The Central Bank of the Republic of Uzbekistan has prepared preliminary indicators on the current account of the balance of payments for 2022.[1]
According to preliminary data, the current account deficit of the balance of payments amounted to 511 million dollars.
The negative balance ($15.7 billion) of the trade balance (goods and services) was offset by a positive balance ($15.2 billion) of primary and secondary income.
Export of goods and services.
In 2022, exports of goods and services (excluding non-monetary gold) increased by 23% or $ 2.8 billion compared to last year, reaching $ 15.1 billion.
In particular, exports of goods (excluding monetary gold) increased by 18% or $ 1.8 billion compared to last year and amounted to $11.8 billion ($10 billion for 2021).
The main share of exported goods falls on the commodity groups “textiles and textile products” – $ 3.3 billion ($3.2 billion in 2021), “base metals and products made from them” – $ 1.7 billion ($1.6 billion in 2021), “mineral products” – $1.3 billion ($962 million for 2021), as well as “products of plant origin” – $ 1.3 billion ($1.2 billion for 2021).
Exports of services increased by 46% or $1 billion compared to last year, amounting to $3.3 billion ($2.3 billion for 2021).
The main increase in the structure of services exports is accounted for by the components of transport services and trips, the volume of which reached $ 2.6 billion. The increase in these components compared to last year by 43% or 781 million dollars is due to the high growth rates of international services related to passenger transportation, as well as an increase in the number of short- and medium-term visits to Uzbekistan by citizens from neighboring countries.
Import of goods and services.
Imports of goods and services in 2022 increased by 26% or $ 7.2 billion compared to last year and amounted to $ 35 billion.
At the same time, imports of goods amounted to $ 28.6 billion, an increase of 24% or $ 5.5 billion compared to last year.
The main share of imported goods was made up of commodity groups “machinery, equipment, mechanisms” – $7.9 billion ($6.2 billion for 2021), “base metals and products made of them” – $3.7 billion ($3.2 billion for 2021), “transport equipment” – $3.6 billion ($2.8 billion for 2021), as well as “chemical industry products” – $3.3 billion ($2.9 billion for 2021).
Compared to last year, imports of services increased by 34% or $ 1.6 billion and amounted to $6.3 billion ($4.7 billion in 2021). At the same time, in the structure of imported services, compared with 2021, there was an increase in transport services by $ 440 million, and in travel-related services by $ 1 billion.
Primary and secondary income.
The balance of primary income[2] was formed positive and amounted to $321 million ($195 million for 2021). This is mainly due to an increase in the number of short-term workers who went abroad to earn money compared to last year.
The surplus of secondary income[3] in 2022 increased due to the growth of personal transfers (transfers) by 2.3 times or by $8.6 billion and amounted to $14.9 billion ($6.4 billion in 2021).
A significant increase in secondary income as a result of the geopolitical situation can be explained by the introduction of restrictions on the main sending countries of money transfers, the flow of funds from the informal sector to the formal sector, as well as the direction of export earnings by small (seasonal) exporters through money transfer systems.
According to preliminary indicators, additional studies and analyses will be conducted, and the final data on the balance of payments and international investment position for 2022 will be presented to users in March 2023.
[1] Due to the fact that preliminary indicators are compiled on the basis of operational data and expert assessments, they may differ from the final data.
[2] Wages paid by non-residents to citizens of the Republic of Uzbekistan working abroad and investment income.
[3] Transferred current transfers between residents and non-residents without any obligations.