2024 Q1 Uzbekistan Global Trade Data Summary: Export Surge

Uzbekistan 2024 Q1 Trade Data Key Takeaways

• Market Trend: Uzbekistan trade data shows exports surged 10.88% in March 2024, narrowing the trade deficit to $553M.
• Key Driver: Uzbekistan import export data reveals gems/metals (HS 71) dominate exports, while machinery (HS 84) leads imports.
• Strategic Risk: Over 57% export reliance on one buyer and China/Russia import dependence heightens vulnerability.

Analysis covers 2024 Q1 based on sanitized customs records from the yTrade database.

Uzbekistan 2024 Q1 Trade Data Trend Overview

• Uzbekistan, a Central Asian energy and commodity exporter, saw its Uzbekistan global trade data for Q1 2024 defined by a powerful export surge and steady import demand.
• The nation’s Uzbekistan import export data shows exports grew 10.88% year-on-year in March to $2.37B, while imports for the same month increased 1.8% to $2.92B.
• This resulted in a quarterly trade deficit, though it narrowed significantly from January's $2.1B shortfall to a $553M deficit in March.
• The export acceleration, particularly in February, was likely driven by typical commodity shipment scheduling and stable global demand for its core exports, absent any major new trade policy announcements.

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

Get Historical Uzbekistan Trade Data

Uzbekistan 2024 Q1 Top Trading Products

Uzbekistan Global Trade Core Summary

Uzbekistan’s exports are heavily concentrated in gems and precious metals (HS 71), which account for over half of total export value. Other key exports include cotton (HS 52), copper (HS 74), and mineral fuels (HS 27), reflecting a resource-driven trade structure. Imports are dominated by machinery (HS 84), vehicles (HS 87), and electrical equipment (HS 85), indicating reliance on industrial and consumer goods. The trade profile shows high export concentration but diversified imports, with potential risks from over-dependence on a few commodities.

Key Takeaways:

• Gems and metals dominate exports, creating vulnerability to price swings.
• Cotton and copper are secondary export pillars but lack high-value processing.
• Imports focus on machinery and vehicles, suggesting industrial and infrastructure needs.
• Limited overlap between top exports and imports points to low domestic manufacturing depth.

Uzbekistan Export-Import Structural Gap

Uzbekistan exports raw materials (gems, cotton, copper) but imports finished goods (machinery, vehicles, electronics), highlighting a gap in industrial capacity. The lack of significant HS code overlap suggests minimal processing trade. High machinery imports signal opportunities for local production or assembly to reduce dependence. The country’s trade balance likely leans toward imports, given the higher value and diversity of imported goods. Strengthening mid-stream manufacturing could bridge this gap.

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

Check Detailed Uzbekistan Trade HS Code Breakdown

Uzbekistan 2024 Q1 Top Trading Countries

Uzbekistan Global Trade Key Patterns

Uzbekistan's exports show extreme concentration, with 57% going to one unnamed destination, followed by Russia (12%) and Mainland China (5%). The remaining top 10 export markets are regional neighbors like Kazakhstan, Turkey, and Afghanistan, totaling 24% combined. Imports are more diversified but still rely heavily on two suppliers: Mainland China (29%) and Russia (23%), with Kazakhstan (7%) and South Korea (6%) as secondary sources. Key takeaways:

• Exports depend on one dominant buyer (57% share) and regional markets.
• Imports lean on China and Russia, accounting for over half of inbound trade.
• Regional trade dominates both flows, with Central Asia and nearby partners prominent.

Uzbekistan Export–Import Geographic Gap

Exports are hyper-concentrated (single-market dependence) while imports are moderately diversified but still reliant on two key suppliers. Overlapping partners like Russia, China, and Kazakhstan suggest processing trade or re-export activity. The structure reveals upstream dependency (imports from major economies) and downstream focus on a narrow export base. Trade ties are strongly regional, with limited global reach beyond core 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 Q1?

Uzbekistan's top exports in Q1 2024 were natural or cultured pearls, precious or semi-precious stones (52.12% of exports, $2.75B), followed by cotton (7.59%, $400.09M) and copper articles (4.58%, $241.59M).

What are the main products Uzbekistan imports in 2024 Q1?

The country primarily imported nuclear reactors, boilers, and machinery (16.89%, $1.48B), mineral fuels and oils (11.62%, $1.02B), and vehicles (11.19%, $979.59M).

Which countries are the top destinations for Uzbekistan's exports in 2024 Q1?

Mainland China was the largest export destination (29.18%, $2.55B), followed by Russia (22.98%, $2.01B) and Kazakhstan (7.20%, $630.13M).

Which countries supply most of Uzbekistan's imports in 2024 Q1?

Russia was the leading import source (11.98%, $631.89M), followed by Mainland China (5.43%, $286.26M) and Turkey (4.78%, $252.21M).

How balanced are Uzbekistan's export and import markets in 2024 Q1?

Uzbekistan had a trade deficit in Q1 2024, though it narrowed from $2.1B in January to $553M in March, with exports growing 10.88% YoY in March while imports rose 1.8%.

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