2023 Q4 Uzbekistan Trade Data Summary: Export Plunge Widens Deficit

Uzbekistan 2023 Q4 Trade Data Key Takeaways

• Market Trend: Uzbekistan trade data shows December exports plunged 60.2% MoM, widening the quarterly deficit to -$2.78B.
• Key Driver: Uzbekistan import export data reveals precious metals (45% of exports) and Chinese machinery (35% of imports) dominate flows.
• Strategic Risk: Overdependence on one unnamed buyer (46.77% of exports) creates acute exposure to demand shocks.

Analysis covers 2023 Q4 based on sanitized customs records from the yTrade database.

Uzbekistan 2023 Q4 Trade Data Trend Overview

• Uzbekistan, a major Central Asian energy and commodity exporter, saw its Q4 2023 Uzbekistan global trade data defined by a sharp year-end divergence between export and import performance.
• The Uzbekistan import export data for the quarter shows exports climbed 39.7% year-on-year in December, while imports surged 29.4% for the same period, signaling robust domestic demand for foreign goods.
• This import growth drove the quarterly trade balance to a significant deficit, with December's gap alone reaching -$2.78 billion as export value plummeted 60.2% month-on-month.
• The December export slump, against a backdrop of no specific trade news, was likely driven by typical year-end volatility in commodity shipments and pricing for its key exports like natural gas, gold, and cotton.

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

Get Historical Uzbekistan Trade Data

Uzbekistan 2023 Q4 Top Trading Products

Uzbekistan Global Trade Core Summary

Uzbekistan's exports are heavily concentrated in raw materials and low-value-added goods. Precious metals and stones (HS 71) dominate, making up 45% of total exports, followed by cotton (7.8%) and copper (5.4%). Other key exports include mineral fuels, apparel, and edible vegetables. Imports, however, are machinery-heavy, with nuclear reactors and vehicles (HS 84, 87) accounting for nearly 30% of total imports. Electrical machinery, mineral fuels, and pharmaceuticals are also major imports. The trade structure shows a reliance on resource exports and a need for industrial equipment and technology.

Key takeaways:

• High dependence on precious metals and stones exposes Uzbekistan to commodity price swings.
• Cotton and copper remain significant but lack diversification.
• Imports reveal a strong demand for machinery and industrial inputs.
• Limited export processing suggests untapped value-addition opportunities.

Uzbekistan Export-Import Structural Gap

Uzbekistan exports raw materials but imports finished goods, highlighting an industrial gap. Precious metals, cotton, and copper flow out, while machinery, vehicles, and electronics flow in. This suggests a reliance on foreign technology for production. Overlap in HS codes like mineral fuels (HS 27) and plastics (HS 39) indicates some processing trade, but the scale is small. The import-heavy machinery sector points to potential for local manufacturing growth. Closing this gap could reduce import dependence and boost export value.

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

Check Detailed Uzbekistan Trade HS Code Breakdown

Uzbekistan 2023 Q4 Top Trading Countries

Uzbekistan Global Trade Key Patterns

Uzbekistan's exports show high concentration, with one unnamed destination accounting for 46.77% of total exports ($2.67B). Russia (14.54%), Mainland China (7.87%), and Kazakhstan (5.18%) are other major buyers, indicating regional reliance. Imports are more diversified but still dominated by Mainland China (35.48%, $3.71B) and Russia (17.36%, $1.82B), with Kazakhstan (8.03%) and South Korea (5.85%) as secondary suppliers. Key takeaways:

• Exports heavily depend on a single market, raising vulnerability risks.
• Imports rely on China and Russia but have broader sourcing.
• Regional neighbors (Kazakhstan, Turkey) feature in both export and import flows.

Uzbekistan Export–Import Geographic Gap

Exports are narrowly focused, while imports show moderate diversification. Overlap exists with Russia, China, and Kazakhstan appearing in both lists, suggesting processing trade or re-export activity. The structure reveals upstream dependency (imports concentrated in few suppliers) and downstream concentration (exports skewed to one market). Trade ties lean heavily toward neighboring economies and major powers like China and Russia. This imbalance highlights potential supply chain risks.

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 Q4?

Uzbekistan's top exports in Q4 2023 were natural/cultured pearls and precious stones (45.17% of exports, $2.58B), cotton (7.75%, $442.97M), and copper articles (5.39%, $308.23M), based on HS code data.

What are the main products Uzbekistan imports in 2023 Q4?

The country primarily imported nuclear reactors/machinery (16.43%, $1.72B), vehicles (13.05%, $1.37B), and electrical machinery (11.14%, $1.17B), according to HS code classifications.

Which countries are the top destinations for Uzbekistan's exports in 2023 Q4?

Mainland China received 35.48% ($3.71B) of Uzbekistan's exports, followed by Russia (17.36%, $1.82B) and Kazakhstan (8.03%, $840.87M), per trade data.

Which countries supply most of Uzbekistan's imports in 2023 Q4?

Russia was the largest import source (46.77%, $2.67B), with Mainland China (7.87%, $449.81M) and Kazakhstan (5.18%, $296.13M) as other key suppliers.

How balanced are Uzbekistan's export and import markets in 2023 Q4?

Q4 2023 saw a trade deficit due to a 60.2% monthly export drop in December, despite 39.7% annual export growth, with imports surging 29.4% year-on-year, resulting in a $2.78B December gap.

Detailed Monthly Report

Uzbekistan Trade Data Snapshot 2023 OCT

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Uzbekistan Trade Data Snapshot 2023 DEC