Uzbekistan - Turkey Trade 2024 Q4: Widening Deficit
Key Market Takeaways: Uzbekistan - Turkey Trade
The bilateral trade relationship between Uzbekistan and Turkey reflects a widening trade deficit for Uzbekistan amid volatile growth in Q4 2024.
- Economic Pulse: Uzbekistan’s trade deficit with Turkey hit $141.61M in Q4, as imports ($393.42M) far outpaced exports ($251.81M). Exports surged in December (+16.28% YoY), but imports contracted sharply (-31.52% YoY).
- Exchange Structure: Uzbekistan - Turkey trade statistics reveal a resource-for-tech dynamic—Uzbekistan supplies raw materials (copper, cotton) while importing high-value machinery and electrical equipment from Turkey.
- Strategic Interdependence: The partnership is highly complementary, with Turkey holding the upper hand in value-added manufacturing and Uzbekistan serving as a commodity supplier.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Uzbekistan-Turkey Trade Trend in Q4 2024
Uzbekistan Export Performance: Shipments to Turkey
- Total Volume: $251.81M in Q4 2024.
- Growth Trend & Context:
- Mixed YoY performance: October (-3.26%) and November (+6.02%) showed modest fluctuations, but December surged (+16.28%).
- No specific trade news to explain trends.
- Key Volatility: December saw a sharp MoM jump (+22.88%), while November dipped slightly (-2.85%).
Uzbekistan Import Performance: Sourcing from Turkey
- Total Volume: $393.42M in Q4 2024.
- Growth Trend & Context:
- Consistent YoY declines: October (-7.94%), November (-22.41%), December (-31.52%).
- No news to contextualize the contraction.
- Key Volatility: November recorded the steepest MoM drop (-21.97%), followed by a partial recovery in December (+5.62%).
Uzbekistan - Turkey Trade Balance & Market Dynamics
- Net Position: Trade deficit of $141.61M (Imports > Exports).
- Relationship Status: Uzbekistan remains a net importer from Turkey, with imports significantly outpacing exports despite the latter’s December rebound.
Uzbekistan Import Trend from Turkey 2024 Q4 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Oct | 151.06M | 11.88% | -7.94% |
| Nov | 117.87M | -21.97% | -22.41% |
| Dec | 124.49M | 5.62% | -31.52% |
| Total | 393.42M | - | - |
Uzbekistan Export Trend to Turkey 2024 Q4 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Oct | 79.55M | 15.1% | -3.26% |
| Nov | 77.29M | -2.85% | 6.02% |
| Dec | 94.97M | 22.88% | 16.28% |
| Total | 251.81M | - | - |
Get Historical Uzbekistan Turkey Trade Records
Uzbekistan-Turkey Top Trading Products in Q4 2024
Uzbekistan Export Profile: What Does Uzbekistan Sell to Turkey
- Top Commodity: Copper (HS 74) dominates at 33.59% of exports.
- Demand Driver: Turkey likely uses Uzbek copper for industrial processing, given its raw material nature.
- Concentration: High, with copper and cotton (HS 52) combined accounting for 58.65% of exports.
Uzbekistan Import Profile: What Does Uzbekistan Buy from Turkey
- Top Commodity: Machinery (HS 84) leads at 30.38% of imports.
- Dependency Nature: Critical technology dependency, as machinery and electrical equipment (HS 85) are top imports.
Uzbekistan - Turkey Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity. Uzbekistan exports raw materials (copper, cotton) and imports high-value machinery and equipment.
- Value Chain Position: Turkey holds the higher value-add position, supplying advanced manufactured goods while Uzbekistan provides commodities.
Import Analysis by Product: Turkey to Uzbekistan (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 84 | 119.50M | 30.38% |
| 85 | 31.14M | 7.92% |
| 39 | 29.44M | 7.48% |
| 73 | 17.13M | 4.36% |
| 38 | 15.29M | 3.89% |
| 32 | 12.99M | 3.30% |
| 87 | 11.20M | 2.85% |
| 34 | 10.31M | 2.62% |
| 54 | 9.48M | 2.41% |
| 96 | 8.57M | 2.18% |
Export Analysis by Product: Uzbekistan to Turkey (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 74 | 84.59M | 33.59% |
| 52 | 63.10M | 25.06% |
| 39 | 24.17M | 9.60% |
| 08 | 17.64M | 7.00% |
| 79 | 13.05M | 5.18% |
| 85 | 10.63M | 4.22% |
| 84 | 9.98M | 3.96% |
| 27 | 8.91M | 3.54% |
| 31 | 4.09M | 1.62% |
| 28 | 3.68M | 1.46% |
Check Detailed Uzbekistan-Turkey Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
Uzbekistan’s trade with Turkey is likely to stabilize in early 2025, with exports maintaining their December momentum due to sustained demand for copper and cotton. However, the persistent decline in imports from Turkey signals weakening industrial demand or potential supply chain shifts. The trade deficit will remain a challenge unless Uzbekistan diversifies its export basket or secures higher-value agreements. Traders should monitor Turkey’s economic policies, as any stimulus in manufacturing could revive machinery imports.
Strategic Moves
- Lock in Commodity Contracts: Uzbek copper and cotton exporters should negotiate long-term agreements with Turkish buyers to hedge against price volatility and secure stable revenue streams.
- Diversify Import Sources: Given Turkey’s declining machinery exports, Uzbek importers must explore alternative suppliers in Europe or Asia to mitigate supply risks and reduce dependency.
- Upgrade Export Composition: Uzbekistan should incentivize value-added processing of raw materials (e.g., refined copper products, textiles) to capture higher margins and reduce reliance on commodity-driven trade.
Frequently Asked Questions
How did Uzbekistan - Turkey trade perform in 2024 Q4?
Uzbekistan's exports to Turkey totaled $251.81M in Q4 2024, with mixed YoY growth, while imports from Turkey declined consistently, reaching $393.42M.
What are the top exports from Uzbekistan to Turkey?
Copper (HS 74) and cotton (HS 52) dominate Uzbekistan's exports to Turkey, accounting for 58.65% of total shipments.
What does Uzbekistan import from Turkey?
Machinery (HS 84) and electrical equipment (HS 85) are Uzbekistan's top imports from Turkey, reflecting a reliance on high-value manufactured goods.
What is the trade balance between Uzbekistan and Turkey?
Uzbekistan recorded a trade deficit of $141.61M with Turkey in Q4 2024, as imports significantly outpaced exports despite a December rebound.
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