2024 Nov Uzbekistan Trade Data Summary: Deficit Widens

Uzbekistan 2024 Nov Trade Data Key Takeaways

• Market Trend: Uzbekistan trade data shows exports plummeted 57% YoY in Nov 2024, imports dropped 14.4%, widening deficit to $1.86B.
• Key Driver: Uzbekistan import export data reveals heavy reliance on Russia/China for 47% of exports and 51% of imports, amplifying regional demand shocks.
• Structural Gap: Raw material exports (cotton, fuels) vs. machinery/vehicle imports highlight unaddressed industrial upgrading needs.

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

Uzbekistan 2024 Nov Trade Data Trend Overview

• Uzbekistan, a Central Asian economy transitioning from commodity reliance to manufacturing, saw its global trade flows contract sharply in November, with key Uzbekistan global trade data indicating a significant pullback in external demand and domestic investment appetite.
• The latest Uzbekistan import export data shows exports collapsed 57% year-on-year to $1.05 billion, while imports fell 14.4% to $2.91 billion, reflecting broad-based softness in both foreign orders and internal consumption of capital goods and intermediate products.
• This resulted in a monthly trade deficit of $1.86 billion, extending a structural gap that underscores the economy's dependence on imported machinery, equipment, and consumer goods to support its industrial development goals.
• The synchronized downturn likely reflects cooling demand from key regional partners like China and Russia, alongside tighter fiscal conditions and currency pressures that have dampened import purchasing power, with no specific trade policies or disruptions reported during the period to alter these underlying trends.

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

Get Historical Uzbekistan Trade Data

Uzbekistan 2024 Nov Top Trading Products

Uzbekistan Global Trade Core Summary

Uzbekistan's exports are heavily focused on raw materials and agricultural products, with cotton (9.93%), edible vegetables (8.84%), and mineral fuels (8.48%) leading the list. These three categories alone make up over 27% of total exports, showing a strong reliance on primary goods. Meanwhile, imports are dominated by machinery (13.92%), mineral fuels (12.27%), and vehicles (9.71%), indicating a need for industrial and energy inputs. The trade structure suggests an economy dependent on resource exports while importing high-value manufactured goods.

Key takeaways:

• Heavy reliance on cotton and agriculture for exports.
• Significant imports of machinery and vehicles for industrial needs.
• Mineral fuels appear in both export and import lists, suggesting energy trade complexity.

Uzbekistan Export-Import Structural Gap

Uzbekistan exports mostly raw materials (cotton, vegetables, copper) but imports machinery, vehicles, and electrical equipment. This gap highlights an economy still dependent on low-value exports while needing advanced manufacturing inputs. The overlap in mineral fuels (both exported and imported) may indicate refining or re-export activities. The lack of high-value finished goods in exports points to limited industrial upgrading. To reduce dependency, Uzbekistan could focus on processing raw materials domestically before export.

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

Check Detailed Uzbekistan Trade HS Code Breakdown

Uzbekistan 2024 Nov Top Trading Countries

Uzbekistan Global Trade Key Patterns

Uzbekistan's exports are highly concentrated, with Russia (24.2%), Kazakhstan (14.1%), and Mainland China (10.9%) accounting for nearly half of total shipments. Imports also show reliance on a few key suppliers, led by Mainland China (28.3%) and Russia (22.8%). Regional neighbors dominate both flows, with Central Asia (Kazakhstan, Turkmenistan) and nearby countries (Turkey, Afghanistan) playing significant roles. Key asymmetries include China’s stronger position as an import source than export destination and Russia’s balanced two-way trade.

• Exports: Top 3 markets absorb 49.2% of shipments
• Imports: Top 2 suppliers provide 51.1% of inbound goods
• Regional focus: 65% of exports stay within former Soviet/Central Asian sphere
• China gap: 2.6x more import dependence than export reliance

Uzbekistan Export–Import Geographic Gap

Exports and imports both show supplier concentration, but imports are more lopsided—China alone accounts for over a quarter of inbound trade. Russia appears in both top lists, indicating reciprocal trade ties. The structure suggests upstream dependency (imports concentrated in few suppliers) without matching downstream diversification (exports also regional). Overlapping partners like Kazakhstan and Turkey reveal processing trade elements, though limited. Trade remains heavily anchored to immediate neighbors and traditional partners.

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 Nov?

Uzbekistan's top exports in November 2024 were cotton ($103.90M, 9.93%), edible vegetables ($92.51M, 8.84%), and mineral fuels ($88.71M, 8.48%), based on HS code data.

What are the main products Uzbekistan imports in 2024 Nov?

The country primarily imported nuclear reactors/machinery ($404.73M, 13.92%), mineral fuels ($356.66M, 12.27%), and vehicles ($282.26M, 9.71%) during this period.

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

Mainland China ($822.40M, 28.29%), Russia ($663.95M, 22.84%), and Kazakhstan ($264.20M, 9.09%) were the leading export destinations.

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

Russia ($253.02M, 24.18%), Kazakhstan ($147.06M, 14.05%), and Mainland China ($114.35M, 10.93%) were the top import origins.

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

Uzbekistan faced a $1.86B trade deficit, with exports dropping 57% YoY to $1.05B and imports declining 14.4% to $2.91B, reflecting weakened demand and domestic purchasing power.