More Trade, Larger Deficit
Uzbekistan’s foreign trade got off to a strong start in 2026—albeit with a significant imbalance. While the total volume is growing, the gap between imports and exports continues to widen.
In the first two months of the year, foreign trade turnover rose to 11.6 billion U.S. dollars—an increase of just over seven percent year-over-year. This trend was driven primarily by a sharp rise in imports, which increased by nearly 30 percent to over 8 billion U.S. dollars.
As a result, the trade deficit widened to 4.5 billion US dollars—a figure that highlights the structural imbalances in the Uzbek economy.
In contrast, total exports fell by more than 23 percent. A key reason: Compared to the previous year, gold exports were virtually nonexistent—traditionally an important source of foreign exchange for the country.
Excluding this one-time effect, however, a more nuanced picture emerges: traditional goods exports rose by 24 percent. Textiles, agricultural products, and manufactured goods were in particularly high demand.
The services sector also showed strong growth. Exports in this sector rose by over 25 percent, primarily thanks to growing revenues from tourism and transportation.
China and Russia Dominate Trade
The trade structure remains highly concentrated. China is by far the most important partner, accounting for more than a quarter of total foreign trade. It is followed by Russia, which also plays a central role.
Trade with regional partners such as Kazakhstan is also growing noticeably. At the same time, Uzbekistan’s extensive list of approximately 160 trading partners underscores its increasing international integration.
The trend in the energy sector is striking: while natural gas exports declined, imports of fuels and gas surged significantly. Gas imports, in particular, multiplied year-over-year. This points to structural bottlenecks in the energy system—and at the same time increases dependence on imports.
The current figures show that Uzbekistan’s economy is undergoing a transformation. While new export sectors are growing, dependence on specific raw materials and imports remains high. In the long term, the key factor will be whether the country succeeds in broadening its export base and reducing the imbalance in its foreign trade.
