Uzbekistan - South Korea Trade 2024 Whole Year: Deficit-Driven Exchange

Key Market Takeaways: Uzbekistan - South Korea Trade

The bilateral trade relationship between Uzbekistan and South Korea is marked by a heavy import dependency and volatile growth trends in 2024.

• Deficit-Driven Trade: Uzbekistan runs a $1.84B trade deficit with South Korea, importing $1.86B (mostly vehicles and machinery) while exporting just $19.86M (primarily mineral fuels).
• Resource-for-Tech Exchange: Uzbekistan - South Korea trade statistics reveal a lopsided structure: raw materials (fuels, pulp) flow east, while high-value manufactured goods (cars, electronics) dominate imports.
• Asymmetric Interdependence: South Korea holds the strategic advantage, supplying critical industrial inputs, while Uzbekistan remains a niche commodity supplier.

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

Uzbekistan-South Korea Trade Trend in Whole Year 2024

Uzbekistan Export Performance: Shipments to South Korea

• Total Volume: $19.86M in 2024.
• Growth Trend & Context:
  • YoY trends were mixed, with sharp declines in Feb (-33.71%), Mar (-47.0%), Apr (-45.4%), May (-53.65%), and Aug (-37.51%).
  • Notable rebounds in Jul (30.05% YoY) and Dec (177.08% YoY).
• Key Volatility: Dec saw the highest MoM surge (+107.51%), while Nov had the steepest drop (-51.1%).

Uzbekistan Import Performance: Sourcing from South Korea

• Total Volume: $1.86B in 2024.
• Growth Trend & Context:
  • YoY declines dominated, especially in Mar (-45.12%), Jul (-53.54%), and Aug (-49.68%).
  • Only Jan (+21.85%) and Feb (+21.72%) showed positive YoY growth.
• Key Volatility: May had the largest MoM jump (+57.03%), while Jun saw the sharpest fall (-38.77%).

Uzbekistan - South Korea Trade Balance & Market Dynamics

• Net Position: Trade Deficit of $1.84B (Imports $1.86B vs. Exports $19.86M).
• Relationship Status: Uzbekistan is heavily dependent on imports from South Korea, with minimal export activity.

Uzbekistan Import Trend from South Korea 2024 Whole Year (Source: yTrade)**

Uzbekistan Export Trend to South Korea 2024 Whole Year (Source: yTrade)**

Get Historical Uzbekistan South Korea Trade Records

Uzbekistan-South Korea Top Trading Products in Whole Year 2024

Uzbekistan Export Profile: What Does Uzbekistan Sell to South Korea

• Top Commodity: Rank #1 export is Mineral fuels (HS 27), accounting for 31.42% of total exports to South Korea.
• Demand Driver: South Korea likely uses these for industrial processing, given the dominance of raw materials (fuels, pulp/paper, ores) in the export mix.
• Concentration: Trade is moderately concentrated, with the top 3 categories (fuels, pulp/paper, oilseeds) making up 67% of exports.

Uzbekistan Import Profile: What Does Uzbekistan Buy from South Korea

• Top Commodity: Rank #1 import is Vehicles (HS 87), representing 40.28% of total imports from South Korea.
• Dependency Nature: Critical technology dependency, as imports are dominated by machinery (HS 84-85), vehicles, and plastics—key inputs for Uzbekistan’s industrial and consumer sectors.

Uzbekistan - South Korea Trade Relationship Dynamics

• The Exchange Model: Resource-for-Tech Complementarity. Uzbekistan supplies raw materials (fuels, pulp, textiles), while South Korea exports high-value manufactured goods (vehicles, machinery, electronics).
• Value Chain Position: South Korea holds the higher value-add position, exporting complex products (automobiles, industrial equipment) versus Uzbekistan’s commodity-heavy 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 for Uzbekistan - South Korea Trade

The Uzbekistan-South Korea trade relationship is likely to remain volatile in the near term, with Uzbekistan’s heavy reliance on South Korean imports sustaining its $1.84B deficit. While raw material exports (fuels, pulp) may rebound modestly—especially if South Korea’s industrial demand stabilizes—the structural imbalance will persist without diversification. Expect continued pressure on Uzbekistan’s trade balance, compounded by fluctuating commodity prices and South Korea’s dominance in high-value sectors like vehicles and machinery.

Strategic Moves for Traders & Policymakers

• Diversify Export Markets: Uzbek exporters must reduce dependence on South Korea by targeting emerging Asian markets for minerals and textiles, leveraging regional trade pacts.
• Secure Long-term Tech Partnerships: Uzbek importers should negotiate fixed-price contracts for critical machinery and vehicle components to mitigate price volatility and supply chain disruptions.
• Invest in Value-Added Processing: Uzbekistan’s government and private sector must prioritize upgrading raw material processing (e.g., refining fuels, textile finishing) to capture higher margins and reduce the tech trade gap.

Frequently Asked Questions

How did Uzbekistan - South Korea trade perform in 2024 Whole Year?

Uzbekistan exported $19.86M to South Korea, with mixed YoY trends, while imports totaled $1.86B, showing dominant YoY declines.

What are the top exports from Uzbekistan to South Korea?

The top exports are Mineral fuels (HS 27), pulp/paper, and oilseeds, accounting for 67% of total exports.

What does Uzbekistan import from South Korea?

The top imports are Vehicles (HS 87), machinery (HS 84-85), and plastics, reflecting a technology dependency.

What is the trade balance between Uzbekistan and South Korea?

Uzbekistan recorded a trade deficit of $1.84B, driven by heavy reliance on imports from South Korea.