That dollar amount reflects a 40% increase from $10.9 billion in 2018.
Year over year, the overall value of Uzbekistan’s exported products increased by 8.9% compared to $14 billion for 2021.
Based on the average exchange rate for 2022, the Uzbekistani som depreciated by -36.9% against the US dollar since 2018 and weakened by -4.2% from 2021 to 2022. Its weaker local currency in 2022 made Uzbekistan’s exports paid for in stronger US dollars relatively lesser expensive for international buyers.
Uzbekistan’s Major Trading Partners
The latest available country-specific data shows that 80% of products exported from Uzbekistan were bought by importers in: Russia (22.1% of Uzbekistan’s total), mainland China (14.9%), Türkiye (12.4%), Kazakhstan (10.6%), Kyrgyzstan (7.9%), Afghanistan (4.5%), Tajikistan (3.3%), Turkmenistan (1.13%), Poland (1.08%), Azerbaijan (1.08%), Iran (1.06%) and Pakistan (1.05%).
From a continental perspective, about two-thirds (66.9%) of Uzbekistan’s exports by value was delivered to Asian countries while 32.1% was sold to importers in Europe. Uzbekistan shipped another 0.5% worth of goods to North America.
Tinier percentages went to buyers in North America (0.5%), Africa (0.4%), Latin America (0.1%) excluding Mexico but including the Caribbean, then Oceania’s Fiji and Australia only (0.001%).
Given Uzbekistan’s population of 35.3 million people, its total $15.3 billion in 2022 exports translates to roughly $450 for every resident in the European nation.
Uzbekistan’s Top 10 Exports
The following export product groups represent the highest dollar value in Uzbekistani global shipments during 2022. Also shown is the percentage share each export category represents in terms of overall exports from Uzbekistan.
- Gems, precious metals: US$4.3 billion (28.2% of total exports)
- Cotton: $1.6 billion (10.5%)
- Mineral fuels including oil: $1.2 billion (8%)
- Copper: $1.1 billion (7.3%)
- Knit or crochet clothing, accessories: $837.7 million (5.5%)
- Fruits, nuts: $618.6 million (4%)
- Vegetables: $478.3 million (3.1%)
- Fertilizers: $412.8 million (2.7%)
- Plastics, plastic articles: $410 million (2.7%)
- Machinery including computers: $407.6 million (2.7%)
Uzbekistan’s top 10 exports accounted for almost three-quarters (74.6%) of the overall value of its global shipments.
Machinery including computers represent the fastest grower among the top 10 export categories, up by 216% from 2021 to 2022.
In second place for improving export sales were knitted or crocheted clothing and accessories via a 45% advance.
Uzbekistan’s shipments of mineral fuels including oil posted the third-fastest gain in value, up by 37.7%.
The leading decliner among Uzbekistan’s top 10 export categories was its exports of cotton, pulled down by a -16.6% year-over-year drop.
The above information is at the two-digit Harmonized Tariff System (HTS) code level.
Drilling down at the more granular four-digit HTS codes perspective, unwrought gold represents Uzbekistan’s most valuable exported product at 26.9% of the country’s total. In second place were cotton yarn (9.1%) trailed by petroleum gases (6.1%), refined copper and unwrought alloys (3.8%), copper wire (2%), fresh or dried grapes (1.83%), knitted or crocheted t-shirts and vests (1.76%), wheat or meslin flour (also 1.76%), ethylene polymers (1.75%), then nitrogenous fertilizers (also 1.75%).
Products Generating Uzbekistan’s Best Trade Surpluses
The following types of Uzbekistani product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Gems, precious metals: US$4.2 billion (Down by -4.1% since 2021)
- Cotton: $1.6 billion (Down by -18.1%)
- Copper: $1.1 billion (Down by -5.5%)
- Knit or crochet clothing, accessories: $801.4 million (Up by 45%)
- Fruits, nuts: $493.7 million (Up by 11.2%)
- Vegetables: $380.2 million (Up by 18.2%)
- Fertilizers: $312.6 million (Down by -3.4%)
- Zinc: $236.6 million (Up by 19.9%)
- Knit or crochet fabric: $218.7 million (Up by 21.7%)
- Miscellaneous textiles, worn clothing: $146.9 million (Up by 37.6%)
Uzbekistan has notably positive net exports in the international trade of gold. In turn, these cashflows indicate Uzbekistan’s strong competitive advantages under the gems and precious metals category.
Products Causing Uzbekistan’s Best Largest Trade Deficits
Uzbekistan incurred an overall -$13 billion trade deficit for 2022, expanding by 33.9% from -$9.7 billion in red ink one year earlier in 2021.
Below are exports from Uzbekistan that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Uzbekistan’s goods trail Uzbekistani importer spending on foreign products.
- Machinery including computers: -US$4.5 billion (Up by 8.9% since 2021)
- Vehicles: -$2.3 billion (Up by 32.3%)
- Iron, steel: -$1.82 billion (Up by 19%)
- Pharmaceuticals: -$1.56 billion (Down by -0.5%)
- Electrical machinery, equipment: -$1.5 billion (Up by 9.7%)
- Wood: -$839.3 million (Up by 25.4%)
- Plastics, plastic articles: -$828.1 million (Up by 59.2%)
- Cereals: -$824.8 million (Up by 26.1%)
- Articles of iron or steel: -$822.6 million (Up by 9.8%)
- Animal/vegetable fats, oils, waxes: -$610.2 million (Up by 19.3%)
Uzbekistan has highly negative net exports and therefore deep international trade deficits under the machinery including computers product category.
Uzbekistani Export Companies
Not one Uzbekistani corporation ranks among Forbes Global 2000.
Wikipedia lists exports-related companies from Uzbekistan. Selected examples are shown below.
- Avialeasing (cargo airliner)
- MAN Auto-Uzbekistan (vehicles)
- Navoi Mining and Metallurgy Combinat (uranium, precious metals)
- SamKochAvto (buses, trucks)
- Tashkent Aviation Production Assoc. (aircraft)
- Uzbekneftegaz (oil, gas)
In macroeconomic terms, Uzbekistan’s total exported goods represent 4.7% of its overall Gross Domestic Product for 2022 ($326 billion valued in Purchasing Power Parity US dollars). That 4.7% for exports to overall GDP in PPP for 2022 mirrors the 4.7% for 2021. Those percentages suggest a relatively consistent reliance on products sold on international markets for Uzbekistan’s total economic performance, albeit based on a short timeframe.
Another key indicator of a country’s economic performance is its unemployment rate. Uzbekistan’s unemployment rate averaged 10% in 2022, up from an average 9.5% one year earlier for 2021 according to International Monetary Fund statistics.
Uzbekistan’s capital city is Tashkent, translated as “City of Stones” from Uzbek.
See also Gold Exports by Country, Grapes Exports by Country, India’s Top Trading Partners, China’s Top Trading Partners and Afghanistan’s Top 10 Exports
Research Sources:
Central Intelligence Agency, The World Factbook Central Asia: Uzbekistan. Accessed on June 3, 2023
Forbes 2022 Global 2000 rankings, The World’s Biggest Public Companies. Accessed on June 3, 2023
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on June 3, 2023
International Trade Centre, Trade Map. Accessed on June 3, 2023
Investopedia, Net Exports Definition. Accessed on June 3, 2023
Wikipedia, Gross domestic product. Accessed on June 3, 2023
Wikipedia, List of Companies of Uzbekistan. Accessed on June 3, 2023
Wikipedia, Purchasing power parity. Accessed on June 3, 2023