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Uzbekistan's foreign trade deficit exceeds $6B amid stagnating exports

Business Materials 17 December 2018 09:59 (UTC +04:00)

Baku, Azerbaijan, Dec. 17

By Fikret Dolukhanov – Trend:

In January-November 2018, Uzbekistan’s foreign trade turnover amounted to $28.66 billion, which is 17.6 percent more than in the same period last year, Trend reports on Dec. 17 State Statistics Committee of Uzbekistan said in a report.

In the total value of the foreign trade turnover, exports accounted for $11.32 billion (a 3.2-percent decline), and imports accounted for $17.34 billion (a 36.8-percent growth). The foreign trade deficit reached $6.02 billion.

The share of CIS countries in Uzbekistan’s foreign trade turnover in January-November 2018 amounted 38.2 percent, which is 32.4 percent more compared to the same period last year.

The main foreign trade partners of Uzbekistan are still China ($5.68 billion), Russia ($5.09 billion), Kazakhstan ($2.61 billion), Turkey ($1.93 billion) and South Korea ($1.78 billion).

In the structure of exports, the share of goods reached 75.5 percent (energy resources and oil products accounted for 21 percent, food products accounted for nine percent, chemical products and items thereof accounted for 7.3 percent).

The exports of services amounted to $2.78 billion, or 24.5 percent of total exports value, which is 25 percent more than in the same period last year.

China and Russia have the biggest share in the exports of goods and services of Uzbekistan - 37.5 percent.

In the structure of imports, the main share accounts for machinery and equipment - 41.9 percent, chemical products and items thereof - 13.2 percent, food products - 8.2 percent.

The imports of services amounted to $2.03 billion, or 12 percent of total imports value, which is 19.6 percent more than in the same period last year.

Russia, China, Kazakhstan, South Korea and Turkey accounted for $10.55 billion in total imports value, which is 60.9 percent in Uzbekistan’s foreign trade turnover.

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Follow the author on Twitter: @FDolukhanov

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