China remains Uzbekistan’s main trading partner
According to the State Statistics Committee of the Republic of Uzbekistan, the country’s foreign trade growth was ensured as a result of reforms aimed at stimulating and optimising imports. Therefore, in 2019, it reached $42.2 billion, which is $8.7 billion more than in 2018. This result is recorded as the highest in the history of the country. It is worth noting that $17.9 billion of this amount went to exports, and $24.3 billion to imports.
Uzbekistan maintains trade relations with more than 193 countries. At the same time, mutual trust is growing and areas of cooperation with key trading partners of the country are expanding, one of which is China. In 2019, the trade turnover with this country reached $7.6 billion. This result indicates that China has become the main trading partner of Uzbekistan and is interested in developing mutually beneficial trade. In comparison, last year, trade with China amounted to $6.4 billion.
The second place among the trade partners of Uzbekistan is taken by Russia with a trade turnover of $6.6 billion, of which $2.4 billion was brought by the export of local goods and services. Kazakhstan is in the third place.
Both foreign economic activity and the foreign trade policy implemented in Uzbekistan directly affect the living standards of the population and the growth of trade relations with foreign countries. In particular, decisions to increase the country’s export potential allow local companies to gain more experience in foreign markets, which over time will give them a competitive advantage in world trade.