Uzbekistan - South Korea Trade 2024 Q4: Deficit & Tech Imbalance

Key Market Takeaways: Uzbekistan - South Korea Trade

The bilateral trade relationship between Uzbekistan and South Korea is marked by a heavy reliance on South Korean imports and minimal export traction in Q4 2024.

• Trade Deficit Dominates: Uzbekistan posted a $477.65M deficit, with imports ($483.23M) dwarfing exports ($5.58M). Volatility spiked in December exports (+177.08% YoY), while imports saw persistent YoY declines.
• Resource-for-Tech Exchange: Uzbekistan - South Korea trade statistics reveal a lopsided raw materials-for-manufactured goods dynamic. Uzbekistan exports mineral fuels (29.49% of exports), while South Korea supplies vehicles (40.62% of imports) and machinery.
• Asymmetric Interdependence: South Korea holds the higher value-add position, with Uzbekistan dependent on its industrial and transport equipment—highlighting a classic supplier-buyer imbalance.

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

Uzbekistan-South Korea Trade Trend in Q4 2024

Uzbekistan Export Performance: Shipments to South Korea

• Total Volume: $5.58M in Q4 2024.
• Growth Trend & Context:
  • YoY growth was mixed: +1.71% in October, -8.68% in November, then a sharp rebound (+177.08%) in December.
  • No specific trade news to explain the volatility.
• Key Volatility: December saw a 107.51% MoM surge, the highest monthly jump.

Uzbekistan Import Performance: Sourcing from South Korea

• Total Volume: $483.23M in Q4 2024.
• Growth Trend & Context:
  • YoY declines persisted: -2.09% (Oct), -38.31% (Nov), -18.6% (Dec).
  • No news to contextualize the contraction.
• Key Volatility: November imports dropped -18.8% MoM, the lowest monthly value.

Uzbekistan - South Korea Trade Balance & Market Dynamics

• Net Position: Trade deficit of $477.65M (Imports dwarfed exports).
• Relationship Status: Heavy reliance on South Korean imports, with minimal export traction.

Uzbekistan Import Trend from South Korea 2024 Q4 (Source: yTrade)**

Uzbekistan Export Trend to South Korea 2024 Q4 (Source: yTrade)**

Get Historical Uzbekistan South Korea Trade Records

Uzbekistan-South Korea Top Trading Products in Q4 2024

Uzbekistan Export Profile: What Does Uzbekistan Sell to South Korea

• Top Commodity: Rank #1 export is HS 27 (Mineral fuels, oils) at 29.49% of total exports.
• Demand Driver: South Korea likely uses these for industrial processing, given the raw material nature of the top exports (fuels, pulp/paper, oilseeds).
• Concentration: The trade is moderately concentrated, with the top 3 categories (HS 27, 47, 12) accounting for 63.46% of exports.

Uzbekistan Import Profile: What Does Uzbekistan Buy from South Korea

• Top Commodity: Rank #1 import is HS 87 (Vehicles) at 40.62% of total imports.
• Dependency Nature: Critical technology dependency, dominated by vehicles (HS 87) and machinery (HS 84, 85), indicating reliance on South Korea for industrial and transport equipment.

Uzbekistan - South Korea Trade Relationship Dynamics

• The Exchange Model: Resource-for-Tech Complementarity. Uzbekistan exports raw materials (fuels, pulp, oilseeds) while importing high-value machinery and vehicles from South Korea.
• Value Chain Position: South Korea holds the higher value-add position, supplying advanced manufactured goods, while Uzbekistan provides primary commodities.

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 growth showing erratic spikes (e.g., December’s +177% YoY surge) while imports from South Korea continue their downward trend (-38.31% YoY in November). The persistent trade deficit ($477.65M in Q4) underscores Uzbekistan’s heavy reliance on South Korean industrial goods, particularly vehicles (HS 87) and machinery (HS 84, 85). Given the structural imbalance—Uzbekistan exports raw materials while importing high-value tech—the deficit may widen further unless export diversification or import substitution policies are implemented.

Strategic Moves

• Diversify Export Basket: Uzbek exporters should target higher-value segments within existing commodity categories (e.g., refined fuels instead of crude) and explore new sectors like textiles or processed foods to reduce reliance on volatile mineral fuel shipments.
• Lock in Long-Term Supply Contracts: South Korean importers of Uzbek raw materials (HS 27, 47) should secure fixed-price agreements to mitigate price swings, especially given December’s 107.51% MoM export surge.
• Reduce Tech Dependency: Uzbek businesses must explore alternative suppliers for machinery and vehicles (e.g., China, EU) to dilute South Korea’s 40.62% dominance in critical imports and improve bargaining power.

Frequently Asked Questions

How did Uzbekistan - South Korea trade perform in 2024 Q4?

Uzbekistan exported $5.58M to South Korea with mixed YoY growth, while imports totaled $483.23M, showing consistent YoY declines.

What are the top exports from Uzbekistan to South Korea?

Mineral fuels and oils (HS 27) lead Uzbekistan’s exports, followed by pulp/paper (HS 47) and oilseeds (HS 12), accounting for 63.46% of total exports.

What does Uzbekistan import from South Korea?

Vehicles (HS 87) dominate imports, making up 40.62% of the total, alongside machinery (HS 84, 85), reflecting reliance on advanced industrial goods.

What is the trade balance between Uzbekistan and South Korea?

Uzbekistan had a trade deficit of $477.65M, with imports far exceeding exports, highlighting heavy dependency on South Korean goods.