TASHKENT, Uzbekistan, November 10. BMI, a subsidiary of Fitch Solutions, has published a forecast on the development of Uzbekistan’s export and import rates, Trend reports.
BMI anticipates that Uzbekistan’s export rate will grow by 1.4 percent in 2023 and by 1 percent in 2024.
Looking ahead to 2024, BMI forecasts a 1% increase in Uzbekistan's export rate due to continued demand for Uzbek goods, especially on the Russian market.
Furthermore, the agency anticipates continued rise in Uzbek imports, as the rate increased by 21.2 percent in the first half of 2023, primarily due to machinery and equipment, indicating the potential for enhanced industrial sector production capacity.
"Gold remained the main export product, and our Commodities team forecast that gold prices will remain elevated," according to the report.
According to BMI analysts, the possible success of ongoing privatization of state-owned firms, as well as strong world gold prices, will boost the economic picture.
Meanwhile, Uzbekistan’s foreign trade turnover amounted to $44.8 billion from January through September of 2023.
As per Uzbekistan’s State Statistics Committee, the recorded number is 22.1 percent, or $8.1 billion, greater than the volume fixed in the same period last year.
The volume of exports reached $17.73 billion from January through September 2023, marking a 22.1 percent increase, while imports reached $27.01 billion, a 21.2-percent increase.