2024 Oct Uzbekistan Global Trade Data Summary: Exports Plummet

Uzbekistan 2024 Oct Trade Data Key Takeaways

• Market Trend: Uzbekistan trade data shows exports down 14.5% YoY, widening trade deficit to $1.19B in Oct 2024.
• Key Driver: Uzbekistan import export data reveals gems/metals (44.6% of exports) and Chinese machinery (31.6% of imports) dominate flows.
• Strategic Risk: Overdependence on single export market (52.1%) and raw materials exposes economy to price shocks.

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

Uzbekistan 2024 Oct Trade Data Trend Overview

• Uzbekistan, a landlocked Central Asian economy aggressively pursuing WTO accession and regional trade hub status, saw its October 2024 Uzbekistan global trade data reflect the pressures of its ongoing transition.
• The nation's Uzbekistan import export data for the period showed exports contracting 14.5% YoY to $1.98B, while imports fell a more modest 4.7% to $3.17B, indicating persistent domestic demand for foreign capital and consumer goods.
• This divergence resulted in a significant trade deficit of $1.19B for the month, continuing a structural pattern for the import-dependent, reforming economy.
• The pronounced export slump aligns with the World Bank's focus on implementing policy reforms to spur international trade and private sector growth, as the country works to streamline export procedures and dismantle trade barriers [World Bank].

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

Get Historical Uzbekistan Trade Data

Uzbekistan 2024 Oct Top Trading Products

Uzbekistan Global Trade Core Summary

Uzbekistan's exports are heavily concentrated in raw materials and agricultural products, with gems and precious metals (HS 71) making up 44.6% of total exports. Other key exports include mineral fuels (5.5%), copper (5.5%), edible fruits (5.4%), and cotton (4.8%). This shows a resource-driven economy with limited manufacturing exports. Imports, however, are dominated by machinery (HS 84, 16.3%), vehicles (HS 87, 10.6%), and electrical equipment (HS 85, 9%), indicating reliance on foreign industrial goods. Key takeaways:

• High export dependence on gems/metals, creating vulnerability to price swings.
• Low-value-added exports, with minimal machinery or finished goods.
• Import-heavy industrial sector, requiring machinery and vehicles for development.

Uzbekistan Export-Import Structural Gap

Uzbekistan exports raw materials but imports high-value machinery and equipment, highlighting an underdeveloped manufacturing base. The lack of overlap in top HS codes (except mineral fuels) suggests limited processing trade. The country relies on imports for industrial growth, while exports remain tied to natural resources. This gap presents an opportunity to move up the value chain, such as processing cotton or copper domestically instead of exporting them raw. The trade structure reflects a developing economy transitioning from agriculture/mining to industrialization.

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

Check Detailed Uzbekistan Trade HS Code Breakdown

Uzbekistan 2024 Oct Top Trading Countries

Uzbekistan Global Trade Key Patterns

Uzbekistan's exports show high concentration, with one unnamed destination accounting for 52.08% ($1.03B) of total exports. Other key markets are regional, including Russia (12.86%), Kazakhstan (6.27%), and Mainland China (5.79%). Imports are more diversified but still rely heavily on Mainland China (31.57%, $999.49M) and Russia (21.66%, $685.67M). Regional neighbors like Kazakhstan (8.22%) and Turkey (4.77%) also play significant roles. Key takeaways:

• Exports are heavily dependent on a single market.
• Imports are more balanced but still lean on China and Russia.
• Trade flows are strongly regional, with Central Asia and nearby partners dominating.

Uzbekistan Export–Import Geographic Gap

Exports are highly concentrated, while imports are more spread out but still dependent on a few key suppliers. Both exports and imports involve overlapping partners like Russia, Kazakhstan, and China, suggesting processing trade or re-export activity. The structure shows upstream dependency (imports from major economies) and downstream concentration (exports to a few markets). Trade ties are regional, with limited global diversification. This points to potential vulnerabilities in supply chains and export markets.

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 Oct?

Uzbekistan's top exports in October 2024 were natural or cultured pearls (44.61%, $883.97M), mineral fuels (5.52%, $109.31M), and copper (5.51%, $109.23M), based on HS code data.

What are the main products Uzbekistan imports in 2024 Oct?

The country primarily imported nuclear reactors/machinery (16.32%, $516.79M), vehicles (10.61%, $336.06M), and electrical equipment (9.00%, $284.83M) during this period.

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

Mainland China received 52.08% ($1.03B) of Uzbekistan's exports, followed by Russia (12.86%, $254.76M) and Kazakhstan (6.27%, $124.16M).

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

Mainland China was the largest import source (31.57%, $999.49M), with Russia (21.66%, $685.67M) and Kazakhstan (8.22%, $260.24M) as other key suppliers.

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

Uzbekistan faced a $1.19B trade deficit, with exports declining 14.5% YoY to $1.98B and imports dropping 4.7% to $3.17B, reflecting persistent import dependency.