From January to November 2024, Uzbekistan’s foreign trade turnover (FTT) reached $59.4 billion, marking an increase of $2.1 billion or 3.6% compared to the same period in 2023, according to the Uzbek Statistical Agency.
The volume of exports rose to $24.2 billion, a 4.4% increase compared to January-November 2023. Imports totaled $35.1 billion, growing by 3.0% over the same period.
Kazakhstan emerged as one of Uzbekistan’s largest economic partners, following China and Russia. Factors contributing to this include a shared border, trade liberalization, and economic collaboration within the CIS free trade zone.
Uzbekistan currently conducts trade with 195 countries, with significant FTT shares attributed to:
- China: 19.0%
- Russia: 18.0%
- Kazakhstan: 6.5%
- Turkey: 4.4%
- South Korea: 3.0%
The Commonwealth of Independent States (CIS) countries accounted for 35.4% of Uzbekistan’s FTT during this period, reflecting a 3.0% increase from 2023. The growing economies of Uzbekistan’s trading partners in the CIS suggest a potential for increased demand for Uzbek exports.
However, trade with non-CIS countries saw a decline. Uzbekistan’s trade share with other foreign nations dropped by 3.0% compared to the same period in 2023, comprising 64.6% of the total FTT.
