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Uzbekistan is located in the heart of Central Asia, bordering the other four Central Asian countries and Afghanistan. It has a long history and culture, numerous cultural relics and historical sites, and is a key hub of the ancient Silk Road, a place where multiple cultures converge, and a world-famous tourist destination. Uzbekistan has a stable political situation, a stable and orderly society, and sound laws and regulations, which have created a good internal environment for its economic development. The local natural resources are rich, and the "four golds" produced in abundance - gold, "white gold" (cotton), "Uzbek gold" (oil), and "blue gold" (natural gas) are the pillar industries of Uzbekistan's national economy. The capital city of Tashkent has a population of 3 million and is the largest city in Central Asia.
Uzbekistan is a formal member of international and regional organizations such as the United Nations, OSCE, CIS, Shanghai Cooperation Organization, Organization of Islamic Cooperation, Non-Aligned Movement, Central Asian Cooperation Organization, Economic Cooperation Organization, etc. It is an observer of the World Trade Organization and the Eurasian Economic Union, as well as a member of international financial institutions such as the World Bank, the International Monetary Fund, the Asian Development Bank, the European Bank for Reconstruction and Development, and the Asian Infrastructure Investment Bank.
In 2022, Uzbekistan's natural gas production ranked 16th in the world (OPEC data), gold production ranked in the top 10 in the world, and uranium production ranked fifth. Non-metallic mineral resources include potash, rock salt, sulfate, mineral pigments, sulfur, fluorite, talc, kaolin, alum stone, phosphate soil and building stones.
Uzbek is the national language and Russian is the common language. Uzbek belongs to the Turkic language family of the Altaic language family and is now spelled in Latin letters.
From January to April 2024, Uzbekistan's total foreign trade volume was US$20.87 billion, a year-on-year increase of 5.9%. Among them, imports were US$12.38 billion, a year-on-year increase of 3.9%; exports were US$8.49 billion, a year-on-year increase of 9%. The trade deficit was US$3.89 billion, a year-on-year decrease of 5.7%. Among exports, gold exports were US$3.43 billion, a year-on-year increase of 11.7%, accounting for 40.4%.
China remains Uzbekistan's largest trading partner, with bilateral trade reaching US$3.9607 billion, accounting for 19% of Uzbekistan's total foreign trade, of which Uzbekistan exported US$644.4 million to China and Uzbekistan imported US$3.3163 billion from China.
Russia is Uzbekistan's second largest trading partner, with bilateral trade reaching US$3.8438 billion, accounting for 18.4% of Uzbekistan's total foreign trade, of which Uzbekistan exported US$1.0214 billion to Russia and Uzbekistan imported US$2.8224 billion from Russia.
Uzbekistan's third to fifth largest trading partners are Kazakhstan (bilateral trade volume is US$1.2249 billion, accounting for 5.9% of Uzbekistan's total foreign trade), Turkey (US$920.2 million, accounting for 4.4%), and South Korea (US$695 million, accounting for 3.3%).
In terms of the structure of import and export commodities, in 2020, Uzbekistan mainly exported gold, industrial products, services, food, chemical products, energy products and machinery and equipment.
In 2020, gold continued to be Uzbekistan's largest export commodity, with an export value of US$5.804 billion, a year-on-year increase of 18%, and its share of exports increased from 27.5% in 2019 to 38.4%.
The structure of imported commodities was slightly adjusted, mainly importing machinery and equipment, primary industrial products, chemical products, food, services and energy, among which the import of chemical products and food increased.
Machinery and equipment have been the largest category of imported goods in Uzbekistan for many years. In 2020, the import value was US$7.96 billion, a year-on-year decrease of 25.2%, and the proportion of Uzbekistan's imports decreased from 43.8% in 2019 to 37.6%. The main imported goods include: various types of special machinery and equipment (import value of US$2.261 billion, a decrease of 14.9%), general electromechanical products (US$1.772 billion, a decrease of 17.6%), auto parts (about US$945 million, an increase of 2.5%) and automobiles (US$475 million, an increase of 7.9%). The top five import sources of machinery and equipment are China, South Korea, Russia, Turkey and Germany.
Uzbekistan's key/featured industries
[Industry] In recent years, the Uzbek government has focused on developing an export-oriented economy and accelerating industrial development.
(1) Automobile industry. Uzbekistan is the first country in Central Asia to start producing automobiles. The automobiles produced include Chevrolet cars and self-branded ""Lavo"" cars (Chevrolet cars are rebadged), Isuzu buses and trucks, MAN trucks, as well as automobile engines and batteries. In addition to meeting domestic demand, Uzbek-made cars are also sold to Russia, Kazakhstan and other countries. In 2022, Uzbekistan produced about 307,000 cars, a year-on-year increase of 40.0%; 4,094 trucks, an increase of 2.9%; 1,357 buses, an increase of 35.3%; and 225,000 automobile engines, an increase of 40.5%. The export value of cars in that year was US$356 million, a decrease of 6.9%.
(2) Mining industry. Uzbekistan is one of the world's important gold and natural gas mining countries. In 2022, the gold mining volume was 105 tons; the natural gas mining volume was 51.66 billion cubic meters, a year-on-year decrease of 4.0%. In the same year, Uzbekistan exported about US$4.11 billion in gold, the same as in 2021, accounting for 21.3% of total exports; and exported about US$720 million in natural gas, an increase of 26.4%.
(3) Textile industry. Uzbekistan is a cotton-producing country, producing 3.51 million tons of cotton in 2022, ranking sixth in the world. There are more than 3,500 textile companies and more than 4,700 clothing companies in the textile sector in Uzbekistan, mainly small and private enterprises, mainly concentrated in Tashkent, Andijan, Fergana and Samarkand. In 2022, it produced about 584,000 tons of cotton yarn, making it the seventh largest cotton consumer in the world. In that year, textile exports amounted to about US$3.2 billion, an increase of 14.5% year-on-year, accounting for 16.6% of total exports. The ""Uzbek Textile Industry Association"", formerly the largest textile group in Uzbekistan, has more than 300 companies under its umbrella, with product exports exceeding US$1 billion.
[Agriculture] Uzbekistan is a traditional agricultural country that is basically self-sufficient in food. In 2022, grain production was about 7.995 million tons, a year-on-year increase of 4.7%. Uzbekistan is an important producer of fruits and vegetables in Central Asia. In 2022, it produced about 11.163 million tons of vegetables, an increase of 2.9%; 2.421 million tons of melons and fruits, an increase of 5.9%; about 2.984 million tons of fruits, an increase of 4.6%; and 1.761 million tons of grapes, an increase of 3.9%.
The amendment to the Customs Law of Uzbekistan was signed and confirmed by Uzbek President Mirziyoyev and will officially take effect on May 28, 2024. The new law aims to improve the import and export and customs declaration procedures for goods, including stipulating the time limit for the exit of transshipment and transit goods (within 3 days for air transport, within 10 days for road and river transport, and confirmed by mileage for rail transport), but canceling the original tariffs on goods that were deemed to be imported after the deadline. Products processed by outgoing materials are allowed to be declared to customs authorities different from the customs declaration office for raw materials when they are re-entered. The transfer of ownership, use rights and disposal rights of goods in undeclared warehouses is allowed. After the transferor provides written notice, the transferee shall provide a goods declaration form.
Blooming Uzbekistan customs data keeps the data updated continuously. The updated data includes importers and their contact information, exporter information, detailed description of imported and exported goods and the industry they are in, commodity freight information and commodity transaction-related information, etc.
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