2024 May Uzbekistan Global Trade Data Summary: Exports Plummet 33.4%

Uzbekistan 2024 May Trade Data Key Takeaways

• Market Trend: Uzbekistan trade data shows exports plummeted 33.4% YoY in May 2024, widening the trade deficit to $1.59B.
• Key Driver: Uzbekistan import export data reveals gold shipment cuts drove the slump, while machinery imports (HS 84) stayed flat.
• Strategic Risk: Over 50% of exports hinge on one unnamed buyer, exposing extreme concentration risk.

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

Uzbekistan 2024 May Trade Data Trend Overview

• Uzbekistan, a key Central Asian producer of commodities like gold and natural gas, saw its external trade flows shift significantly in May, as reflected in the latest Uzbekistan global trade data.
• The nation's Uzbekistan import export data for the period shows exports valued at $1.67B, a sharp 33.4% contraction year-on-year, while imports remained nearly flat at $3.26B, dipping just 0.7%.
• This divergence resulted in a substantial trade deficit of approximately $1.59B for the month.
• The export slump was primarily driven by a strategic reduction in gold shipments, a maneuver often employed to manage domestic economic stability and reserve levels.

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

Get Historical Uzbekistan Trade Data

Uzbekistan 2024 May Top Trading Products

Uzbekistan Global Trade Core Summary

Uzbekistan's exports are heavily concentrated in raw materials and low-processed goods, with gems and precious metals (HS 71) making up 46% of total exports. Cotton (HS 52), copper (HS 74), and agricultural products (HS 07, 08) add to this resource-driven profile. Imports, however, are dominated by machinery (HS 84), electrical equipment (HS 85), and vehicles (HS 87), reflecting a reliance on foreign technology and industrial inputs. Mineral fuels (HS 27) appear in both export and import lists, suggesting some energy trade balance.

Key takeaways:

• High dependence on gemstone exports creates vulnerability to price swings.
• Limited export diversification beyond raw materials.
• Heavy machinery imports indicate industrial development needs.

Uzbekistan Export-Import Structural Gap

Uzbekistan exports mostly raw materials but imports high-value machinery and equipment, showing a classic resource-based economy gap. The lack of overlap in top HS codes (except HS 27 and HS 39) confirms minimal processing trade. This structure suggests untapped potential in local manufacturing—converting cotton (HS 52) into textiles or copper (HS 74) into finished goods could reduce import reliance. The import-heavy machinery sector highlights opportunities for industrial upgrading.

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

Check Detailed Uzbekistan Trade HS Code Breakdown

Uzbekistan 2024 May Top Trading Countries

Uzbekistan Global Trade Key Patterns

Uzbekistan's exports show high concentration, with one unnamed destination accounting for 50.63% ($845.75M) of total exports. Russia (15.82%), Mainland China (6.17%), and neighboring Central Asian countries (Kazakhstan, Kyrgyzstan, Tajikistan) form secondary markets. Imports are more diversified, led by Mainland China (28.19%), Russia (17.87%), and Kazakhstan (7.69%), with notable contributions from South Korea (6.84%) and Turkey (4.78%). Key asymmetries include:

• Export dominance by a single market (risk of overreliance).
• Import diversification across Asia and Europe (supplier risk mitigation).
• Regional trade focus with Russia/Central Asia appearing in both export and import flows.

Uzbekistan Export–Import Geographic Gap

Exports are heavily concentrated (top 3 destinations = 72.62%), while imports spread across 8+ suppliers. The overlap of Russia, Kazakhstan, and Turkey in both lists suggests processing trade or re-export activity. Export markets lean regional (Central Asia + Russia), while imports draw globally (China, South Korea, US, Germany). The structure indicates downstream dependence on a few buyers but upstream diversification—a common pattern for commodity-driven economies.

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 May?

The top exports from Uzbekistan in May 2024 were natural or cultured pearls, precious or semi-precious stones (46.39% of total exports), cotton (8.38%), and copper articles (7.04%).

What are the main products Uzbekistan imports in 2024 May?

Uzbekistan primarily imported nuclear reactors, boilers, and machinery (17.96% of total imports), mineral fuels and oils (11.72%), and electrical machinery (11.03%) in May 2024.

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

Mainland China (28.19% of exports), Russia (17.87%), and Kazakhstan (7.69%) were the leading destinations for Uzbekistan’s exports in May 2024.

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

Uzbekistan’s imports in May 2024 mainly came from Russia (15.82% of imports), Mainland China (6.17%), and Turkey (5.52%).

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

Uzbekistan faced a significant trade deficit of $1.59B in May 2024, with exports dropping 33.4% year-on-year to $1.67B while imports remained nearly flat at $3.26B. The export decline was partly due to reduced gold shipments.