Uzbekistan - South Korea Trade 2023 Q1: Deficit & Resource-Tech Gap

Key Market Takeaways: Uzbekistan - South Korea Trade

The bilateral trade relationship between Uzbekistan and South Korea is marked by heavy reliance on South Korean imports and minimal export traction in Q1 2023.

• Trade Deficit Dominates: Uzbekistan posted a $560.89M deficit ($566.44M imports vs. $5.55M exports), with volatile YoY swings—March imports surged 44.66% while exports faced sharp declines.
• Resource-for-Tech Exchange: Uzbekistan - South Korea trade statistics reveal a lopsided raw materials-for-manufactured goods dynamic: cotton (32.72% of exports) vs. vehicles (56.08% of imports) and machinery.
• Asymmetric Interdependence: South Korea holds the high-value position, supplying critical industrial inputs, while Uzbekistan remains a niche raw material supplier.

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

Uzbekistan-South Korea Trade Trend in Q1 2023

Uzbekistan Export Performance: Shipments to South Korea

• Total Volume: $5.55M in Q1 2023.
• Growth Trend & Context:
  • YoY volatility: Sharp declines in January (-41.41%) and March (-40.54%), offset by a modest 5.55% rise in February.
• Key Volatility: February saw a 109.47% MoM surge, the highest growth month.

Uzbekistan Import Performance: Sourcing from South Korea

• Total Volume: $566.44M in Q1 2023.
• Growth Trend & Context:
  • Mixed YoY performance: March imports jumped 44.66%, but January and February fell -32.46% and -16.83% respectively.
• Key Volatility: March dominated with an 81.87% MoM spike, signaling a rebound.

Uzbekistan - South Korea Trade Balance & Market Dynamics

• Net Position: Trade deficit of $560.89M (Imports of $566.44M vs. Exports of $5.55M).
• Relationship Status: Heavy reliance on South Korean imports, with minimal export traction.

Uzbekistan Import Trend from South Korea 2023 Q1 (Source: yTrade)**

Uzbekistan Export Trend to South Korea 2023 Q1 (Source: yTrade)**

Get Historical Uzbekistan South Korea Trade Records

Uzbekistan-South Korea Top Trading Products in Q1 2023

Uzbekistan Export Profile: What Does Uzbekistan Sell to South Korea

• Top Commodity: Cotton (HS 52) dominates exports, accounting for 32.72% of total shipments to South Korea.
• Demand Driver: South Korea imports Uzbek cotton for textile manufacturing, reflecting industrial processing needs.
• Concentration: Trade is moderately concentrated, with the top 3 commodities (cotton, wood pulp, and stone/articles) making up 68% of exports.

Uzbekistan Import Profile: What Does Uzbekistan Buy from South Korea

• Top Commodity: Vehicles (HS 87) lead imports, representing 56.08% of total purchases from South Korea.
• Dependency Nature: Uzbekistan relies heavily on South Korean automotive and machinery (HS 84, 12.56%)—critical for industrial and technological advancement.

Uzbekistan - South Korea Trade Relationship Dynamics

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

Uzbekistan’s trade deficit with South Korea is expected to persist in the near term, driven by heavy reliance on high-value imports like vehicles and machinery. However, March’s rebound in imports (+44.66% YoY) signals renewed demand, while February’s export surge (+109.47% MoM) suggests potential for raw material trade growth. The resource-for-tech complementarity will likely deepen, but Uzbek exporters must address volatility by diversifying beyond cotton (32.72% of exports) to stabilize earnings. Without intervention, the $560.89M deficit could widen further.

Strategic Moves

• Diversify Export Basket: Uzbek traders should aggressively market secondary commodities like wood pulp and stone/articles (top 3 exports) to reduce over-reliance on cotton and capture niche demand in South Korea’s manufacturing sector.
• Lock in Long-Term Tech Contracts: Importers of South Korean vehicles (56.08% of imports) and machinery (12.56%) must negotiate multi-year supply agreements to hedge against price fluctuations and ensure stable industrial inputs.
• Pursue FDI in Value-Add Industries: Uzbekistan should incentivize South Korean investment in local automotive or textile processing to shift from raw material exports to higher-margin finished goods, narrowing the trade gap.

Frequently Asked Questions

How did Uzbekistan - South Korea trade perform in 2023 Q1?

Uzbekistan's exports to South Korea totaled $5.55M in Q1 2023, with mixed YoY growth, while imports from South Korea reached $566.44M, showing a rebound in March.

What are the top exports from Uzbekistan to South Korea?

The top exports are cotton (HS 52), wood pulp, and stone/articles, with cotton alone accounting for 32.72% of total shipments.

What does Uzbekistan import from South Korea?

Uzbekistan primarily imports vehicles (HS 87, 56.08% of total) and machinery (HS 84, 12.56%) from South Korea.

What is the trade balance between Uzbekistan and South Korea?

Uzbekistan recorded a trade deficit of $560.89M in Q1 2023, driven by heavy reliance on South Korean imports versus minimal export traction.