Tashkent, Uzbekistan (UzDaily.com) -- Experts from the Institute for Forecasting and Macroeconomic Research (IPMI) have identified new promising markets and possible groups of goods for export from Uzbekistan.

According to the 28th goal of the New Uzbekistan Development Strategy for 2022-2026, identifying new potential markets for the sale of domestic products is one of the key issues.

For the analysis, data from the go4WorldBusiness international marketplace was used, covering information on more than 3,000 international cargo transportations for April-July 2022. All data was obtained using the web scraping method (an automated method for collecting information from websites).

The methodology for identifying promising markets consists of 3 stages:

- from among all countries from the database of the go4WorldBusiness marketplace, countries that have experienced a decrease in imports of products over the past 5 years are excluded;

- exclusion of countries to which Uzbekistan already exports these products;

- selection of countries with the highest market prospects index, which is calculated as the ratio of the average volume of imports of this category of goods to the geographical distance from Uzbekistan to the importing country.

The analysis showed that the following countries can serve as promising markets:

- grain crops - Japan, Bangladesh;

- vegetable oils - India, China, Bangladesh;

- metals - Bangladesh;

- fruits and vegetables - Bangladesh, Singapore, Oman;

- spices - India, Great Britain, Bangladesh;

- textile products - India, Bangladesh, Singapore.

It should be noted that the most demanded goods in the identified promising markets are agricultural products. In this regard, an additional analysis of the data was carried out, which revealed the presence of a seasonal factor, i.e. most of the international traffic was made in the summer months and accounted for more than half of the total number of traffic.

As a recommendation, the following can be emphasized:

1. When forming foreign economic activity, focus on the markets of the above countries, given the great demand there for certain types of products manufactured in Uzbekistan.

2. It is necessary to study and bring to the attention of exporters about potential trade routes (corridors) with these countries and the situation with tariff and non-tariff barriers.

3. Creation of joint ventures, trading houses and marketplaces with the indicated countries for the production and export of relevant products.