Tashkent, Uzbekistan (UzDaily.com) – Experts of the Institute for Forecasting and Macroeconomic Research (IPMI) analyzed trade relations between Uzbekistan and China in 2017-2022.

Experts found that the volume of exports and imports of goods and services from Uzbekistan to China increased over the period under review:

The foreign trade turnover between Uzbekistan and China amounted to US$4.8 billion in 2017 and reached US$8.9 billion in 2022, thereby increasing by 185%. In particular, the increase in the volume of exports and imports in percentage terms amounted to 23.4% and 134.7%, respectively.

The main exports of Uzbekistan to China in 2022 were: mineral fuels (US$849.5 million), services (US$703.0 million), industrial goods (US$629.8 million), chemical products (US$133.3 million) and food (US$108.8 million). Uzbekistan imported mainly machinery and equipment (US$3.6 billion), manufactured goods (US$1.26 billion), chemical products (US$821.9 million), various finished products (US$470.8 million) and services (US$90.2 million).

For domestic exporters, great prospects are opening up for the sale of precious metals, organic chemical compounds, as well as fruits and nuts in the Chinese market.

This is because:

1. Uzbekistan has great potential to increase production and export of these types of products;

2. During the period under review, China has seen a steady increase in demand for these types of products, and in 2021 the total volume of imports of precious metals amounted to US$77.4 billion, organic chemical compounds - US$60.2 billion, fruits and nuts - US$16.0 billion.

Also, during negotiations with the delegation of China, who visited our country on 29 March 2023, agreements were reached on the development of renewable energy, transport infrastructure, the creation of industrial parks and agricultural clusters in Uzbekistan with the participation of leading Chinese companies.