Uzbekistan suffers losses as Central Bank release data for 1Q2020
BAKU, Azerbaijan, May 7
By Ilkin Seyfaddini – Trend:
The Central Bank of Uzbekistan has released preliminary figures for the current account of the balance of payments for the first quarter of 2020, Trend reports with the reference to Central Bank of Uzbekistan.
The Central Bank noted that the operational indicators were drawn up on the basis of preliminary data and expert assessments, they may differ from the actual values.
"The fall in global energy prices as well as a slowdown in the global economy has affected exports of goods and services, which amounted to $3.3 billion compared to $3.7 billion last year. At the same time, the increase in the value of some exchange commodities exported by Uzbekistan has partially offset losses," the Central Bank stressed.
Imports of goods and services made up $5.41 billion compared to the same period last year ($5.9 billion). The structure of imports is dominated by groups of goods - machinery and equipment (30 percent of the total volume), metals and products from them (14 percent of the total volume), chemical industry products (11 percent of the total volume), as well as vehicles (10 percent of the total volume).
As a result, the trade deficit against the first quarter of 2019 improved by nine percent to $2 billion.
According to preliminary calculations, the current account deficit for the first quarter of 2020 was $864 million, an 18 percent decrease compared to the first quarter of 2019 ($1 billion).
The positive balance of factor revenues and transfers remained at the same level as in the same period last year due to a slight increase in cross-border remittances to residents ($1 billion). In turn, the investment income of non-residents (on issued loans and foreign investments) was $422 million.
Report data on the balance of payments, international investment position and external debt for the first quarter of 2020 will be compiled in accordance with the BPM methodology and presented before the end of June 2020.
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