Uzbekistan: foreign trade reached $ 51.4 billion in January-August

Uzbekistan's foreign trade turnover as of September 1 amounted to $ 51.4 billion, an increase of 19.8 percent year-on-year. Exports reached $ 22.9 billion, imports - $ 28.4 billion. The growth rates are different: deliveries abroad increased by 31.3 percent, while imports increased by 11.8 percent. This means that the dynamics of exports outstrip imports and partially compensate for the structural trade imbalance, although the balance remains negative.

The geography of transactions remains focused on key partners. China ranks first with a turnover of $ 9.7 billion, followed by Russia with $ 8.3 billion and Kazakhstan with $ 3 billion; the top five countries are Turkey and the Republic of Korea with $ 1.9 and $ 1.1 billion, respectively. This configuration simultaneously reflects integration into regional supply chains and indicates concentration risks: the stability of turnover will depend on the quality of diversification both by market and product range.

The structure of exports confirms the high role of commodity categories. Gold shipments exceeded $ 8.4 billion — a significant share of total sales, which provides flexibility in current settlements, but increases sensitivity to price fluctuations. Goods account for 75.2 percent of the export basket, industrial products make up 11.1 percent, agricultural products and animals — 7.8 percent. By continuing the course of processing and expanding the range of finished products, the export base will be able to become more balanced in terms of added value.

Imports are still investment-oriented: machinery and transport equipment account for 33.8 percent, industrial goods — 16.1 percent. This structure indicates the modernization of production facilities and infrastructure, which in the future will support the growth of output and export productivity. At the same time, taking into account the advancing dynamics of exports and the stabilization of import demand, a gradual correction of the trade gap is possible if the supply of capital goods continues and the output of finished products on the domestic base expands.

In total, January-August 2025 is characterized by an acceleration of foreign trade activity, reliance on strategic partners and an increase in the role of investment imports. Key challenges on the horizon include reducing volatility through deeper processing, expanding sales markets, and carefully managing concentration risks. For businesses, this means that there is a demand for equipment, logistics solutions, and export services; for the financial sector, it means that there is still a need for hedging and trade finance tools.