Shuttle trade in Uzbekistan suspended due to COVID-19
BAKU, Azerbaijan, Sept. 28
By Klavdiya Romakayeva - Trend:
In Uzbekistan, the volume of shuttle trade in the second quarter of 2020 completely cease Trend reports with reference to the data of the Central Bank.
Shuttle trade is transactions for the purchase of goods for resale in the country (or abroad) by persons traveling. Since the borders were closed, there were no shuttles.
Due to this reason, the volume of shuttle trade in the first half of the year amounted to only $89 million. For comparison, last year by that time shuttle trade amounted to $234.2 million. Shuttle trade has been declining for several years. In 2018 in the first half of the year, it amounted to $607.6 million
Two years ago, shuttle traders sold for $1 billion. The bulk of the volume came from imports. Shuttle traders in Uzbekistan imported goods worth $842.9 million, and exported goods worth $213.2 million. By the end of the year, a reduction in volumes began, which coincided with a tightening of the norms for duty-free import of goods.
The shuttle trade, which originated in the late 1980s in the CIS countries, has changed from an illegal form of economic activity over the years of reforms into a legal and widespread model of economic behavior.
Such trade plays a noticeable role in meeting the needs of the population for consumer goods, softens the problem of employment during the transformation of the economic system.
Follow the author on Twitter: @romakayeva