2023 Q1 Uzbekistan Trade Data Summary: Deficit Widens

Uzbekistan 2023 Q1 Trade Data Key Takeaways

• Market Trend: Uzbekistan trade data shows volatile exports (-56% MoM in Feb) and surging imports (+25.4% YoY in March), widening the deficit to -$3.85B.
• Key Driver: Uzbekistan import export data reveals precious metals (50.7% of exports) and machinery (top import) as trade anchors, reflecting raw-to-finished goods gap.
• Strategic Risk: Extreme export concentration (53% to one market) heightens exposure to demand shocks and commodity swings.

Analysis covers 2023 Q1 based on sanitized customs records from the yTrade database.

Uzbekistan 2023 Q1 Trade Data Trend Overview

• Uzbekistan, a Central Asian economy diversifying beyond its commodity export base, saw its Uzbekistan global trade data for Q1 2023 defined by a sharp mid-quarter export slump and a strong import finish.
• The Uzbekistan import export data shows exports totaled $4.75 billion, while imports surged to $8.60 billion, driven by a 25.4% year-on-year import value jump in March.
• This flow resulted in a significant quarterly trade deficit of approximately -$3.85 billion.
• The volatile export performance, including a 56% month-on-month drop in February, reflects inherent seasonality in key shipments like gold and cotton, absent any major new trade policy shifts during the period.

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

Get Historical Uzbekistan Trade Data

Uzbekistan 2023 Q1 Top Trading Products

Uzbekistan Global Trade Core Summary

Uzbekistan's exports are heavily concentrated in raw materials and low-value-added goods. Precious stones and metals (HS 71) dominate, making up over half of total exports. Cotton (HS 52) and copper (HS 74) are also key, alongside smaller shares of apparel (HS 61) and agricultural products. Imports, however, skew toward machinery (HS 84), vehicles (HS 87), and fuel (HS 27), reflecting reliance on industrial equipment and energy. The trade structure suggests a resource-driven economy with limited manufacturing depth.

Key takeaways:

• High dependence on precious metals exports (50.7% share) poses volatility risks.
• Imports focus on machinery and transport, indicating industrial needs.
• Low export diversification highlights vulnerability to commodity price swings.

Uzbekistan Export-Import Structural Gap

Uzbekistan exports raw materials but imports finished goods, showing a classic resource-based trade gap. Precious metals and cotton flow out, while machinery, vehicles, and fuel flow in—a sign of underdeveloped processing capacity. Overlap in HS 84 (machinery) and HS 87 (vehicles) as both imports and minor exports hints at early-stage industrial activity. The lack of high-value exports in sectors like pharmaceuticals or advanced machinery suggests untapped upgrading potential. To reduce dependency, shifting toward value-added production in textiles or metals could be key.

Table: Uzbekistan Top Import & Export Product Categories (Source: yTrade)

Check Detailed Uzbekistan Trade HS Code Breakdown

Uzbekistan 2023 Q1 Top Trading Countries

Uzbekistan Global Trade Key Patterns

Uzbekistan's exports show extreme concentration, with one unnamed destination accounting for 53.15% of total exports ($2.53B). Other key export markets are Russia (10.86%), Turkey (7.41%), and neighboring Central Asian states like Kazakhstan (5.47%) and Kyrgyzstan (3.83%). In contrast, imports are more diversified, led by Mainland China (23.01%) and Russia (18.75%), followed by Kazakhstan (9.24%) and Germany (7.47%). The trade structure reveals a heavy reliance on a single export buyer and regional partners for both exports and imports.

• Key Takeaways:
  • Top export destination dominates over half of total exports.
  • Imports come from a broader mix of Asian and European suppliers.
  • Russia and Kazakhstan appear in both top export and import lists.
  • Central Asia and Turkey are critical regional trade partners.

Uzbekistan Export–Import Geographic Gap

Uzbekistan’s exports depend heavily on one market, while imports are spread across multiple suppliers. The overlap of Russia and Kazakhstan in both export and import lists suggests some processing trade or regional supply chain links. Export destinations are more regionally focused (Central Asia, Russia, Turkey), while import sources include distant partners like Germany, South Korea, and Brazil. This structure indicates downstream export concentration but upstream import diversification, with potential vulnerabilities in export market reliance.

Table: Uzbekistan Top Destiantion & Origin Countries (Source: yTrade)

Get Complete Uzbekistan Trading Patner Countries Profile

Frequently Asked Questions

What are the major products exported by Uzbekistan in 2023 Q1?

Uzbekistan's top exports in Q1 2023 were natural/cultured pearls and precious stones (50.72% of exports, $2.41B), cotton (7.88%, $374.64M), and copper articles (5.41%, $257.32M), based on HS code data.

What are the main products Uzbekistan imports in 2023 Q1?

The country primarily imported nuclear reactors/machinery (16.01%, $1.38B), vehicles (10.81%, $928.88M), and mineral fuels (8.64%, $742.57M), according to HS code classifications.

Which countries are the top destinations for Uzbekistan's exports in 2023 Q1?

Mainland China received 23.01% ($1.98B) of Uzbekistan's exports, followed by Russia (18.75%, $1.61B) and Kazakhstan (9.24%, $794.02M), per trade data.

Which countries supply most of Uzbekistan's imports in 2023 Q1?

Russia was the largest import source (10.86%, $516.55M), trailed by Turkey (7.41%, $352.45M) and Kazakhstan (5.47%, $259.99M), as per country-level statistics.

How balanced are Uzbekistan's export and import markets in 2023 Q1?

Uzbekistan faced a $3.85B trade deficit in Q1 2023, with imports ($8.60B) surging 25.4% YoY in March while exports ($4.75B) showed volatility, including a 56% monthly drop in February.

Detailed Monthly Report

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