The negative balance in foreign trade of Uzbekistan is increasing

The negative trade balance in Uzbekistan is on the rise. In 2023, exports amounted to $24 billion, while imports reached $38 billion, resulting in a negative trade balance of -$13.715 billion, up from -$11 billion in 2022.

Uzbekistan's increasing reliance on China is evident in the trade turnover. In 2023, imports from China reached $11 billion, while exports dropped to $2.4 billion. This contrasts with 2022 when imports were $6.4 billion and exports were $2.6 billion.

Key trade partners for Uzbekistan include:
- Russia: $3.3 billion exports, $6.5 billion imports
- Kazakhstan: $1.3 billion exports, $3.0 billion imports
- Turkey: $1.2 billion exports, $1.8 billion imports
- Republic of Korea: $40.4 million exports, $2.3 billion imports
- Turkmenistan: $171 million exports, $923 million imports

In January-December 2023, the CIS countries' share in foreign trade decreased to 32.9%, down by 6.8% compared to 2022.

Notably, Uzbekistan's imports primarily consist of machinery and transport equipment (39.2%), industrial goods (16.6%), and chemicals and related products (12.8%).