2024 Whole Year Uzbekistan Global Trade Data Summary: Volatile Exports & Imports

Uzbekistan 2024 Trade Data Key Takeaways

• Market Trend: Uzbekistan trade data shows volatile exports (-3.7% YoY) and imports (-4.1% YoY) amid commodity price swings.
• Key Driver: Uzbekistan import export data reveals gems/metals (39% of exports) and China/Russia (50%+ of imports) dominate trade flows.
• Strategic Risk: Over-reliance on raw material exports and single export market (47%) exposes economy to price shocks.

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

Uzbekistan 2024 Trade Data Overview

• Uzbekistan, a Central Asian energy and commodity exporter, saw its full-year 2024 trade flows reflect typical volatility in resource markets, with global trade data showing export values heavily influenced by raw material pricing cycles.
• The Uzbekistan import export data reveals exports totaled roughly $18.5 billion against imports of $34.1 billion, with exports declining 3.7% year-on-year in December while imports fell 4.1%, indicating synchronized softening in trade volumes.
• This resulted in a significant trade deficit of approximately $15.6 billion for the year, underscoring the structural gap between export earnings and import demand for capital goods and manufactured products.
• Without major trade policy shifts announced during the period, the volatility in monthly export values—including sharp swings like February's 188% surge and November's 47% collapse—likely stemmed from fluctuating global prices for key commodities like gold, natural gas, and cotton.

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

Get Historical Uzbekistan Trade Data

Uzbekistan 2024 Top Trading Products

Uzbekistan Global Trade Core Summary

Uzbekistan's exports are heavily resource-driven, with gems and precious metals (HS 71) making up 39% of total exports. Other key exports include cotton (7%), mineral fuels (7%), and copper (6%). The country also ships agricultural products like fruits, nuts, and vegetables, along with some apparel and vehicles. Imports are dominated by machinery (HS 84, 17%), mineral fuels (11%), electrical equipment (10%), and vehicles (10%), indicating reliance on industrial and energy inputs.

Key takeaways:

• Exports depend on raw materials, risking price volatility.
• Imports focus on machinery and energy, showing industrial needs.
• Limited high-value manufacturing in exports suggests room for growth.

Uzbekistan Export-Import Structural Gap

Uzbekistan exports mostly raw materials (gems, cotton, fuels) but imports machinery, vehicles, and industrial goods. This gap highlights an economy reliant on resource sales while needing foreign equipment for production. Overlap in mineral fuels (both exported and imported) suggests some processing trade. The lack of advanced exports points to untapped potential in manufacturing. To grow, Uzbekistan could invest in turning raw materials into finished goods.

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

Check Detailed Uzbekistan Trade HS Code Breakdown

Uzbekistan 2024 Top Trading Countries

Uzbekistan Global Trade Key Patterns

Uzbekistan's exports show high concentration, with one unnamed country accounting for 47.11% of total exports ($9.21B), followed by Russia (15.26%, $2.98B) and Kazakhstan (6.42%, $1.25B). Imports are more diversified but still rely heavily on Mainland China (29.24%, $10.33B) and Russia (21.81%, $7.70B). Key regional patterns include strong trade ties with neighboring Central Asian countries (Kazakhstan, Kyrgyzstan, Tajikistan) and Russia, while China dominates as a supplier. The top asymmetry is the heavy dependence on a single export destination versus relatively broader import sources.

• Key takeaways:
  • Exports are highly concentrated, with one destination taking nearly half of total shipments.
  • Imports are more diversified but still depend heavily on China and Russia.
  • Regional trade with Central Asia and Russia is significant for both exports and imports.
  • China is the top import source but a smaller export market.

Uzbekistan Export–Import Geographic Gap

Uzbekistan’s exports are heavily skewed toward a single market, while imports come from a wider range of suppliers. The overlap of Russia, Kazakhstan, and Turkey in both export and import lists suggests some processing trade or bilateral exchange. Export markets are more regional (Central Asia and Russia), whereas imports include global players like China, South Korea, and Germany. The structure indicates upstream dependency on a few key suppliers (China, Russia) and downstream reliance on a narrow export base. This imbalance could pose risks if trade relationships with major partners shift.

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 Whole Year?

The top exports were natural or cultured pearls, precious or semi-precious stones (39.33% of exports), cotton (7.12%), mineral fuels and oils (6.83%), and copper articles (6.12%).

What are the main products Uzbekistan imports in 2024 Whole Year?

Key imports included nuclear reactors and machinery (16.74% of imports), mineral fuels and oils (11.19%), electrical machinery (9.83%), and vehicles (9.79%).

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

Mainland China received 29.24% of exports, followed by Russia (21.81%), Kazakhstan (7.82%), and South Korea (5.25%).

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

Russia was the largest import source (15.26%), followed by Kazakhstan (6.42%), Mainland China (6.07%), and Turkey (4.98%).

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

Uzbekistan had a significant trade deficit of $15.6 billion, with exports ($18.5B) far below imports ($34.1B), reflecting reliance on capital goods and commodity price volatility.