Uzbekistan's Foreign Trade Rises 6.3% to $65.4bn as Imports Outpace Exports

Uzbekistan's foreign trade turnover reached $65.4 billion in January to September 2026, up $3.9 billion or 6.3 per cent on a year earlier, the National Statistics Committee reported on 28 October. Imports rose 15.7 per cent to $39.6 billion while exports fell 5.5 per cent to $25.8 billion, leaving a trade deficit of $13.7 billion.

The committee's nine-month release shows the headline export decline hides a strong performance outside gold. Excluding gold, exports of goods reached $13.3 billion, an increase of 31.6 per cent on the same period of 2025. The gap between the two figures, roughly $12.5 billion, covers gold and any other exports outside non-gold goods.

Growth slowed in September

The nine-month numbers mark a slowdown from the eight-month figures. In its January to August release, the committee reported turnover of $57.4 billion, up $4 billion or 7.6 per cent, with exports of $22.9 billion, down 3.4 per cent, and imports of $34.5 billion, up 16.3 per cent. Non-gold exports were $11.5 billion after eight months, up 28.7 per cent.

Comparing the two releases, September alone added about $8.0 billion of turnover: roughly $2.9 billion of exports and $5.1 billion of imports. The export decline deepened from 3.4 per cent to 5.5 per cent over the month, while non-gold exports accelerated from 28.7 per cent growth to 31.6 per cent.

China and Russia still dominate

Uzbekistan traded with more than 200 countries in the nine months. China accounted for 23.2 per cent of turnover, Russia for 16 per cent, Kazakhstan for 6.5 per cent, Türkiye for 3.4 per cent and Afghanistan for 2.4 per cent, according to the committee.

The shares barely moved over the month. After eight months the committee had put China at 23 per cent, Russia at 16 per cent, Kazakhstan at 6.5 per cent, Türkiye at 3.4 per cent and Afghanistan at 2.5 per cent, so in the nine-month data China's share was slightly higher and Afghanistan's slightly lower.

The eight-month data give the values behind those shares. Citing the committee, Trend reported that trade with China reached $13.2 billion in January to August and trade with Russia $9.2 billion, together about 39 per cent of the total. Kazakhstan followed at $3.7 billion, Türkiye at $1.9 billion and Afghanistan at $1.4 billion, with South Korea at $1.3 billion and France and the United Arab Emirates at $1.2 billion each.

What it means for the South Caucasus

For Caucasus exporters and logistics firms, the figures point in two directions. Import growth of more than 15 per cent shows a fast-expanding import market, and Türkiye's place among the top four partners matters for the westbound routes that run through Azerbaijan and Georgia. China and Russia together account for close to two fifths of Uzbekistan's total trade.

Non-gold exports are the number to watch. Growth of almost a third in shipments other than gold bears on the trade targets Tashkent has set with its partners, including the $1 billion goal Uzbekistan and Georgia reaffirmed in Tsinandali. In neighbouring Kazakhstan, imports grew faster than exports in the first four months of 2026, 11.3 per cent against 5 per cent, narrowing its surplus, and Russia and China supplied about 60 per cent of imports.

For banks and traders in Baku and Tbilisi that finance Central Asian flows, the practical point is that Uzbekistan now buys far more than it sells, and a growing share of what it sells is goods other than gold.