Uzbekistan - Russia Trade 2023 Q2: $850M Deficit

Key Market Takeaways: Uzbekistan - Russia Trade

The bilateral trade relationship between Uzbekistan and Russia shows growth with volatile imbalances in Q2 2023.

• Economic Pulse: Uzbekistan runs an $850M trade deficit with Russia, driven by $1.51B in imports (energy-heavy) vs. $660M in exports (textile-focused).
• Exchange Structure: Uzbekistan - Russia trade statistics reveal a resource-for-tech complementarity—apparel and nuts flow north, while fuels and steel dominate southbound shipments.
• Strategic Interdependence: Russia anchors Uzbekistan’s energy and industrial supply chains, but export diversification remains limited.

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

Uzbekistan-Russia Trade Trend in Q2 2023

Uzbekistan Export Performance: Shipments to Russia

• Total Volume: $659.97M in Q2 2023.
• Growth Trend & Context: Exports grew YoY in all months (Apr: +1.14%, May: +13.08%, Jun: +5.28%), signaling steady demand. No disruptive trade policies were reported.
• Key Volatility: April saw the sharpest MoM surge (+40.68%), while growth tapered to +12.28% by June.

Uzbekistan Import Performance: Sourcing from Russia

• Total Volume: $1.51B in Q2 2023.
• Growth Trend & Context: Mixed YoY performance (Apr: +4.51%, May: +58.21%, Jun: -32.69%), suggesting volatile procurement patterns.
• Key Volatility: May imports spiked 42.96% MoM, then halved in June (-49.75%), indicating potential inventory corrections.

Uzbekistan - Russia Trade Balance & Market Dynamics

• Net Position: Trade deficit of $850.03M (Imports exceeded exports by this margin).
• Relationship Status: Heavy reliance on Russian imports, with exports failing to offset the imbalance. Volatility in imports points to uneven supply chain dynamics.

Uzbekistan Import Trend from Russia 2023 Q2 (Source: yTrade)**

Uzbekistan Export Trend to Russia 2023 Q2 (Source: yTrade)**

Get Historical Uzbekistan Russia Trade Records

Uzbekistan-Russia Top Trading Products in Q2 2023

Uzbekistan Export Profile: What Does Uzbekistan Sell to Russia

• Top Commodity: HS Code 61 (Knitted apparel) dominates at 19.07% of exports.
• Demand Driver: Russia imports consumer goods like apparel (HS 61) and edible nuts (HS 08) to meet domestic retail demand.
• Concentration: No single category exceeds 50%, but the top 4 exports (HS 61, 08, 52, 07) account for 59.11%, indicating moderate concentration in textiles and agriculture.

Uzbekistan Import Profile: What Does Uzbekistan Buy from Russia

• Top Commodity: HS Code 27 (Mineral fuels, oils) leads with 21.33% of imports.
• Dependency Nature: Energy imports (HS 27) and steel products (HS 72, 73) suggest reliance on Russia for industrial inputs and energy security.

Uzbekistan - Russia Trade Relationship Dynamics

• The Exchange Model: Resource-for-Tech Complementarity—Uzbekistan supplies textiles and agricultural goods (consumer focus) while importing energy and industrial materials (production focus).
• Value Chain Position: Russia holds higher value-add, exporting processed fuels and metals, while Uzbekistan’s exports are lower-value consumer 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

Uzbekistan’s trade with Russia is likely to remain volatile in the near term, driven by uneven import demand and persistent energy dependency. While exports of textiles and agricultural goods (HS 61, 08) will sustain steady growth due to Russian retail demand, imports of fuels (HS 27) and industrial materials (HS 72, 73) may face supply chain disruptions or price fluctuations. The trade deficit will persist unless Uzbekistan accelerates export diversification or secures alternative energy suppliers.

Strategic Moves

• Diversify Export Markets: Uzbek exporters should target new buyers in Asia and Europe to reduce reliance on Russian demand, particularly for high-growth categories like edible nuts (HS 08) and cotton (HS 52).
• Lock in Energy Contracts: Given Russia’s dominance in mineral fuels (HS 27), Uzbek importers must negotiate long-term supply agreements to hedge against price volatility and potential geopolitical shocks.
• Upgrade Textile Value Chains: To counter Russia’s higher-value exports, Uzbekistan should invest in textile finishing and branding to move beyond low-margin apparel (HS 61) and capture more of the consumer retail premium.

Frequently Asked Questions

How did Uzbekistan - Russia trade perform in 2023 Q2?

Uzbekistan's exports to Russia grew YoY, reaching $659.97M, while imports totaled $1.51B, showing mixed YoY performance with significant volatility.

What are the top exports from Uzbekistan to Russia?

The top exports include knitted apparel (HS 61), edible nuts (HS 08), and textiles (HS 52), accounting for 59.11% of total exports.

What does Uzbekistan import from Russia?

Uzbekistan primarily imports mineral fuels and oils (HS 27) and steel products (HS 72, 73), reflecting reliance on energy and industrial inputs.

What is the trade balance between Uzbekistan and Russia?

Uzbekistan recorded a trade deficit of $850.03M, with imports significantly exceeding exports, indicating heavy reliance on Russian goods.