BAKU, Azerbaijan, Mar. 25
By Klavdiya Romakayeva - Trend:
The Ministry of Finance of Uzbekistan forecasts exports to reach $19.1 billion in 2021, imports - $22.6 billion with a negative balance of $3.5 billion, Trend reports with reference to the ministry.
According to the information, in 2020, the closure of borders, transport and logistics restrictions on the supply of raw materials and components, the suspension of the activities of individual enterprises significantly affected the volume of Uzbekistan's foreign trade.
Thus, at the end of 2020, the volume of imports decreased compared to the indicators of 2019, the growth rate of exports slowed down significantly, including due to a decrease in demand and prices for raw materials (natural gas and copper).
The review of economic development trends of Uzbekistan for 2020 and forecasts for 2021, prepared by the Ministry of Economic Development and Poverty Reduction said that exports in 2020 compared to the same period of the previous year decreased by 13.4 percent and amounted to $15.1 billion, and exports excluding gold amounted to $9.3 billion, decreasing by 30 percent compared to 2019.
In addition, sharp rise in world gold prices in 2020 contributed to some softening of the decline in overall exports. The decrease in exports was influenced by energy (by 79.8 percent), raw materials (19 percent), investment goods (2.4 percent) and services (by 41.7 percent) due to a decrease in the number of tourists visiting Uzbekistan.
Also, in 2020, imports of goods and services in Uzbekistan amounted to $21.2 billion decreasing by 12.8 percent. The sharp decline in imports was influenced by a decrease in imports of ferrous metals (by 20 percent), machinery and equipment (by 16.2 percent) and services (by 49.9 percent). At the same time, imports of food products (by 14.6 percent), chemical products (8.1 percent) and energy carriers (16.3 percent) increased.
As a result, the economy of Uzbekistan in 2020 developed a negative annual balance of goods and services in the amount of $6 billion against $6.8 billion in 2019,” the message said.
According to the official forecast of the Ministry of Finance, in 2021, exports will amount to $19.1 billion, imports $22.6 billion with a negative balance of $3.5 billion.
“Export promotion measures involve expanding geography with access to European and Asian markets, as well as state support for exporting enterprises (including through provision of subsidies to cover part of transport costs),” the ministry said.
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