BAKU, Azerbaijan, September 6. Uzbekistan’s foreign trade turnover reached $49.5 billion in the period from January through July 2026, increasing 8.1% from a year earlier.
This was reflected in the data released by the National Statistics Committee of Uzbekistan.
Exports amounted to $19.9 billion, down 3.6% year on year, while imports rose 17.8% to $29.6 billion. As a result, Uzbekistan recorded a foreign trade deficit of approximately $9.7 billion during the seven months.
The latest figures point to a significant change in the balance of external trade. In January-July 2025, the deficit stood at about $4.4 billion, meaning the gap widened by roughly $5.2 billion, or more than twofold, in the first seven months of 2026.
Trend’s calculations show that imports accounted for about 59.8% of Uzbekistan’s foreign trade turnover in January-July 2026, compared with 40.2% for exports. The imbalance is therefore being driven primarily by the faster expansion of imports rather than by a contraction in overall trade activity.
The composition of trade also provides an important explanation. Machinery and transport equipment represented 32.8% of imports, while industrial goods accounted for 14.0% and chemicals for 12.1%. This indicates that a substantial portion of import demand is linked to equipment, industrial inputs and other goods used in economic activity.
In Trend’s assessment, the rapid growth in imports can partly reflect investment and production-related demand. Imports of machinery, transport equipment and industrial inputs can expand productive capacity and support industrial modernization over the medium term. However, if import growth continues to significantly outpace exports, the resulting trade deficit could increase pressure on external financing and the current account.
Uzbekistan’s trade geography remained concentrated among several major partners. China was the largest trading partner, with turnover reaching $11.3 billion, followed by Russia at $8.1 billion and Kazakhstan at $3.3 billion. Türkiye ranked fourth with $1.6 billion, while Afghanistan and France accounted for about $1.2 billion and $1.1 billion, respectively.
Furthermore, Trend’s assessment shows that China and Russia together accounted for about 39% of Uzbekistan’s total foreign trade turnover during the period. Adding Kazakhstan brings the combined share of the three largest partners to approximately 45.9%.
China’s position was particularly strong, with its share of total trade reaching about 22.7%, while Russia accounted for roughly 16.4%. The figures underscore the continued importance of these two markets to Uzbekistan’s external economic relations.
At the same time, the data show a broad network of trading relationships. Uzbekistan conducted foreign trade with more than 200 countries, while countries including South Korea, the UAE, Germany, India, the United States, Iran and Italy also remained among its significant trading partners.
Trend’s analysis shows a dual trend in Uzbekistan’s external trade: the country is maintaining a broad geographic network, but the value of trade remains heavily concentrated among a relatively small number of major partners. Meanwhile, the widening trade deficit represents the more immediate macroeconomic issue.
Overall, Uzbekistan’s foreign trade continued to expand in value in January-July 2026, but the 8.1% increase in total turnover masks a growing imbalance between exports and imports. The sustainability of external trade growth will increasingly depend on whether the current surge in imports translates into higher domestic production and future export capacity, allowing export growth to catch up with import demand.
