Uzbekistan buys one and a half times more than it sells: trade deficit reached $11.7 billion

Uzbekistan buys one and a half times more abroad than it sells: the trade deficit reached $11.7 billion

Uzbekistan's foreign trade continues to grow, but behind the increase in trade turnover lies a troubling trend: imports have noticeably accelerated, while exports have declined. Over eight months, the country imported almost $11.7 billion more in goods and services than it supplied to external markets.

According to data from the National Committee on Statistics, in January–August 2026, Uzbekistan's foreign trade turnover reached $57.4 billion. This is $4 billion, or 7.6%, higher than the figure for the same period last year.

At first glance, this looks like steady growth. But if this sum is divided into exports and imports, the picture turns out to be completely different.

Over eight months, exports amounted to $22.9 billion, which is 3.4% less than in January–August 2025. Imports, on the contrary, increased by 16.3% and reached $34.5 billion.

As a result, the negative foreign trade balance rose to $11.7 billion.

Simply put, Uzbekistan is increasingly buying goods abroad, but selling less on external markets. For every dollar of export revenue, there is approximately $1.5 of imports.

Such a gap calls into question an overly optimistic assessment of foreign trade dynamics if one relies solely on the overall turnover. Trade growth in itself does not yet mean an increase in revenues from sales on external markets: what matters is also what drives this growth.

China remains Uzbekistan's largest trading partner, accounting for 23% of foreign trade turnover. Next come Russia with a 16% share, Kazakhstan — 6.5%, Turkey — 3.4%, and Afghanistan — 2.5%.