Uzbekistan’s foreign trade turnover makes up US$25.77 billion

Uzbekistan’s foreign trade turnover makes up US$25.77 billion

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Tashkent, Uzbekistan (UzDaily.com) — In January-October 2018, Uzbekistan’s foreign trade turnover made up US$25.77 billion and increased compared to the same period of last year by 15.9%.

State Statistics Committee of Uzbekistan said that Uzbekistan reduced exports by 4.1% — to US$10.26 billion and increased imports by 34.4% — to US$15.51 billion. Foreign trade balance with a minus US$5.25 billion.

As a result of the increase in production of products that replaced imported goods and the diversification of industrial production, significant changes have been achieved in the structure of exports. For example, an analysis of the trend in the share of cotton fiber in total exports showed that in January-October 2015, the share of exports of cotton fiber amounted to 4.1% of total exports, while 296,100 tonnes of raw materials were exported. In January-October 2016, 295,500 tonnes of cotton fiber were exported. In January-October 2017, its share in total exports fell to 3.1% and 204,800 tonnes of raw materials were exported.

According to the results of January-October 2018, the share of cotton fiber in the total export volume (1.9%) significantly decreased compared to the same period last year. During the same period, 101,500 tonnes of cotton fiber were exported in the amount of US$194.1 million.

It should be noted that in October 2018, exports of goods and services decreased by US$102.9 million compared with September, while the volume of imports of goods and services increased by US$183.9 million.

The order of the states with the largest share in the commodity turnover of the republic for the ten months of 2018 remained the same as in the previous months of the year.

As a result of measures taken by the Government of the Republic to strengthen cooperation with the CIS countries and comprehensive support of foreign trade, the share of CIS countries in foreign trade turnover in January-October 2018 was 38.3% and, compared to the same period last year, the growth rate of foreign trade turnover accounted for 32.4%.

The share of other countries in foreign trade turnover in January-October 2017 was equal to 66.5%. In the current year, foreign trade turnover with them decreased by 4.8% and amounted to 61.7%.

The volume of exports in January-October 2018 made up US$10.26 billion (compared to the same period last year decreased by 4.1%). The share of goods in the composition of exports reached 75.4%, of which energy carriers and petroleum products — 19.9%, food products — 9.0%, chemical products and products from it — 7.3%.

Analysis of the structure of exported goods and services in January-October of the current year showed that, compared with the corresponding period of last year, there were no significant changes, but it should be noted that the share of exports of certain types of goods and services in total exports in January-October of the current year decreased, compared with the corresponding period last year.

Analysis of the growth rate of exports of goods and services showed that in October 2018, exports of goods and services, compared with September, decreased by 11.5%.

The volume of export services in January-October 2018 made up US$25.22 billion, or 24.6% of total exports and increased, compared to the same period last year, by 25.3%. Transport services, tourism, as well as telecommunication, information, computer and financial services account for the bulk of service exports.

Analysis of the dynamics of exports of goods and services showed that in October, compared with September, the volume of exports of goods decreased by US$92.3 million and amounted to US$523.0 million. The export of services reached US$265.4 million.

China and Russia occupy the largest share in the export of goods and services of the Republic of Uzbekistan. The share of these countries in total exports is 37.5%. The structure of exported goods to China and Russia includes a group of energy carriers and petroleum products, chemical products and products from it, as well as food products.

The export volume of fruits and vegetables amounted to more than 1 million tonnes and reached US$732.5 million (growth rate — 43.3%). Of the fruits and vegetables, more than 561,600 tonnes of vegetables were exported (physical growth increased 2.0 times) to the amount of US$252.1 million, fruits and berries – 257,800 tonnes (physical growth increased by 11.8% ) in the amount of US$323.7 million (cash growth, compared with the same period last year, was 53.5% and 52.5%, respectively).

It is noteworthy that as a result of the expansion of the export potential of the country and the development of new markets, exports of fruits and vegetables, grapes, melons, legumes, as well as dried vegetables and fruits, are growing. In January-October 2018, exports of fruits and berries, as well as vegetables, reached US$575.8 million (a 52.9% increase over the same period last year).

In January-October 2018, exports of textile products amounted to US$1.07 billion and increased, compared to the same period of 2017, by 15.2%, which is 10.4% of total exports. Of the export structure of textile products, the main share is cotton yarn (56.7%), finished knitwear and garments (22.6%). Since the beginning of the year, more than 332 types of goods have been exported to 56 countries of the world.

It is noteworthy that in the first years of independence, exports of light industry products of the republic had a raw material focus, now our country has become a leader in the export of finished textile and light industry products.

In January-October 2018, the volume of imports amounted to US$15.51 billion (growth rate — 34.4%). In the structure of imports, the main share is occupied by machinery and equipment (41.1%), chemical products and products from it (13.3%), as well as food products (8.4%).

The highest growth rates of imports of goods and services for the ten months of 2018 were observed in February, July, August and October

Analysis of the growth rate of imports of goods and services showed that in October 2018, imports of goods and services increased by 11.1% compared with September.

In January-October 2018, the volume of imports of construction materials amounted to US$524.2 million and increased, compared to the same period of 2017, by 49.3%, which is 3.4% of the total imports. From the structure of imports of building materials, the main share is cement (27.5%), wood and wood products (16.4%), stone products, gypsum, cement, asbestos and ceramic products (10.4%), as well as glass (9.0%).

Imports of building materials in January-October 2018 increased significantly, compared with the corresponding period of 2017. The growth in the volume of imports of construction materials is due to large-scale construction and reconstruction work in our country. It should be noted that the government is implementing a number of reforms aimed at the production of building materials and products, as well as providing the domestic market with high-quality and cheap building materials.

The volume of imports of services in January-October 2018 made up US$1.85 billion, or 12.0% of total imports and increased, compared to the same period last year, by 18.9%. The main imports of services are transport services, tourism, as well as telecommunications, information, computer and financial services.

At the same time, it should be noted that over the past period of 2018 in August, imports were more than in the other months. In October of this year, the volume of imports of goods and services amounted to US$1.83 billion.

In January-October 2018, goods and services from 146 countries were imported into the republic.

Five major partner countries (the Russian Federation, the People’s Republic of China, the Republic of Korea, Kazakhstan and Turkey) in the total volume of imports have a share of 61.0%, which is US$9.47 billion.

As a result of large-scale reforms of the country’s foreign economic activity and strong ties with the countries of the world, the export potential of our state grows. In addition, thanks to the creation of a number of tax and customs privileges, as well as the modernization of industrial production, some of our national products began to be exported more and take up their positions in foreign markets.