Uzbekistan’s Foreign Trade Turnover Reaches $62 Billion

EUROUZ member EastCham has published the “Market Outlook Uzbekistan 2024” reference guide. According to the report, Uzbekistan’s GDP per capita is lower than that of neighboring Kazakhstan, but higher than Kyrgyzstan and Tajikistan. Real GDP per capita may be higher than the official data suggests, however, as the volume of the national shadow economy is estimated at between 25 and 45% of Uzbekistan’s GDP. Per capita GDP is $2,510.1 (World Bank 2023), whilst the IMF forecasts $2,670 in 2024. GDP growth was 5.6% in 2023 (World Bank) and is expected to be 5.5% in 2024, and 5.6% in 2025.
“In 2022, Uzbekistan ranked 70th globally in gross GDP, 86th in total exports, and 75th in total imports, while placing 155th in GDP per capita,” the report states.
According to the report, Uzbekistan’s mining industry is one of the country’s most essential and internationally competitive industries, contributing up to around 30% of the country’s GDP. Uzbekistan is ranked 12th in the world in terms of mining. It is the world’s 5th-largest uranium, 8th-largest gold, and 11th-largest natural gas producer. Uzbekistan has the world’s 4th-largest gold, 7th-largest uranium, and 9th-largest copper reserves. In addition, metallurgy, the study of the physical and chemical behavior of metallic elements, is also one of the largest industries in Uzbekistan.
Natural gas dominates Uzbekistan’s energy complex. More than 85% of the country’s electricity is generated from natural gas, whilst coal generation is expected to increase from 3% to 10% in the coming years. Uzbekistan is one of the leading countries in the Eurasian region in terms of natural gas – it has large gas reserves and several small oil and coal resources.
“The Uzbek authorities established the green economy and renewable energy sources (solar, wind, hydropower) as the basis of sustainable economic development and plan to increase the share of renewable energy generation to 30% by 2030. One of the concrete steps towards this goal is to build 28 solar and wind power plants with a total capacity of 8000 GW and hydropower plants with a total capacity of 868 MW by 2027. The government also plans to build a large nuclear power plant by 2028,” the report states.
Last month, The Times of Central Asia published an interview with Neil McKain, the IFC regional manager for Uzbekistan, about the country’s potential to become a regional leader in renewable energy sources.
The report also emphasizes problems in the country’s electricity network, including Tashkent’s difficulties with heat and power supply systems in the last two years. Low temperatures have caused a decline in gas pipeline pressure (90% of power in Uzbekistan is produced by gas power plants). As a result, electrical heaters have gained popularity among residents of Tashkent, overwhelming the local power grid and leading to electricity shortages. President Mirziyoyev has acknowledged this problem, and Uzbekistan – Tashkent in particular – needs dramatic power and heat supply improvements.
Foreign trade turnover in Uzbekistan has surged in recent years. In 2022, it reached $50 billion (an 18.6% increase from 2021), while in 2023, it reached $62 billion, a 23.8% increase from 2022. Tashkent, the capital city, is responsible for 38% of all Uzbek foreign trade.
The share of CIS countries in foreign trade has begun gradually decreasing in the past few years: CIS member states accounted for 37.0% of Uzbekistan’s foreign trade in 2021, 35.7% in 2022, and 33.0% in 2023.
Imports into Uzbekistan reached $35.62 billion in 2022, while the period from January-June 2023 saw imports surge by 17% year-on-year. Exports from Uzbekistan reached $19.3 billion in 2022 (up 15.9% compared to 2021), and in the first half of 2023 (Jan-Jun), Uzbek exports saw a year-on-year increase of 1.1%. Furthermore, 80% of Uzbekistan’s foreign trade passes through Kazakhstan, Kyrgyzstan, and/or Russia, countries which combined represent 50% of total foreign trade in Uzbekistan. Other foreign trade, meanwhile, passes through Afghanistan and Iran, areas with high geopolitical risks.

• Uzbekistan
• turnover
• foreign trade
• GDP per capita
• shadow economy