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Eurasianet

Eurasianet

Eurasianet is an independent news organization that covers news from and about the South Caucasus and Central Asia, providing on-the-ground reporting and critical perspectives on…

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Uzbekistan's Trade Deficit Widens Despite Increased Trade Volume

  • Uzbekistan's trade deficit continues to grow, driven by a faster increase in imports compared to exports.
  • China remains Uzbekistan's largest trade partner, but Uzbekistan has substantial deficits with both China and Russia.
  • Discrepancies exist between Uzbekistan's reported gas exports to China and the data from the Chinese Customs Agency.
trade

The Uzbek Statistics Agency reports that the total volume of trade increased modestly during the first five months of 2024, compared with the same period the previous year. But the country’s deficit is continuing to grow.

Trade turnover during the January-May period this year reached $26.7 billion, a 3 percent increase over 2023’s total for the same timeframe. Imports accounted for about three-fifths of that total, and the growth rate of imports (3.7 percent) outpaced that of exports (1.9 percent). China was Uzbekistan’s largest trade partner during the period, accounting for 19 percent of overall volume. Russia was Tashkent’s second-ranking trade partner. Uzbekistan registered substantial deficits, in the billions of dollars, with both countries.

Uzbekistan’s statistics contain some glaring differences with those compiled by the Chinese Customs Agency, according to an Uzbek source. The Spot.uz outlet noted that Beijing’s data pegged the value of Uzbek gas exports at $153.9 for the first five months of the year. Meanwhile, Uzbekistan reported $59.9 million in gas export sales to China during the same period.

It’s worth noting that Uzbekistan in 2023, for the first time in its history as an independent nation, imported more gas than it exported, significantly increasing purchases from Turkmenistan and Russia.

By Eurasianet.org

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  • George Doolittle on July 06 2024 said:
    Sounds like there better be an invasion as is the norm!

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