Uzbekistan diversifies export structure

Uzbekistan diversifies export structure

BAKU, Azerbaijan, Feb. 26

By Ilkin Seyfaddini – Trend:

Uzbekistan's foreign trade turnover reached $2.94 billion, following the results of January 2020, Trend reports with the reference to Committee of Statistics of Uzbekistan.

From total volume of foreign trade turnover, export in Uzbekistan has reached 1.28 billion dollars (decrease on 15.1 percent compared to January 2019), and import – 1.66 billion dollars. (Decrease by 1.3 percent compared to January 2019). The passive balance of foreign trade turnover in the amount of $373.8 million was recorded.

Uzbekistan conducts trade relations with more than 129 countries in the world. The largest volume of its foreign trade turnover among them is recorded with China (17.5 percent), the Russia (16 percent), Kazakhstan (7.4 percent), Korea (6.5 percent), Turkey (5.7 percent), Afghanistan (1.7 percent) and Germany (1.6 percent).

In addition, it is noted that relations with neighbor countries have been strengthened and that a great work has been done to develop relations in the socio-economic, commercial, industrial and cultural spheres with these countries.

In particular, recent years have seen increase in foreign trade turnover with neighboring countries, such as Tajikistan and Kyrgyzstan. Foreign trade turnover has doubled over the past three years with Kyrgyzstan and Tajikistan.

Active foreign trade balance with Kyrgyzstan, Tajikistan and Afghanistan can be seen as a positive result in the country's foreign trade, the committee said.

China, Russia, Kazakhstan, Korea and Turkey account for the largest volume of foreign trade turnover with other countries (except neighboring countries).

Among 20 large partner countries in foreign trade activities, there is also an active foreign trade balance with six countries, in particular Afghanistan ($48.3 million), Turkey ($26.9 million), Tajikistan ($18.6 million), Kyrgyzstan ($14.3 million), UAE ($4.3 million) and Iran ($2.3 million).

With the other 14 countries, the passive balance of foreign trade turnover is maintained.

In January 2020, the volume of foreign trade turnover of other countries decreased (growth rate - 85.4 percent) and amounted to 66.3 percent of the total foreign trade turnover.

In the structure of exports, 82.2 percent are goods that are mainly precious metals (38.1 percent), textiles (12.1 percent), energy and oil products (11.9 percent), and food products (5.1 percent) (mainly fruit and vegetable products, three percent), non-ferrous metals and their products (5.5 percent) and chemical products (3.5 percent).

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Follow author on Twitter: @seyfaddini

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