Uzbekistan - South Korea Trade 2024 Q3: Deficit-Driven Exchange

Key Market Takeaways: Uzbekistan - South Korea Trade

The bilateral trade relationship between Uzbekistan and South Korea reflects a lopsided dependency, with steep import declines and volatile exports in Q3 2024.

• Deficit-Driven Trade: Uzbekistan posted a $361.06M trade deficit, with exports ($5.19M) dwarfed by imports ($366.25M), despite YoY contractions in South Korean shipments.
• Resource-for-Tech Exchange: Uzbekistan - South Korea trade statistics show raw materials (wood pulp, minerals) flow east, while high-value machinery and vehicles dominate imports, highlighting a structural imbalance.
• Asymmetric Interdependence: South Korea holds the high-value position, supplying critical industrial inputs, while Uzbekistan remains a niche supplier of unprocessed goods.

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

Uzbekistan-South Korea Trade Trend in Q3 2024

Uzbekistan Export Performance: Shipments to South Korea

• Total Volume: $5.19M in Q3 2024.
• Growth Trend & Context:
  • YoY declines in August (-37.51%) and September (-11.33%) offset a 30.05% surge in July. No news to contextualize the volatility.
• Key Volatility: September saw the sharpest MoM drop (-6.53%), while July posted the only YoY gain.

Uzbekistan Import Performance: Sourcing from South Korea

• Total Volume: $366.25M in Q3 2024.
• Growth Trend & Context:
  • Steep YoY contractions persisted (July: -53.54%, August: -49.68%, September: -21.62%), though September’s MoM rebound (+40%) softened the quarterly decline. No news to explain the slump.
• Key Volatility: July had the worst MoM drop (-17.35%), while September’s import value ($147.84M) was the quarterly peak.

Uzbekistan - South Korea Trade Balance & Market Dynamics

• Net Position: Trade deficit of $361.06M (Exports: $5.19M vs. Imports: $366.25M).
• Relationship Status: Heavy reliance on South Korean imports dwarfs export activity, underscoring a lopsided trade dependency.

Uzbekistan Import Trend from South Korea 2024 Q3 (Source: yTrade)**

Uzbekistan Export Trend to South Korea 2024 Q3 (Source: yTrade)**

Get Historical Uzbekistan South Korea Trade Records

Uzbekistan-South Korea Top Trading Products in Q3 2024

Uzbekistan Export Profile: What Does Uzbekistan Sell to South Korea

• Top Commodity: Rank #1 export is HS 47 (Pulp of wood, fibrous cellulosic material) at 30.12% share.
• Demand Driver: South Korea likely uses these raw materials for industrial processing, such as paper or textile production.
• Concentration: The trade is moderately concentrated, with the top 3 exports (HS 47, 27, 50) accounting for 60.43% of total exports.

Uzbekistan Import Profile: What Does Uzbekistan Buy from South Korea

• Top Commodity: Rank #1 import is HS 87 (Vehicles, not railway) at 35.73% share.
• Dependency Nature: Imports are dominated by high-tech machinery (HS 84, 85) and vehicles, indicating critical technology dependency for industrial and transportation sectors.

Uzbekistan - South Korea Trade Relationship Dynamics

• The Exchange Model: Resource-for-Tech Complementarity—Uzbekistan supplies raw materials (pulp, minerals, agricultural goods) while South Korea exports high-value machinery and vehicles.
• Value Chain Position: South Korea holds the higher value-add position, with its exports dominated by complex manufactured goods, while Uzbekistan’s exports are primarily raw or semi-processed materials.

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 remain volatile in the near term, with Uzbekistan’s export performance struggling to offset its heavy import dependency. While September’s import rebound suggests some stabilization, the persistent YoY declines in both exports and imports signal underlying demand weakness. Given South Korea’s dominance in high-value tech and machinery, Uzbekistan’s trade deficit may widen further unless export diversification accelerates. Traders should brace for continued asymmetry, with raw material shipments (like HS 47 pulp) remaining vulnerable to demand swings.

Strategic Moves

• Diversify Export Markets: Uzbek exporters must reduce reliance on South Korea by targeting alternative Asian markets for raw materials, such as Vietnam or Indonesia, to mitigate volatility risks.
• Negotiate Tech Transfer Deals: Uzbek importers should push for joint ventures or licensing agreements with South Korean firms to reduce dependency on finished vehicle (HS 87) and machinery imports.
• Lock In Raw Material Contracts: South Korean buyers of Uzbek pulp (HS 47) should secure long-term supply agreements to stabilize costs amid fluctuating export volumes.

Frequently Asked Questions

How did Uzbekistan - South Korea trade perform in 2024 Q3?

Uzbekistan's exports to South Korea totaled $5.19M in Q3 2024, with mixed YoY growth (-37.51% in August, +30.05% in July). Imports from South Korea fell sharply (-53.54% YoY in July) but rebounded MoM in September (+40%).

What are the top exports from Uzbekistan to South Korea?

The top exports are HS 47 (Pulp of wood, fibrous cellulosic material, 30.12% share), HS 27 (minerals), and HS 50 (agricultural goods), accounting for 60.43% of total exports.

What does Uzbekistan import from South Korea?

The top imports are HS 87 (Vehicles, 35.73% share) and high-tech machinery (HS 84, 85), reflecting a critical dependency on South Korean technology and industrial goods.

What is the trade balance between Uzbekistan and South Korea?

Uzbekistan recorded a trade deficit of $361.06M in Q3 2024, with imports ($366.25M) vastly exceeding exports ($5.19M), highlighting a lopsided trade dependency.