Increased Trade volume between Astana and Tashkent reaches an astounding $4.2 billion in the year 2024
Uzbekistan's trade landscape has been evolving, with the Central Asian nation strengthening its economic ties with various global partners. According to data from Uzbekistan's Statistics Agency, the country's total foreign trade turnover increased by 3.8% to $65.9 billion in the unspecified year.
China emerged as Uzbekistan's leading trading partner in 2024, with bilateral trade reaching approximately $14 billion. This figure represents a significant increase from the previous year, marking a growing economic relationship between the two nations. China's trade turnover accounts for a substantial 21.5% of Uzbekistan's total, indicating China's dominance in Uzbekistan's trade volumes.
Kazakhstan ranks as one of Uzbekistan's top three foreign economic partners. In 2024, trade turnover between the two countries reached $4.22 billion, with Kazakhstan accounting for 6.5% of Uzbekistan’s total trade. Uzbekistan's exports to Kazakhstan were valued at $1.4 billion, representing 17.6% of Uzbekistan's total exports. On the other hand, Uzbekistan's imports from Kazakhstan totaled $2.8 billion, accounting for 18.9% of Uzbekistan's total imports.
Türkiye also ranks within the top five trading partners, representing around 4.4% of Uzbekistan's trade. The trade turnover between Uzbekistan and Türkiye, while not as significant as with China and Kazakhstan, is still a vital component of Uzbekistan's global trade.
Uzbekistan is also expanding trade ties with neighbouring Azerbaijan and countries like the UK and Saudi Arabia. Azerbaijan-Uzbekistan trade turnover rose by 2.6 times in the first half of 2025 over the same period in 2024, indicating rapidly growing ties. The UK-Uzbekistan total trade valued at about £1.3 billion (~$1.6 billion) in the year ending Q1 2025, marking a significant increase although it ranks much lower among Uzbekistan’s global partners. Saudi Arabia’s trade volume is much smaller, with exports to Uzbekistan around $42 million in 2023 and growing in early 2025.
Despite the growing ties with other countries, Russia remains an important trading partner for Uzbekistan, although no specific timeframe was provided for the Russia trade turnover figure. In unspecified years, Russia's trade turnover with Uzbekistan was $11.6 billion.
In conclusion, Uzbekistan's trade landscape is diversifying, with China dominating Uzbekistan’s trade volumes by a large margin, followed by regional partners Kazakhstan and Türkiye with smaller yet significant shares. Uzbekistan is also expanding trade ties with neighbouring Azerbaijan and countries like the UK and Saudi Arabia, but at more modest levels compared to China and Kazakhstan.
In the year 2024, the finance sector of Uzbekistan's business industry saw a notable shift as China emerged as its leading trading partner, accounting for a substantial 21.5% of Uzbekistan's total trade. Additionally, Kazakhstan, another key player in the business world, contributed 6.5% to Uzbekistan's total trade in the same year.
