Uzbekistan: Economic and Political Overview
According tot the latest available data by the World Bank, Uzbekistan's foreign trade represented 64% of GDP in 2021 (World Bank, 2023). As a producer of oil, natural gas, and gold and as the 6th largest producer of cotton, natural resources dominate the country’s exports. Uzbekistan’s other exports include machines and equipment, and food. The country exports pearls, gold, precious stones, metals and coins (45%), cotton (9%), mineral fuels, oils, distillation products (5.9%) and copper (5.5%). Imports include machinery, nuclear reactors, boilers (24%), vehicles other than railway, tramway (9.2%), iron and steel (6.2%) and pharmaceutical products with 5.8% (Trading Economics, 2022). Uzbekistan total Exports expanded 25.2% Year on Year in Mar 2021, compared with a decrease of 38.9 % Year on Year in the previous month.
In 2022, main export destinations included Russia (17% of all exports), China (11.5%), Turkey (9.5%) and Kazakhstan (8.2%). Imports arrived from China (22.4%), Russia (21.4%), Kazakhstan (11.4%), South Korea, and Turkey. As of 2022, Uzbekistan has trade relations with over 140 countries and has signed trade agreements with 45 countries. In 2020, the country became an observer in the Eurasian Economic Union, and although Uzbekistan is not a member of the WTO yet, the nation is working on accession. Additionally, the UAE and Uzbekistan have agreed to expand their partnership and increase trade volume and investments in textiles, renewable energy, infrastructure, and agriculture. A large trade and logistics centre will also be constructed in the border areas of Kazakhstan and Uzbekistan.
According to WTO data for 2021, Uzbekistan exported goods for total value of 14.08 billion USD, while it imported goods for a total value of 23.74 billion USD. As for commercial services, Uzbekistan exported 2.25 billion USD and imported 4.72 billion USD worth services. As a result, the country had a negative trade balance including services of 11.37 billion USD in 2021 (WTO, 2023).
| Foreign Trade Values | 2017 | 2018 | 2019 | 2020 | 2021 |
| Imports of Goods (million USD) | 12,037 | 17,312 | 21,866 | 19,932 | 23,740 |
| Exports of Goods (million USD) | 10,390 | 10,921 | 14,024 | 13,097 | 14,081 |
| Imports of Services (million USD) | 978 | 5,167 | 5,334 | 3,483 | 4,723 |
| Exports of Services (million USD) | 3,506 | 2,731 | 3,075 | 1,693 | 2,257 |
Source: World Trade Organisation (WTO) ; Latest available data
| Foreign Trade Indicators | 2017 | 2018 | 2019 | 2020 | 2021 |
| Foreign Trade (in % of GDP) | 47.8 | 71.5 | 72.9 | 62.0 | 63.9 |
| Trade Balance (million USD) | -2,216 | -6,867 | -7,291 | -6,216 | -8,904 |
| Trade Balance (Including Service) (million USD) | -4,058 | -9,308 | -9,557 | -8,028 | -11,374 |
| Imports of Goods and Services (Annual % Change) | 13.7 | 42.3 | 13.3 | -15.0 | 23.1 |
| Exports of Goods and Services (Annual % Change) | 14.8 | 11.8 | 16.2 | -20.0 | 12.7 |
| Imports of Goods and Services (in % of GDP) | 27.0 | 44.6 | 44.4 | 37.7 | 40.1 |
| Exports of Goods and Services (in % of GDP) | 20.7 | 27.0 | 28.4 | 24.3 | 23.7 |
Source: World Bank ; Latest available data
| Foreign Trade Forecasts | 2022 | 2023 (e) | 2024 (e) | 2025 (e) | 2026 (e) |
|---|---|---|---|---|---|
| Volume of exports of goods and services (Annual % change) | 15.6 | 23.2 | 16.0 | 14.5 | 14.0 |
| Volume of imports of goods and services (Annual % change) | 14.6 | 15.6 | 16.6 | 15.4 | 14.6 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
| Main Customers (% of Exports) |
2022 |
| China | 11.5% |
| Türkiye | 9.5% |
| Kazakhstan | 8.2% |
| Kyrgyzstan | 6.1% |
| Afghanistan | 3.4% |
| See More Countries | 61.3% |
| Main Suppliers (% of Imports) |
2022 |
| China | 22.4% |
| Kazakhstan | 11.4% |
| South Korea | 7.7% |
| Türkiye | 5.9% |
| Germany | 3.6% |
| See More Countries | 49.1% |
Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
To go further, check out our service Import Export Flows.
| 2.7 bn USD of services exported in 2018 | |
| 46.64% | |
| Air transportAir transport | 11.48% |
| PassengerPassenger | 6.10% |
| OtherOther | 4.60% |
| FreightFreight | 0.78% |
| 42.68% | |
| Personal travelPersonal travel | 42.22% |
| OtherOther | 41.99% |
| Education-related expenditureEducation-related expenditure | 0.20% |
| Health-related expenditureHealth-related expenditure | 0.04% |
| Business travelBusiness travel | 0.46% |
| Expenditure by seasonal and...Expenditure by seasonal and border workers | 0.37% |
| OtherOther | 0.09% |
| 5.74% | |
| Telecommunications servicesTelecommunications services | 5.60% |
| Postal and courier servicesPostal and courier services | 0.14% |
| 2.27% | |
| Miscellaneous business,...Miscellaneous business, professional, and technical services | 1.91% |
| Research and developmentResearch and development | 0.36% |
| 1.08% | |
| 1.06% | |
| Construction in the compiling...Construction in the compiling economy | 0.96% |
| Construction abroadConstruction abroad | 0.10% |
| 0.25% | |
| 0.24% | |
| Information servicesInformation services | 0.05% |
| 0.03% | |
| 0.01% | |
| 5.2 bn USD of services imported in 2018 | |
| 46.85% | |
| Air transportAir transport | 10.26% |
| PassengerPassenger | 7.64% |
| OtherOther | 1.72% |
| FreightFreight | 0.91% |
| 43.56% | |
| Business travelBusiness travel | 23.34% |
| Expenditure by seasonal and...Expenditure by seasonal and border workers | 23.33% |
| OtherOther | 0.01% |
| Personal travelPersonal travel | 20.23% |
| OtherOther | 19.49% |
| Health-related expenditureHealth-related expenditure | 0.64% |
| Education-related expenditureEducation-related expenditure | 0.10% |
| 3.28% | |
| ReinsuranceReinsurance | 0.38% |
| 2.67% | |
| Construction in the compiling...Construction in the compiling economy | 2.67% |
| 1.30% | |
| Miscellaneous business,...Miscellaneous business, professional, and technical services | 1.23% |
| Research and developmentResearch and development | 0.07% |
| 0.97% | |
| 0.70% | |
| Telecommunications servicesTelecommunications services | 0.66% |
| Postal and courier servicesPostal and courier services | 0.03% |
| 0.35% | |
| 0.26% | |
| Information servicesInformation services | 0.07% |
| 0.04% | |
Source: United Nations Statistics Division, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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Latest Update: September 2023
