Uzbekistan Boosts Exports and Reduces Trade Deficit: Analysis of Foreign Trade in Q1 2025

According to the National Committee of the Republic of Uzbekistan on Statistics, Uzbekistan’s foreign trade turnover in the first quarter of 2025 demonstrates robust growth. From January to March, the total turnover reached $17.3 billion, an increase of $1.37 billion, or 8.6%, compared to the same period in 2024.

Overall Foreign Trade Performance

In the structure of Uzbekistan’s foreign trade turnover for Q1 2025, exports amounted to $8.1 billion (47%), showing a significant increase of 24.4% compared to Q1 2024. Imports, on the other hand, saw a slight decline of 2.3%, totaling $9.2 billion (53%).

A notable improvement is observed in the foreign trade balance. Although it remains negative at -$1.09 billion, this figure marks a substantial improvement from Q1 2024, when the deficit stood at -$2.9 billion. This indicates positive shifts in Uzbekistan’s external economic activities as the country strives for balanced trade relations.

Dynamics of Major Trading Partners

Uzbekistan maintains trade relations with 173 countries worldwide. An analysis of the largest trading partners reveals the following trends:

• China remains the leading trading partner, with a trade volume of $3.02 billion (17.5% of total turnover). Notably, this figure is nearly unchanged from Q1 2024 ($3.03 billion).
• Russia ranks second with $2.58 billion (14.9% of total turnover). However, trade with Russia declined by 8.1% compared to Q1 2024, when it reached $2.81 billion.
• Kazakhstan holds the third position with a trade volume of $1.03 billion (5.9%), showing positive growth of 9.4% compared to 2024.
• Turkey completes the top four with $607.6 million (3.5%), a 10.2% decrease from Q1 2024.

Significant trade growth was observed with countries such as Afghanistan (68.7% increase, from $238.8 million to $402.8 million), Germany (25.3%, from $268.9 million to $336.8 million), India (33%, from $212.2 million to $282.2 million), the UAE (80.5%, from $134.7 million to $243.1 million), the USA (15%, from $205.7 million to $236.6 million), and Belarus (23.3%, from $141.0 million to $173.9 million).

Conversely, trade volumes decreased with South Korea (down 24%, from $544.2 million to $413.6 million), Kyrgyzstan (down 0.9%, from $154.1 million to $153.5 million), Tajikistan (down 5.7%, from $152.6 million to $143.9 million), Turkmenistan (down 30.3%, from $205.3 million to $143.1 million), Lithuania (down 41.3%, from $185.5 million to $108.8 million), Iran (down 3.3%, from $104.9 million to $101.4 million), and Italy (down 14.1%, from $114.5 million to $98.4 million).

Table: Key Trading Partners of Uzbekistan, Q1 2025

Detailed Analysis of Exports

In Q1 2025, Uzbekistan’s exports totaled $8.1 billion, a 24.4% increase from Q1 2024. Goods accounted for 78.6% of exports, while services comprised 21.4%.

Commodity Structure of Exports

• Miscellaneous Goods: $3.66 billion (45.1% of total exports), with non-monetary gold accounting for 44% ($3.57 billion, up 34% from Q1 2024).
• Industrial Goods: $899.6 million (11.1%), down 12.1%. Key categories include textile yarn, fabrics, and finished products ($404.9 million) and non-ferrous metals ($342.6 million).
• Food Products and Live Animals: $469.7 million (5.8%), up 33.6%. Major items include vegetables and fruits ($298.6 million) and cereals ($126.3 million).
• Chemical Substances: $418.6 million (5.2%), up 11.2%. Key products include inorganic chemicals ($236.8 million) and fertilizers ($88 million).
• Mineral Fuels: $253.5 million (3.1%), up 20.2%, with significant growth in natural and artificial gas exports (154.7%).

Export Geography

The main export partners in Q1 2025 were:

1. Russia – $885.8 million (10.9%)
2. China – $453.9 million (5.6%)
3. Afghanistan – $316.9 million (3.9%)
4. Kazakhstan – $307 million (3.8%)
5. Turkey – $253.2 million (3.1%)
6. France – $214.9 million (2.7%)
7. UAE – $143.7 million (1.8%)
8. Tajikistan – $109 million (1.3%)
9. Kyrgyzstan – $100 million (1.2%)
10. Pakistan – $89.2 million (1.1%)

These ten countries accounted for 35.4% of Uzbekistan’s total exports.

