Tashkent, Uzbekistan (UzDaily.com) -- At the invitation of the President of the Russian Federation Vladimir Putin, the President of the Republic of Uzbekistan Shavkat Mirziyoyev will visit this country on an official visit on 5-7 October.

The Center for Economic Research and Reforms (CERR) has prepared infographics that present foreign trade relations between Uzbekistan and Russia, the volumes of imports and exports by product category for 6 years and 8 months of the current year.

Uzbekistan’s trade with Russia operates under a “free trade” regime in accordance with bilateral and multilateral (within the CIS) agreements.

Over the past 6 years, Uzbekistan’s trade turnover with Russia has almost doubled from US$4.73 billion in 2017 to US$9.33 billion in 2022, exports increased 1.5 times from US$2.0 billion to US$3.1 billion, imports 2.3 times from 2.7 billion to US$6.23 billion. 

In 2022, Uzbekistan’s trade turnover with Russia increased by 23.6% and amounted to US$9329.8 million, while exports showed a significant increase of 48.4% to US$3099.1 million, imports increased by 14.1% to US$6230, 7 million

Among Uzbekistan’s foreign trade partners in terms of bilateral trade in 2022, Russia took first place with a share of 18.6% in trade turnover, while Russia’s share in Uzbekistan’s exports was 16.1% and in imports 20.3%.

At the end of 8 months of this year, Uzbekistan’s trade turnover with Russia compared to the same period of last year increased by 7.4% to US$6,167.9 million, exports by 5.1% to US$1,973.5 million, imports by 8.5% to US$4194.4 million. Russia’s share in the total foreign trade turnover of Uzbekistan was 15.4%, the share in exports was 12%, and in imports 17.8%.

It should be noted that in January-August of this year, among the countries of Uzbekistan’s trading partners, in terms of trade turnover, Russia took second place with a share of 15.4% (China is first - 20.7%), but at the same time Russia took first place in the total volume of exports of Uzbekistan with a share of 12% (China’s share in exports -10.6%).

In this regard, Russia is an important trading partner for Uzbekistan, since the bulk of finished agricultural and industrial products are exported to Russia.

Uzbekistan exports to Russia textiles and clothing, fresh and processed fruits and vegetables, chemical products, some types of industrial and other finished products, as well as services. For example, according to the results of January-August of this year, 42% of the total volume of exports of agricultural products was exported to Russia.

In turn, Uzbekistan imports from Russia products important for production needs and the consumer market, in particular, industrial goods, including ferrous and non-ferrous metals and products made from them, mechanical and electrical equipment, wood, petroleum products, chemical products, food products, as well as services. For example, according to the results of January-August of this year, in the total import of industrial products of Uzbekistan, Russia accounted for 35.2% of imports of this type of product.

As of 1 September 2023, Russia ranks first in the number of enterprises with foreign investment created in Uzbekistan - 2,849 enterprises or 22.3% of the total number of operating enterprises with foreign investment. At the same time, Russia also leads in the number of newly created enterprises with foreign investment in the period January-August of this year - 425 enterprises.

In the first half of 2023, Russia’s share in the total volume of disbursed foreign investments and loans was 18.8%. The total volume of accumulated Russian investments in the economy of Uzbekistan is more than US$10 billion.