Uzbekistan - South Korea Trade 2024 Q1: $500M Deficit

Key Market Takeaways: Uzbekistan - South Korea Trade

The bilateral trade relationship between Uzbekistan and South Korea reflects heavy reliance on South Korean imports with minimal export reciprocity in Q1 2024.

• $500.98M Deficit: Uzbekistan imported $505.13M from South Korea but exported only $4.15M, highlighting a structural trade imbalance.
• Resource-for-Tech Exchange: Uzbekistan supplies raw materials like mineral fuels (43% of exports) while importing high-value goods like vehicles (46.55% of imports) and machinery.
• Asymmetric Dependence: South Korea dominates the value chain, with Uzbekistan dependent on its advanced manufacturing exports.

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

Uzbekistan-South Korea Trade Trend in Q1 2024

Uzbekistan Export Performance: Shipments to South Korea

• Total Volume: $4.15M in Q1 2024.
• Growth Trend & Context:
  • YoY declines dominated (-33.71% in Feb, -47.0% in Mar), signaling weakening demand or competitive shifts. No news to contextualize.
• Key Volatility: January saw a 76.5% MoM surge, but momentum reversed sharply in February (-8.95%).

Uzbekistan Import Performance: Sourcing from South Korea

• Total Volume: $505.13M in Q1 2024.
• Growth Trend & Context:
  • Mixed YoY trends: strong growth in Jan-Feb (+21.85%, +21.72%) collapsed in March (-45.12%), suggesting supply chain disruptions or inventory adjustments.
• Key Volatility: March’s -18.01% MoM drop was the sharpest, likely reflecting delayed orders or reduced procurement.

Uzbekistan - South Korea Trade Balance & Market Dynamics

• Net Position: Trade deficit of $500.98M (Imports of $505.13M vs. Exports of $4.15M).
• Relationship Status: Heavy reliance on South Korean imports, with minimal export reciprocity. The deficit underscores structural trade dependence.

Uzbekistan Import Trend from South Korea 2024 Q1 (Source: yTrade)**

Uzbekistan Export Trend to South Korea 2024 Q1 (Source: yTrade)**

Get Historical Uzbekistan South Korea Trade Records

Uzbekistan-South Korea Top Trading Products in Q1 2024

Uzbekistan Export Profile: What Does Uzbekistan Sell to South Korea

• Top Commodity: Rank #1 export is Mineral Fuels (HS 27), accounting for 43.02% of total exports to South Korea.
• Demand Driver: South Korea likely uses these for industrial processing, given the dominance of raw materials in the export mix.
• Concentration: Trade is moderately concentrated, with the top commodity (HS 27) holding a 43% share, but other categories like Pulp & Paper (HS 47, 18.41%) and Silk (HS 50, 10.53%) also contribute significantly.

Uzbekistan Import Profile: What Does Uzbekistan Buy from South Korea

• Top Commodity: Rank #1 import is Vehicles (HS 87), making up 46.55% of total imports from South Korea.
• Dependency Nature: Reflects critical technology dependency, as South Korea supplies high-value machinery (HS 84, 21.28%) and electronics (HS 85, 5.86%) alongside vehicles.

Uzbekistan - South Korea Trade Relationship Dynamics

• The Exchange Model: Resource-for-Tech Complementarity—Uzbekistan exports raw materials (fuels, pulp, silk) while importing advanced manufactured goods (vehicles, machinery).
• Value Chain Position: South Korea holds the higher value-add position, with exports dominated by complex industrial goods, while Uzbekistan supplies lower-value raw inputs.

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 likely to face continued volatility in the near term, driven by weakening Uzbek export demand and South Korea’s fluctuating import appetite. The sharp declines in Uzbek exports (-33.71% YoY in February, -47.0% in March) suggest structural challenges, while South Korea’s March import collapse (-45.12% YoY) points to potential supply chain disruptions or inventory corrections. However, the complementary nature of the trade—Uzbekistan’s raw materials for South Korea’s high-value tech—provides a foundation for recovery if strategic adjustments are made. Traders should prepare for a period of consolidation before potential stabilization in H2 2024.

Strategic Moves

• Diversify Export Markets: Uzbek exporters must reduce reliance on South Korea by targeting alternative Asian markets for mineral fuels (HS 27) and silk (HS 50), mitigating the risk of demand shocks.
• Lock In Long-Term Contracts: Importers of South Korean vehicles (HS 87) and machinery (HS 84) should negotiate fixed-price agreements to hedge against supply volatility and currency fluctuations.
• Boost Value-Added Exports: Uzbekistan should incentivize local processing of raw materials (e.g., refining fuels or manufacturing pulp-based goods) to capture higher margins and reduce the trade deficit.

Frequently Asked Questions

How did Uzbekistan - South Korea trade perform in 2024 Q1?

Uzbekistan recorded a trade deficit of $500.98M, with exports totaling $4.15M and imports at $505.13M. Exports declined sharply YoY, while imports showed mixed trends, collapsing in March.

What are the top exports from Uzbekistan to South Korea?

The top exports are Mineral Fuels (HS 27), accounting for 43.02% of exports, followed by Pulp & Paper (HS 47, 18.41%) and Silk (HS 50, 10.53%).

What does Uzbekistan import from South Korea?

The top imports are Vehicles (HS 87, 46.55%), Machinery (HS 84, 21.28%), and Electronics (HS 85, 5.86%), reflecting a reliance on advanced manufactured goods.

What is the trade balance between Uzbekistan and South Korea?

Uzbekistan has a trade deficit of $500.98M with South Korea, driven by heavy reliance on imports of high-value industrial goods and minimal export reciprocity.