According to the State Statistics Committee of Uzbekistan, the country's foreign trade turnover in January 2026 reached $5.8 billion, marking an increase of $1.3 billion or 29.2% compared to the same period last year. Export volume stood at $1.69 billion (a 26.7% rise), while import volume surged to $4.14 billion (a 30.3% increase). Consequently, the foreign trade balance recorded a negative deficit of $2.44 billion, significantly higher than the $604.8 million deficit in January of the previous year.

The primary factor behind the negative balance was the absence of gold exports. In January 2025, gold exports amounted to $44.3 million, whereas in January 2026, this figure was zero. Economist Mirkomil Kholboev suggested that this could be explained by the completion of annual targets or expectations of rising gold prices amid uncertainties. Meanwhile, non-gold exports grew by 31.1%, indicating activity in other economic sectors.

Geographically, China (27.9%), Russia (18.7%), and Kazakhstan (7.1%) dominated Uzbekistan's trade turnover. The highest growth rates in trade were observed with China, France, Belarus, Tajikistan, Turkmenistan, and Austria, while trade with Portugal increased nearly 24-fold. However, trade volumes with the US, Germany, India, and Afghanistan saw significant declines, potentially reflecting global economic shifts or political factors.

In export composition, goods accounted for 56.2% and services for 43.8%. Fruit and vegetable exports reached $99.4 million, up 21.6%, and textile exports totaled $216.5 million. On the import side, machinery and transport equipment led at 35.9%, with energy resource imports soaring by 94.2%, including a nearly sevenfold increase in gas imports to $167.6 million.

Overall, the high trade turnover in January points to economic growth, but the substantial deficit and lack of gold exports pose challenges for Uzbekistan's trade balance. This situation underscores the need for diversification efforts and reducing import dependency in the country's economic strategy.

Source: www.gazeta.uz