Uzbekistan - Russia Trade 2023 Whole Year: $3.66B Deficit

Key Market Takeaways: Uzbekistan - Russia Trade

The bilateral trade relationship between Uzbekistan and Russia is marked by growth, volatility, and a significant deficit in 2023.

• Economic Pulse: Uzbekistan runs a $3.66B trade deficit with Russia, importing $6.49B (primarily energy and industrial inputs) while exporting $2.83B (led by apparel and agriculture).
• Exchange Structure: Uzbekistan - Russia trade statistics reveal a resource-for-tech complementarity—Uzbekistan supplies low-value consumer goods and food, while Russia dominates with high-value energy (HS 27) and metals (HS 72).
• Strategic Interdependence: Heavy Uzbek reliance on Russian fuel and manufacturing inputs underscores an asymmetric but entrenched partnership.

This bilateral trade snapshot is based on verified customs data from the yTrade database.

Uzbekistan-Russia Trade Trend in Whole Year 2023

Uzbekistan Export Performance: Shipments to Russia

• Total Volume: $2.83B in exports to Russia in 2023.
• Growth Trend & Context:
  • Mixed YoY performance, with February (+41.8%) and September (+14.17%) showing strong growth, while August (-4.47%) and December (-10.52%) saw declines.
  • No significant news to explain volatility.
• Key Volatility: March saw a sharp MoM drop (-37.35%), while April rebounded with a 40.68% surge.

Uzbekistan Import Performance: Sourcing from Russia

• Total Volume: $6.49B in imports from Russia in 2023.
• Growth Trend & Context:
  • YoY growth was uneven, with May (+58.21%) and March (+38.63%) peaks contrasting with June (-32.69%) and September (-6.18%) contractions.
• Key Volatility: June recorded the steepest MoM decline (-49.75%), while May and July saw spikes above 40% MoM.

Uzbekistan - Russia Trade Balance & Market Dynamics

• Net Position: Trade deficit of $3.66B (Imports $6.49B > Exports $2.83B).
• Relationship Status: Heavy reliance on Russian imports, with exports failing to offset the imbalance.

Uzbekistan Import Trend from Russia 2023 Whole Year (Source: yTrade)**

Uzbekistan Export Trend to Russia 2023 Whole Year (Source: yTrade)**

Get Historical Uzbekistan Russia Trade Records

Uzbekistan-Russia Top Trading Products in Whole Year 2023

Uzbekistan Export Profile: What Does Uzbekistan Sell to Russia

• Top Commodity: Apparel (HS 61) dominates with a 22.05% share.
• Demand Driver: Russia imports consumer goods like clothing (HS 61) and textiles (HS 52) to meet domestic retail demand. Agricultural exports (HS 08, 07) suggest Uzbekistan supplies Russia’s food needs.
• Concentration: The top 3 exports (HS 61, 52, 08) account for 46.62%, indicating moderate diversification.

Uzbekistan Import Profile: What Does Uzbekistan Buy from Russia

• Top Commodity: Mineral fuels (HS 27) lead at 19.34%, followed by steel (HS 72) at 15.37%.
• Dependency Nature: Energy (HS 27) and industrial inputs (HS 72, 73) reveal Uzbekistan’s reliance on Russia for fuel and manufacturing materials.

Uzbekistan - Russia Trade Relationship Dynamics

• The Exchange Model: Resource-for-Tech Complementarity—Uzbekistan exports consumer goods/agriculture (low-tech) in exchange for energy/industrial inputs (high-tech).
• Value Chain Position: Russia holds higher value-add, supplying critical energy and metals, while Uzbekistan’s exports are lower-value finished goods.

Import Analysis by Product: Russia to Uzbekistan (Source: yTrade)

Export Analysis by Product: Uzbekistan to Russia (Source: yTrade)

Check Detailed Uzbekistan-Russia Trade HS Code Breakdown

Future Outlook & Strategic Recommendations

Forecast

The Uzbekistan-Russia trade relationship is expected to remain volatile in the near term, driven by fluctuating demand for Russian energy and industrial inputs. Uzbekistan’s persistent trade deficit ($3.66B in 2023) highlights structural dependency, but export growth in apparel (HS 61) and agriculture (HS 08, 07) could narrow the gap if expanded strategically. However, geopolitical and logistical risks may disrupt supply chains, particularly for critical imports like mineral fuels (HS 27). Traders should prepare for price swings and potential shortages in key commodities.

Strategic Moves

• Diversify Import Sources: Reduce reliance on Russian energy (HS 27) by securing alternative suppliers in Central Asia or the Middle East to mitigate supply shocks.
• Boost High-Value Exports: Expand beyond low-margin textiles (HS 61, 52) by investing in processed agricultural goods or light manufacturing to capture higher returns.
• Lock In Long-Term Contracts: For critical Russian imports (e.g., steel, HS 72), negotiate fixed-price agreements to hedge against volatility and ensure stable input costs.

Frequently Asked Questions

How did Uzbekistan - Russia trade perform in 2023 Whole Year?

Uzbekistan exported $2.83B to Russia and imported $6.49B, resulting in mixed growth trends with notable monthly volatility.

What are the top exports from Uzbekistan to Russia?

The top exports are apparel (HS 61), textiles (HS 52), and agricultural products (HS 08, 07), accounting for 46.62% of total exports.

What does Uzbekistan import from Russia?

Uzbekistan primarily imports mineral fuels (HS 27), steel (HS 72), and other industrial inputs, reflecting reliance on Russian energy and manufacturing materials.

What is the trade balance between Uzbekistan and Russia?

Uzbekistan recorded a trade deficit of $3.66B with Russia, driven by higher imports of energy and industrial goods compared to exports.