Bilateral Trade Volume Between Astana and Tashkent Reaches an Astounding $4.2 Billion in the Year 2024
Uzbekistan's Trade Landscape in 2024
In 2024, Uzbekistan's trade landscape was marked by a diverse portfolio of partners, reflecting its strategic economic relationships with regional powers, emerging partners, and Western markets.
According to the Uzbekistan Statistics Agency, the trade turnover between Uzbekistan and Kazakhstan reached an impressive $4.22 billion, making Kazakhstan one of Uzbekistan's top three foreign economic partners. Uzbekistan imported goods worth $2.8 billion from Kazakhstan, while Uzbekistan exported goods worth $1.4 billion to its northern neighbour.
China, Uzbekistan's leading trading partner, accounted for about $6.56 billion of the total foreign trade, representing approximately 17.7% of the total. Russia followed closely, with trade turnover amounting to $6.03 billion, or 16.3% of the total.
Pakistan's bilateral trade with Uzbekistan exceeded $400 million in 2024, with ambitions to significantly grow this through enhanced transport and logistics cooperation. The European Union (EU) represented a major trading bloc partner, with €6.1 billion in trade in 2023. The UK-Uzbek trade relationship showed rapid growth, with £1.3 billion total trade in the latest year measured.
Russia's trade turnover with Uzbekistan in 2024 was reported to be $11.6 billion, making it the second-largest trading partner for Uzbekistan. China's trade turnover with Uzbekistan in the same year was $12.4 billion.
In the previous year, Uzbekistan's foreign trade turnover increased by 3.8% to $65.9 billion. This growth underscores Uzbekistan's commitment to expanding its trade relationships and fostering economic growth.
In conclusion, Uzbekistan's trade landscape in 2024 was characterised by a diverse portfolio of partners, with regional powers, emerging partners, and Western markets playing significant roles in its economic strategy. This diversification of trade relationships is expected to continue in the coming years, further strengthening Uzbekistan's position in the global economy.
[1]: Source for Pakistan's trade with Uzbekistan [2]: Source for UK-Uzbek trade figures [3]: Source for China and Russia as Uzbekistan’s largest trading partners [5]: Source for EU and UK trade figures and preferential trade agreements
In the dynamic business landscape of 2024, Uzbekistan's financial industry saw a flourishing interaction with various partners, with China, Russia, and Kazakhstan standing out as key players in the industry. Additionally, the European Union and the UK also established robust financial ties with Uzbekistan, contributing significantly to its business sector.
