Uzbekistan's external debt revealed

As of the end of 2024, Uzbekistan's total external debt stood at $64.1 billion, accounting for 55.7% of GDP. Of this amount, state external debt amounted to approximately $33.9 billion (29.5% of GDP), while corporate external debt reached $30.2 billion. This information was presented in the report "Balance of Payments, International Investment Position, and External Debt of Uzbekistan", published by the Central Bank.  

According to the report, the current account deficit in 2024 amounted to $5.7 billion, compared to $7.8 billion in 2023. This reduction was influenced by a significant increase in current transfers received under the secondary income component, as well as a decrease in the negative trade balance. Notably, despite a negative trade balance of $17.4 billion, this figure remained nearly unchanged from 2023, as export growth outpaced import growth.  

In 2024, changes in raw material prices on international markets and an increase in services provided to non-residents contributed to a 4.5% rise in total exports compared to 2023, reaching $26.2 billion. Excluding gold, exports amounted to $18.7 billion, reflecting an 11% increase. An analysis of global prices for Uzbekistan’s key export commodities in 2024 showed a 23% rise in gold prices compared to 2023, a 21% increase in silver prices, an 8% rise in copper prices, and a 42% surge in uranium prices. However, cotton—the main raw material for the textile industry—saw a 9% decline in global prices.  

The total volume of imports grew by 2.3% in 2024, reaching $43.6 billion. This moderate growth was attributed to a sharp decline in one-time large imports of certain goods compared to 2023. Nevertheless, Uzbekistan continued to import energy resources, machinery, equipment, and food products, while investment activity and domestic consumption demand remained strong.  

Positive trends in wage growth and the diversification of labor migration routes, driven by increased demand for workers in traditional destination countries, contributed to higher revenues in the primary and secondary income components. However, a rise in investment income for non-residents led to increased expenditures. As a result, the balance of primary and secondary income recorded a surplus of $1.1 billion and $10.6 billion, respectively, partially offsetting the trade deficit. The current account deficit was financed by capital inflows through the financial account, including direct investments, portfolio investments, and other sources.  

In 2024, net foreign direct investment inflows into Uzbekistan rose by 32% compared to 2023, reaching $2.8 billion. Meanwhile, net inflows of portfolio investments tripled, mainly due to international bond operations, amounting to $3.1 billion. These factors contributed to a negative financial account balance of $7.4 billion by the end of 2024.  

During the reporting period, Uzbekistan's international reserve assets in foreign currency decreased by $734 million. However, a sharp increase in global gold prices led to an overall rise in international reserves, which grew by nearly $6.6 billion, reaching $41.2 billion as of January 1, 2025.  

By the end of 2024, Uzbekistan's net international investment position improved by 11% compared to the beginning of the year, reaching $13.7 billion as of January 1, 2025.  

At the same time, the volume of residents' foreign currency assets increased by $11.8 billion (a 14% rise compared to the start of the year), while external liabilities also rose by $10.4 billion (a 14% increase). At the end of the reporting period, total external debt remained at $64.1 billion (55.7% of GDP), with state external debt at $33.9 billion (29.5% of GDP) and corporate external debt at $30.2 billion.  

It should be noted that as of the end of the third quarter of 2024, the Central Bank had reported Uzbekistan’s total external debt at $60.2 billion, with state external debt at approximately $32.5 billion and corporate external debt at $27.7 billion.