Export of Fruit and Vegetable Products

The export volume of fruit and vegetable products in Q1 2025 reached $282.6 million, a 28.8% increase from Q1 2024, representing 3.5% of total exports. However, in physical terms, the volume decreased by 27.6% to 282.5 thousand tons. Key categories include:

• Beans: $86.5 million (up 69.5%)
• Vegetables: $47.6 million (down 26.5%)
• Fruits: $61.9 million (up 73.7%)

Export of Textile Products

Textile exports in Q1 2025 totaled $629.3 million, or 7.8% of total exports, down 19.1% from Q1 2024. The structure includes:

• Finished textile products: 45%
• Yarn: 35%
• Knitted fabric: 11%
• Fabrics: 6%
• Socks: 2%
• Carpets: 1%

Export of Services

Service exports in Q1 2025 amounted to $1.73 billion, or 21.4% of total exports, up 37.9% from Q1 2024. Key categories include:

• Travel (tourism): $756.8 million (43.7%)
• Transport services: $701.4 million (40.5%)
• Telecommunications, computer, and information services (ICT): $146 million (8.4%)
• Other business services: $77.4 million (4.5%)
• Other services: $49.7 million (2.9%)

Detailed Analysis of Imports

In Q1 2025, Uzbekistan’s imports totaled $9.19 billion, a 2.3% decrease from Q1 2024. Goods accounted for 89.5% ($8.23 billion), and services comprised 10.5% ($967.3 million).

Commodity Structure of Imports

• Machinery and Transport Equipment: $3.22 billion (35.1%), down 8.8%. Key items include automobiles ($671 million, down 30.7%), industry-specific machinery ($669.9 million, up 4.2%), and non-specialized industrial machinery ($556.5 million, up 10.6%).
• Industrial Goods: $1.49 billion (16.2%), down 4%. Key items include iron and steel ($684.4 million, down 9.9%), metal products ($214.3 million, up 0.8%), and textile yarn and fabrics ($125.9 million, down 4.3%).
• Chemical Substances: $1.2 billion (13.1%), up 4%. Key items include pharmaceuticals ($472.8 million, down 4%), primary plastics ($209.9 million, up 22.8%), and chemical materials ($152.1 million, down 10.5%).
• Food Products and Live Animals: $953.8 million (10.4%), up 15.3%. Key items include cereals ($234.6 million, up 2.1%), meat ($138.1 million, up 65.1%), and sugar ($126.9 million, up 15.7%).
• Mineral Fuels: $590.9 million (6.4%), down 38.9%, with a significant reduction in gas imports (down 88.3%).

Import Geography

The main import suppliers in Q1 2025 were:

1. China – $2.57 billion (27.9%)
2. Russia – $1.69 billion (18.4%)
3. Kazakhstan – $718.3 million (7.8%)
4. South Korea – $403.4 million (4.4%)
5. Turkey – $354.3 million (3.9%)
6. Germany – $308.7 million (3.4%)
7. India – $251 million (2.7%)
8. USA – $165.2 million (1.8%)
9. Belarus – $137.8 million (1.5%)
10. France – $134.9 million (1.5%)

Imports were sourced from 151 countries.

Import of Services

Service imports in Q1 2025 totaled $967.3 million, up 32.9% from Q1 2024. Key categories include:

• Travel (tourism): $563.8 million (58.3%)
• Transport services: $185.1 million (19.1%)
• ICT services: $82.3 million (8.5%)
• Other business services: $46.5 million (4.8%)
• Other services: $89.6 million (9.3%)

Conclusion and Outlook

The analysis of Uzbekistan’s foreign trade in Q1 2025 highlights several positive trends:

• A substantial 24.4% increase in exports, indicating growing export potential.
• A significant reduction in the trade deficit from -$2.9 billion to -$1.09 billion.
• Diversification of exports with an increased share of services, particularly in transport and tourism.
• Growth in agricultural exports by value, despite a decline in volume.
• A reduction in energy imports, possibly reflecting improved energy efficiency.

However, challenges remain:

• A 19.1% decline in textile exports.
• Reduced trade volumes with traditional partners like Russia and Turkey.
• High reliance on non-monetary gold, which accounts for 44% of exports.

To further enhance foreign trade, Uzbekistan should focus on:

• Diversifying exports by increasing the share of high-value-added products.
• Expanding export markets.
• Enhancing the competitiveness of domestic products globally.
• Developing service exports, particularly in IT and tourism.
• Improving customs administration and removing trade barriers.

The data underscores Uzbekistan’s growing role in international trade, demonstrating resilience and progress amid global economic challenges.

Table: Key Foreign Trade Indicators, Q1 2025