Home News Uzbekistan becomes an exporting country

Uzbekistan becomes an exporting country

China, Turkey and Russia are the leading partners of Uzbekistan. They have imported goods from Uzbekistan worth $2188.1 million.

According to the State Statistics Committee, in January-May, the five countries with a high share of Uzbekistan’s exports include China ($835.4 million), Turkey ($694.1 million), Russia ($658.6 million), Kazakhstan ($442 million), Afghanistan ($296.3 million).

The top ten also include Kyrgyzstan ($273 million), Tajikistan ($153.8 million), Canada ($84.8 million), Iran ($81.6 million), Ukraine ($68.7 million).

During the same period, Uzbekistan's exports amounted to $5.7 billion.

According to World Bank forecasts, GDP growth in Uzbekistan in 2021 will recover to 4.8%. This is stated in the next edition of the “Economic Review of the Europe and Central Asia (ECA) Region”.

However, analysts note that the pace of growth may be affected by uncertainty associated with the pace of global economic recovery and the success of the national vaccination campaign against COVID-19.

A gradual recovery in trade and investment flows, remittances from labor migrants, a bountiful crop and vaccination of the population will contribute to economic recovery and stimulate further reductions in unemployment and poverty.

Higher GDP growth is projected in 2022 (up to 5.5%) as the pace of vaccination of the population accelerates and the disruptions in the global economy ease.

The current account deficit of the balance of payments is projected to widen to 5.5% of GDP in 2021 as the volume of imports of machinery, equipment and other industrial goods in the framework of large investment projects recovers.

Despite forecasts of a partial recovery in foreign direct investment volumes after their decline in 2020, public and private borrowing is expected to continue to finance most of the current account deficit of the balance of payments.

According to forecasts, a reduction in state budget revenues, the purchase of vaccines, an expansion of social support for the population and an increase in funding for socio-economic development programs and state lending to enterprises will increase the budget deficit to 5.4% of GDP in 2021. It will be financed mainly by increasing government borrowing.

Uzbekistan’s public debt is expected to reach 42% of GDP in 2021 and stabilize at about 45% of GDP over the medium term. As conditions improve for households and businesses, the gradual elimination of anti-crisis measures will lead to a reduction in the budget deficit in the medium term.

By Sher Karimov


The Liberum
The Liberum runs on your donation. Fight with us for a free society.
Donation Form (#6)

More articles you might like

Parallel dimensions – When Chinese and Arabic science fiction almost meet

One last report about the Chengdu WorldCon that I attended last month. When two parts […]

Getting down under – Jeremy Szal, riding the English chariot between Arabia, Australia and China

Let me explain how I know Jeremy Szal. He is a Lebanese-Australian SF author I've […]

The art of eating sci-fi pumpkins in Chengdu, China

I just visited China to participate in the Chengdu World Science Fiction Convention and the […]
- - by Arthur Blok on 25/09/2023

Peace with Israel will turn Saudi Crown Prince Mohammed Bin Salman into the uncontested leader of a New Middle East

Saudi Crown Prince Mohammed Bin Salman’s (MBS) plans to reform and strategically reposition his country […]

Lebanon's orphanages plagued by numerous scandals and assaults

Scandals and assaults plague Lebanon’s orphanages. Any state reform that does not reconsider the nature […]
by Darine Saleh on 14/08/2023

The Power of Social Media in 2023

In the rapidly advancing digital age of 2023, social media has emerged as a driving […]