Uzbekistan - South Korea Trade 2023 Whole Year: Lopsided Tech-for-Resource Exchange

Key Market Takeaways: Uzbekistan - South Korea Trade

The bilateral trade relationship between Uzbekistan and South Korea is marked by volatile growth and a heavy deficit in 2023.

• Economic Pulse: Uzbekistan ran a $2.35B trade deficit with South Korea, driven by $2.37B in imports (vehicles, machinery) versus just $24.22M in exports (cotton, wood pulp). Volatility spiked with double-digit monthly swings.
• Exchange Structure: Uzbekistan - South Korea trade statistics reveal a resource-for-tech model—raw materials (cotton, wood pulp) flow out, while high-value manufactured goods (vehicles, electronics) dominate imports.
• Strategic Interdependence: South Korea holds the upper hand in value chains, with Uzbekistan dependent on its industrial inputs. The partnership remains complementary but lopsided.

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

Uzbekistan-South Korea Trade Trend in Whole Year 2023

Uzbekistan Export Performance: Shipments to South Korea

• Total Volume: $24.22M in 2023.
• Growth Trend & Context:
  • YoY trends were highly volatile, with sharp declines in Jan (-41.41%), Mar (-40.54%), and Nov (-37.53%), offset by surges in Aug (64.49%) and Oct (100.69%).
  • No specific trade news to explain fluctuations.
• Key Volatility: Feb saw a 109.47% MoM jump, while Nov dropped 45.54% MoM.

Uzbekistan Import Performance: Sourcing from South Korea

• Total Volume: $2.37B in 2023.
• Growth Trend & Context:
  • YoY shifts ranged from -32.46% (Jan) to +76.88% (Jul), reflecting inconsistent demand or supply chain adjustments.
• Key Volatility: Mar posted an 81.87% MoM surge, while Jun fell 36.96% MoM.

Uzbekistan - South Korea Trade Balance & Market Dynamics

• Net Position: Trade Deficit of ~$2.35B (Imports dwarfed Exports).
• Relationship Status: Heavy reliance on South Korean imports, with exports remaining marginal.

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

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

Get Historical Uzbekistan South Korea Trade Records

Uzbekistan-South Korea Top Trading Products in Whole Year 2023

Uzbekistan Export Profile: What Does Uzbekistan Sell to South Korea

• Top Commodity: Cotton (HS 52) dominates exports, accounting for 24.13% of total shipments to South Korea.
• Demand Driver: South Korea imports raw materials like cotton (HS 52) and wood pulp (HS 47) for textile and paper manufacturing, indicating industrial processing needs.
• Concentration: The top two categories (cotton and wood pulp) make up 46.61% of exports, showing moderate concentration.

Uzbekistan Import Profile: What Does Uzbekistan Buy from South Korea

• Top Commodity: Vehicles (HS 87) are the largest import, representing 48.66% of total purchases from South Korea.
• Dependency Nature: Uzbekistan relies heavily on South Korean machinery (HS 84) and vehicles, highlighting critical technology and industrial input dependency.

Uzbekistan - South Korea Trade Relationship Dynamics

• The Exchange Model: Resource-for-Tech Complementarity—Uzbekistan supplies raw materials (cotton, wood pulp) while importing high-value manufactured goods (vehicles, machinery).
• Value Chain Position: South Korea holds the higher value-add position, exporting complex products (vehicles, electronics) versus Uzbekistan’s raw material exports.

Import Analysis by Product: South Korea to Uzbekistan (Source: yTrade)

Export Analysis by Product: Uzbekistan to South Korea (Source: yTrade)

Check Detailed Uzbekistan-South Korea Trade HS Code Breakdown

Future Outlook & Strategic Recommendations

Forecast

The Uzbekistan-South Korea trade relationship is expected to remain volatile yet structurally complementary in 2024. Uzbekistan’s export performance will likely stay erratic due to raw material price swings and inconsistent demand, while imports of South Korean vehicles and machinery may stabilize as Uzbekistan modernizes its industrial base. The $2.35B trade deficit will persist unless Uzbekistan diversifies exports beyond cotton and wood pulp. Traders should anticipate short-term spikes in raw material demand but prepare for prolonged import dependency on high-value South Korean goods.

Strategic Moves

• Diversify Export Basket: Uzbek exporters must expand beyond cotton (HS 52) and wood pulp (HS 47) by targeting niche South Korean demand for processed textiles, minerals, or agricultural goods to reduce reliance on volatile commodity markets.
• Lock in Long-Term Supply Contracts: Importers of South Korean machinery (HS 84) and vehicles (HS 87) should negotiate multi-year agreements to hedge against price fluctuations and ensure stable access to critical industrial inputs.
• Leverage Trade Diplomacy: The Uzbek government must prioritize bilateral talks to secure tariff reductions or investment partnerships, particularly in automotive and tech sectors, to rebalance the trade deficit and attract value-add manufacturing.

Frequently Asked Questions

How did Uzbekistan - South Korea trade perform in 2023 Whole Year?

Uzbekistan exported $24.22M to South Korea and imported $2.37B, resulting in a trade deficit of ~$2.35B. Exports showed volatile growth, while imports had inconsistent demand shifts.

What are the top exports from Uzbekistan to South Korea?

The top exports are cotton (HS 52) and wood pulp (HS 47), accounting for 46.61% of total shipments to South Korea.

What does Uzbekistan import from South Korea?

Uzbekistan primarily imports vehicles (HS 87) and machinery (HS 84) from South Korea, with vehicles alone making up 48.66% of total imports.

What is the trade balance between Uzbekistan and South Korea?

Uzbekistan recorded a trade deficit of ~$2.35B in 2023, as imports from South Korea significantly outweighed exports.