2024 Jan Uzbekistan Global Trade Data Summary: Deficit Widens

Uzbekistan 2024 Jan Trade Data Key Takeaways

• Market Trend: Uzbekistan trade data shows exports plummeted 58.7% in Jan 2024 while imports rose 1.6%, widening the deficit to $2.1B.
• Key Driver: Uzbekistan import export data reveals raw materials (cotton, copper) dominate exports, while machinery/tech imports signal manufacturing gaps.
• Strategic Risk: Over-reliance on Russia/China for trade exposes Uzbekistan to commodity swings and supply chain disruptions.

Analysis covers 2024 Jan based on sanitized customs records from the yTrade database.

Uzbekistan 2024 Jan Trade Data Trend Overview

• Uzbekistan, a key Central Asian commodity exporter and manufacturing hub, posted starkly divergent trade flows in its January 2024 global trade data.
• The country’s import export data for the period showed exports slumping 58.7% year-on-year to $748 million, while imports edged up 1.6% to $2.85 billion.
• This resulted in a substantial trade deficit of approximately $2.1 billion for the month.
• The export contraction, absent major policy news, likely reflects lower global prices or reduced shipments of core exports like gold, cotton, or natural gas.

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

Get Historical Uzbekistan Trade Data

Uzbekistan 2024 Jan Top Trading Products

Uzbekistan Global Trade Core Summary

Uzbekistan's exports are dominated by raw materials and low-value-added goods, with cotton (17.96%), unspecified goods (11.82%), and knitted apparel (8.37%) leading the list. Copper (8.23%) and edible vegetables (6.96%) further highlight a resource-driven export structure. In contrast, imports are heavily skewed toward machinery (18.87%), vehicles (14%), and electrical equipment (11.54%), indicating reliance on foreign-made industrial goods. The country also imports significant mineral fuels (6.05%) and pharmaceuticals (5.58%). Key takeaways:

• Exports rely on agriculture and mining, exposing Uzbekistan to commodity price swings.
• Imports focus on machinery and tech, suggesting limited domestic manufacturing capacity.
• High import dependence for energy and medicine highlights supply chain vulnerabilities.

Uzbekistan Export-Import Structural Gap

Uzbekistan exports raw materials (cotton, copper) and basic goods (apparel, vegetables) while importing high-value machinery, vehicles, and electronics. This gap shows an economy dependent on resource extraction rather than advanced manufacturing. Overlap in HS codes like plastics (exported and imported) hints at some processing trade but remains minor compared to the broader imbalance. The import-heavy machinery and tech sectors signal opportunities for industrial upgrading—if Uzbekistan can shift from raw exports to local value addition. Without this shift, trade deficits may persist due to the high cost of imported capital goods.

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

Check Detailed Uzbekistan Trade HS Code Breakdown

Uzbekistan 2024 Jan Top Trading Countries

Uzbekistan Global Trade Key Patterns

Uzbekistan’s exports are heavily concentrated, with Russia (27.4%) and Mainland China (13.5%) accounting for over 40% of total shipments. Other key destinations include Turkey (10.1%), Kazakhstan (8.2%), and Afghanistan (7.3%), showing a strong regional focus on neighboring and nearby markets. In contrast, imports are more diversified but still dominated by Mainland China (33.5%) and Russia (17.9%), followed by Kazakhstan (6.7%) and South Korea (5.9%). The trade structure reveals a clear asymmetry: exports rely on a few large partners, while imports draw from a broader but still China-centric supplier base.

• Key Takeaways:
  • Exports are concentrated in Russia, China, and regional neighbors.
  • Imports are more diversified but heavily dependent on China.
  • Regional trade dominates both exports and imports.
  • Russia and China are critical partners for both flows.

Uzbekistan Export–Import Geographic Gap

Uzbekistan’s exports are regionally focused, while imports show a mix of regional and global sourcing. Overlapping trade partners like Russia, China, and Kazakhstan suggest processing or re-export trade patterns. The export structure indicates downstream diversification, with shipments spread across multiple regional markets. However, upstream dependency is evident in imports, particularly on China for manufactured goods. This gap highlights Uzbekistan’s role as a regional trade hub with deeper import ties to global supply chains.

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 2024 Jan?

Uzbekistan's top exports in January 2024 were cotton (17.96% of total exports), followed by unspecified goods (11.82%), and articles of apparel (8.37%). Copper and edible vegetables were also significant, contributing 8.23% and 6.96% respectively.

What are the main products Uzbekistan imports in 2024 Jan?

The country's primary imports included nuclear reactors and machinery (18.87% of total imports), vehicles (14.00%), and electrical machinery (11.54%). Mineral fuels and iron/steel products also accounted for 6.05% and 5.66% respectively.

Which countries are the top destinations for Uzbekistan's exports in 2024 Jan?

Mainland China received 33.48% of Uzbekistan's exports, followed by Russia (17.86%) and Kazakhstan (6.70%). South Korea and Turkey were also key destinations, accounting for 5.92% and 4.39% respectively.

Which countries supply most of Uzbekistan's imports in 2024 Jan?

Russia was Uzbekistan's largest import source (27.41%), followed by Mainland China (13.47%) and Turkey (10.13%). Kazakhstan and Afghanistan supplied 8.21% and 7.28% respectively.

How balanced are Uzbekistan's export and import markets in 2024 Jan?

Uzbekistan faced a significant trade deficit of $2.1 billion in January 2024, with exports dropping 58.7% to $748 million while imports rose slightly (1.6%) to $2.85 billion. The decline likely reflects reduced global prices or shipments of key exports like gold or cotton.