BAKU, Azerbaijan, September 6. Uzbekistan’s
foreign trade turnover reached $49.5 billion in the period from
January through July 2026, increasing 8.1% from a year earlier.


This was reflected in the data released by the National
Statistics Committee of Uzbekistan.


Exports amounted to $19.9 billion, down 3.6% year on year, while
imports rose 17.8% to $29.6 billion. As a result, Uzbekistan
recorded a foreign trade deficit of approximately $9.7 billion
during the seven months.


The latest figures point to a significant change in the balance
of external trade. In January-July 2025, the deficit stood at about
$4.4 billion, meaning the gap widened by roughly $5.2 billion, or
more than twofold, in the first seven months of 2026.


Trend’s
calculations show that imports accounted for about 59.8% of
Uzbekistan’s foreign trade turnover in January-July 2026, compared
with 40.2% for exports. The imbalance is therefore being driven
primarily by the faster expansion of imports rather than by a
contraction in overall trade activity.


The composition of trade also provides an important explanation.
Machinery and transport equipment represented 32.8% of imports,
while industrial goods accounted for 14.0% and chemicals for 12.1%.
This indicates that a substantial portion of import demand is
linked to equipment, industrial inputs and other goods used in
economic activity.


In Trend’s
assessment, the rapid growth in imports can partly reflect
investment and production-related demand. Imports of machinery,
transport equipment and industrial inputs can expand productive
capacity and support industrial modernization over the medium term.
However, if import growth continues to significantly outpace
exports, the resulting trade deficit could increase pressure on
external financing and the current account.







Uzbekistan’s trade geography remained concentrated among several
major partners. China was the largest trading partner, with
turnover reaching $11.3 billion, followed by Russia at $8.1 billion
and Kazakhstan at $3.3 billion. Türkiye ranked fourth with $1.6
billion, while Afghanistan and France accounted for about $1.2
billion and $1.1 billion, respectively.


Furthermore, Trend’s assessment shows that China and Russia
together accounted for about 39% of Uzbekistan’s total foreign
trade turnover during the period. Adding Kazakhstan brings the
combined share of the three largest partners to approximately
45.9%.


China’s position was particularly strong, with its share of
total trade reaching about 22.7%, while Russia accounted for
roughly 16.4%. The figures underscore the continued importance of
these two markets to Uzbekistan’s external economic relations.


At the same time, the data show a broad network of trading
relationships. Uzbekistan conducted foreign trade with more than
200 countries, while countries including South Korea, the UAE,
Germany, India, the United States, Iran and Italy also remained
among its significant trading partners.


Trend’s analysis
shows a dual trend in Uzbekistan’s external trade: the country is
maintaining a broad geographic network, but the value of trade
remains heavily concentrated among a relatively small number of
major partners. Meanwhile, the widening trade deficit represents
the more immediate macroeconomic issue.


Overall, Uzbekistan’s foreign trade continued to expand in value
in January-July 2026, but the 8.1% increase in total turnover masks
a growing imbalance between exports and imports. The sustainability
of external trade growth will increasingly depend on whether the
current surge in imports translates into higher domestic production
and future export capacity, allowing export growth to catch up with
import demand.