Uzbekistan - United States Trade 2024 Q1: Deficit Widens

Key Market Takeaways: Uzbekistan - United States Trade

The bilateral trade relationship between Uzbekistan and United States shows growth with high volatility in Q1 2024.

• Trade Deficit Widens: Uzbekistan posted a $117.02M deficit (Imports: $137.05M > Exports: $20.03M), driven by surging U.S. imports (+123.49% MoM in March).
• Resource-for-Tech Exchange: Uzbekistan - United States trade statistics reveal a lopsided commodity-for-technology flow—72.36% of Uzbek exports are fuels (HS 27), while 25.75% of U.S. exports are aircraft (HS 88).
• Asymmetric Interdependence: The U.S. holds the high-value position, supplying advanced machinery, while Uzbekistan remains a raw materials supplier.

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

Uzbekistan-United States Trade Trend in Q1 2024

Uzbekistan Export Performance: Shipments to United States

• Total Volume: $20.03M in Q1 2024.
• Growth Trend & Context:
  • Mixed YoY performance: +70.85% in January, +69.79% in February, but a sharp -35.45% decline in March.
  • No specific trade news or policy changes to contextualize the volatility.
• Key Volatility: February saw a staggering +671.39% MoM surge, while January posted a -76.08% MoM drop.

Uzbekistan Import Performance: Sourcing from United States

• Total Volume: $137.05M in Q1 2024.
• Growth Trend & Context:
  • Strong YoY growth in January (+97.17%) and February (+26.55%), moderating to +26.54% in March.
• Key Volatility: March recorded the highest monthly imports ($66.41M), with a +123.49% MoM jump.

Uzbekistan - United States Trade Balance & Market Dynamics

• Net Position: Trade deficit of $117.02M (Imports $137.05M > Exports $20.03M).
• Relationship Status: Heavy reliance on U.S. imports, with exports failing to offset the imbalance. The deficit widened sharply compared to Q1 2023 trends.

Uzbekistan Import Trend from United States 2024 Q1 (Source: yTrade)**

Uzbekistan Export Trend to United States 2024 Q1 (Source: yTrade)**

Get Historical Uzbekistan United States Trade Records

Uzbekistan-United States Top Trading Products in Q1 2024

Uzbekistan Export Profile: What Does Uzbekistan Sell to United States

• Top Commodity: Rank #1 export is HS 27 (Mineral Fuels, Oils) with 72.36% share.
• Demand Driver: United States imports these for industrial processing (raw materials).
• Concentration: Trade is highly concentrated, with HS 27 dominating over 70% of exports.

Uzbekistan Import Profile: What Does Uzbekistan Buy from United States

• Top Commodity: Rank #1 import is HS 88 (Aircraft, Spacecraft) with 25.75% share.
• Dependency Nature: Reflects critical technology dependency (high-tech machinery).

Uzbekistan - United States Trade Relationship Dynamics

• The Exchange Model: Resource-for-Tech Complementarity—Uzbekistan supplies raw materials (fuels) in exchange for advanced U.S. technology (aircraft).
• Value Chain Position: United States holds the higher value-add position, exporting complex machinery (HS 84, 88) while Uzbekistan primarily supplies commodities (HS 27).

Import Analysis by Product: United States to Uzbekistan (Source: yTrade)

Export Analysis by Product: Uzbekistan to United States (Source: yTrade)

Check Detailed Uzbekistan-United States Trade HS Code Breakdown

Future Outlook & Strategic Recommendations

Forecast

The Uzbekistan-United States trade relationship is poised for continued growth in 2024, driven by strong U.S. demand for Uzbek mineral fuels (HS 27) and Uzbekistan’s reliance on high-tech American machinery (HS 88). However, the extreme volatility in export performance—particularly the sharp March decline—suggests potential supply chain or pricing risks. If Uzbekistan stabilizes its fuel shipments, exports could rebound, but the widening trade deficit ($117.02M in Q1) demands urgent corrective measures. Expect U.S. imports, especially aircraft (HS 88), to remain dominant, reinforcing the resource-for-tech exchange model.

Strategic Moves

• Diversify Export Markets: Uzbek exporters must reduce reliance on HS 27 by targeting secondary U.S. sectors (e.g., textiles, agriculture) to mitigate commodity price swings.
• Lock in Long-Term Contracts: Importers of U.S. aircraft and machinery should negotiate multi-year agreements to hedge against supply disruptions and currency fluctuations.
• Boost Trade Diplomacy: The Uzbek government must prioritize bilateral talks to secure favorable tariffs or financing for high-value imports, narrowing the deficit.

Frequently Asked Questions

How did Uzbekistan - United States trade perform in 2024 Q1?

Uzbekistan exported $20.03M to the United States, with mixed YoY growth, while imports surged to $137.05M, driven by strong demand for advanced technology.

What are the top exports from Uzbekistan to United States?

The top export is HS 27 (Mineral Fuels, Oils), accounting for 72.36% of shipments, primarily used for industrial processing.

What does Uzbekistan import from United States?

The top import is HS 88 (Aircraft, Spacecraft), representing 25.75% of purchases, reflecting Uzbekistan’s reliance on high-tech machinery.

What is the trade balance between Uzbekistan and United States?

Uzbekistan recorded a trade deficit of $117.02M, with imports ($137.05M) far exceeding exports ($20.03M), widening compared to Q1 2023.