localization of production of goods with high added value, and joint entry into the markets of third countries. Emphasis was also placed on the need to reduce customs tariffs within the framework of the Agreement on Preferential Trade and on the introduction of a trade mission of Uzbekistan in Istanbul. The importance of cooperation in increasing the transport and logistics potential of the two countries, including effective harnessing of opportunities of the Middle Corridor, was discussed. In recognition of his role in their countries’ allegiance, President Erdogan awarded President Mirziyoyev with the Order of the Republic; the highest state order awarded to foreign nationals by the President of Turkey. Thanking the president, Mirziyoyev announced: “It is a great honor for me to receive such a high award from the Republic of Turkey on the day of signing the Declaration on Deepening the Comprehensive Strategic Partnership between our countries. This award is a symbol of thousands of years of fraternal ties between our peoples, confidential dialogue at the highest level, as well as rapidly developing multifaceted bilateral relations.”

Foreign Investment Foreign Trade

Kazakhstan and Malaysia Investment Roundtable

On May 17, the second day of his official visit to Kazakhstan, Prime Minister of Malaysia Anwar Ibrahim joined Kazakhstan Prime Minister Olzhas Bektenov and representatives of the two countries’ business communities for a Kazakhstan-Malaysian investment roundtable in Astana. In his welcoming speech, the Kazakh prime minister reiterated that Malaysia is one of the key trade and economic partners of Kazakhstan in Southeast Asia. Over the past year, bilateral trade turnover increased from $150 million to almost $245 million. The goal is to now unlock the existing potential and exceed the pre-pandemic trade figure of $650 million. Bektenov announced Kazakhstan's intention to diversify exports to Malaysia and called on Malaysian business to jointly explore new opportunities to strengthen partnerships in services, manufacturing, finance, education, subsoil use, agriculture, and construction. Today, 48 companies with Malaysian capital operate in Kazakhstan and 17 joint investment projects totalling over $410 million are being implemented. Prime Minister of Malaysia Anwar Ibrahim announced his country’s intention to strengthen cooperation with Kazakhstan in tourism, education, the energy sector, as well as in the supply of Kazakh halal products. Kazakh and Malaysian businesses agreed to deepen investment ties and explore collaboration in new markets. Agreements and memoranda totaling more than $350 million were signed on cooperation in attracting investment in Islamic finance and trade development, as well as in food processing, mining, gold processing, and joint production of transformer and automotive oil.

Minerals Foreign Trade Agriculture Foreign Investment Industry

Major Mineral Fertilizer Production Plant Planned for Kazakhstan

EuroChem, a global fertilizer leader and China National Chemical Engineering Co. (CNCEC), a global provider of industrial engineering technologies are to collaborate on the design, construction, and commission of a large-scale chemical complex to produce mineral fertilizers in Zhanatas located in Kazakhstan’s Zhambyl region. The agreement was officially signed on 14 May in Astana. Scheduled to open in 2027, the construction of the chemical complex is part of the Integrated Kazakhstan Industrialization Roadmap and represents the third and final stage of a project in which EuroChem has invested over US$1 billion. EuroChem Group President Oleg Shiryaev said that once in operation, the plant will have an annual output of over one million tons of mineral fertilizers, in high demand by Kazakhstan, other Central Asian countries, China, Russia and Europe. According to a report by the Kazakh Ministry of Industry and Construction, the new enterprise will create 2,400 new jobs. During the signing of the agreement, Minister of Industry and Construction of Kazakhstan Kanat Sharlapaev, welcomed the input of world leaders in mineral fertilizer production as an important step in developing the country's chemical industry and emphasized: “To be truly food secure, fertilizers are a must. This is therefore a landmark project for us. Its joint implementation with EuroChem and Chinese partners is a great example of large Eurasian cooperation at its best and a significant event for regional food security.”

Kazakhstan China Foreign Trade

Kazakhstan to Expand Trade Cooperation with Chinese Provinces

On March 19th, Kazakhstan’s Minister of Trade and Integration Arman Shakkaliev met Ma Xingrui, Communist Party Secretary of China’s western Xinjiang Uyghur Autonomous Region (XUAR) to discuss strengthening Kazakh-Chinese trade cooperation and the opening of a Kazakh trade mission in XUAR’s main city of Urumqi. In 2023, trade turnover between Kazakhstan and China reached $31.5 billion, with the XUAR accounting for over 64% or $20.3 billion of the total. Referencing his country’s focus on trade cooperation with China, the Kazakh minister stated, “Targeted work is being carried out with each province and a joint action plan is being developed to increase trade and attract investment in projects in priority areas. Kazakh businesses are showing more and more interest in supplying products to the Chinese market. We very much appreciate the support of the XUAR leadership in resolving issues of access of Kazakh goods to China.” The minister further reported, “To increase trade between our countries, especially with the XUAR, the Kazakh Head of State has instructed the opening of a trade mission in Urumqi. The QazTrade organization, which is subordinate to the Ministry of Trade and Integration, will be involved in the activities of this representative office. In the future, it will become a conduit between our manufacturers and Xinjiang companies interested in purchasing products.” The parties also discussed prospective joint investment projects and in particular, interest from Kazakh businesses in Chinese investment in the construction of feedlots for cattle, the creation of meat processing facilities and processing of cereals.