Uzbekistan - Turkey Trade 2024 Q3: Lopsided Deficit Deepens
Key Market Takeaways: Uzbekistan - Turkey Trade
The bilateral trade relationship between Uzbekistan and Turkey remains heavily skewed toward imports, with Uzbekistan running a persistent deficit in Q3 2024.
- Economic Pulse: Uzbekistan’s $260.49M trade deficit reflects a lopsided exchange, with imports ($475.91M) dwarfing exports ($215.42M) amid YoY export declines.
- Exchange Structure: Bilateral trade statistics reveal a resource-for-tech dynamic—Uzbekistan ships raw copper and cotton (63.5% of exports) while relying on Turkish machinery (42% of imports).
- Strategic Interdependence: Turkey holds the value-add advantage, supplying critical industrial inputs, while Uzbekistan’s export concentration signals vulnerability to commodity swings.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Uzbekistan-Turkey Trade Trend in Q3 2024
Uzbekistan Export Performance: Shipments to Turkey
- Total Volume: $215.42M in Q3 2024.
- Growth Trend & Context: YoY declines persisted across all months, with July (-61.19%) and August (-29.47%) showing severe contractions. September’s decline moderated to -16.82%.
- Key Volatility: August saw a 7.35% MoM rebound, but September dropped again (-8.75% MoM).
Uzbekistan Import Performance: Sourcing from Turkey
- Total Volume: $475.91M in Q3 2024.
- Growth Trend & Context: Mixed YoY trends—July (+19.15%) and August (+10.58%) grew, but September (-7.31%) reversed gains.
- Key Volatility: July peaked with a 36.08% MoM surge, followed by sharp declines in August (-6.11%) and September (-18.21%).
Uzbekistan - Turkey Trade Balance & Market Dynamics
- Net Position: Trade deficit of $260.49M (Imports exceeded exports).
- Relationship Status: Uzbekistan remains heavily dependent on Turkish imports, with exports failing to offset inbound trade despite partial YoY import softening.
Uzbekistan Import Trend from Turkey 2024 Q3 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jul | 175.82M | 36.08% | 19.15% |
| Aug | 165.07M | -6.11% | 10.58% |
| Sep | 135.02M | -18.21% | -7.31% |
| Total | 475.91M | - | - |
Uzbekistan Export Trend to Turkey 2024 Q3 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jul | 70.56M | -8.08% | -61.19% |
| Aug | 75.74M | 7.35% | -29.47% |
| Sep | 69.12M | -8.75% | -16.82% |
| Total | 215.42M | - | - |
Get Historical Uzbekistan Turkey Trade Records
Uzbekistan-Turkey Top Trading Products in Q3 2024
Uzbekistan Export Profile: What Does Uzbekistan Sell to Turkey
- Top Commodity: Copper (HS 74) dominates exports, accounting for 38.57% of total value.
- Demand Driver: Turkey likely uses Uzbek copper for industrial processing, given its raw material nature.
- Concentration: The top two commodities (copper and cotton, HS 52) make up 63.49% of exports, indicating high trade concentration.
Uzbekistan Import Profile: What Does Uzbekistan Buy from Turkey
- Top Commodity: Machinery (HS 84) leads imports with a 42.04% share.
- Dependency Nature: Uzbekistan relies on Turkish machinery, suggesting critical technology dependency for industrial or infrastructure development.
Uzbekistan - Turkey Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity—Uzbekistan exports raw materials (copper, cotton) and imports high-value machinery from Turkey.
- Value Chain Position: Turkey holds the higher value-add position, supplying advanced machinery, while Uzbekistan provides upstream commodities.
Import Analysis by Product: Turkey to Uzbekistan (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 84 | 200.06M | 42.04% |
| 85 | 40.64M | 8.54% |
| 39 | 25.25M | 5.31% |
| 38 | 14.99M | 3.15% |
| 32 | 12.74M | 2.68% |
| 87 | 12.51M | 2.63% |
| 02 | 11.72M | 2.46% |
| 54 | 11.46M | 2.41% |
| 73 | 10.93M | 2.30% |
| 30 | 10.70M | 2.25% |
Export Analysis by Product: Uzbekistan to Turkey (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 74 | 83.09M | 38.57% |
| 52 | 53.67M | 24.92% |
| 39 | 17.85M | 8.29% |
| 79 | 10.90M | 5.06% |
| 27 | 9.55M | 4.44% |
| 07 | 7.71M | 3.58% |
| 84 | 7.51M | 3.48% |
| 31 | 5.18M | 2.40% |
| 08 | 4.83M | 2.24% |
| 85 | 3.97M | 1.84% |
Check Detailed Uzbekistan-Turkey Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
The Uzbekistan-Turkey trade relationship is likely to face continued volatility in the near term, with Uzbekistan’s export declines persisting due to weak commodity demand and Turkey’s import softening in Q3 2024. However, the resource-for-tech complementarity between the two nations provides a stable foundation for long-term trade. If copper and cotton prices stabilize, Uzbek exports could recover modestly, while machinery imports from Turkey will remain critical for Uzbekistan’s industrial growth. Traders should prepare for asymmetric trade flows, with Uzbekistan’s deficit narrowing only if export diversification accelerates.
Strategic Moves
- Diversify Export Markets: Uzbek exporters must reduce reliance on copper and cotton by expanding into higher-value processed goods (e.g., textiles, refined metals) to mitigate price volatility and capture more value.
- Lock in Long-Term Machinery Contracts: Given Turkey’s dominance in high-value machinery, Uzbek importers should negotiate multi-year supply agreements to hedge against price fluctuations and ensure stable access to critical technology.
- Monitor Turkish Demand Shifts: Traders should track Turkey’s industrial policies and infrastructure projects to anticipate changes in copper and cotton demand, adjusting supply strategies proactively to avoid sudden revenue drops.
Frequently Asked Questions
How did Uzbekistan - Turkey trade perform in 2024 Q3?
Uzbekistan's exports to Turkey totaled $215.42M, showing YoY declines, while imports from Turkey reached $475.91M with mixed YoY trends. The trade deficit stood at $260.49M.
What are the top exports from Uzbekistan to Turkey?
The top exports are copper (HS 74) and cotton (HS 52), accounting for 63.49% of total export value.
What does Uzbekistan import from Turkey?
The top import is machinery (HS 84), making up 42.04% of total imports, reflecting Uzbekistan's reliance on Turkish technology.
What is the trade balance between Uzbekistan and Turkey?
Uzbekistan recorded a trade deficit of $260.49M, with imports significantly exceeding exports, indicating continued dependency on Turkish goods.
Uzbekistan - Turkey Trade 2024 Whole Year: Growing Deficit & Resource-Tech Exchange
Uzbekistan's trade deficit with Turkey hits $706M in 2024, driven by copper and cotton exports funding Turkish machinery imports. Explore Uzbekistan Turkey trade trends and top trading products via yTrade data.
Uzbekistan - Turkey Trade 2024 Q4: Widening Deficit
Uzbekistan's trade deficit with Turkey hit $141.61M in Q4 2024, driven by a resource-for-tech dynamic. Explore Uzbekistan Turkey trade trends and top trading products via yTrade data.
