At the invitation of President of the People’s Republic of China Xi Jinping, President of the Republic of Uzbekistan Shavkat Mirziyoyev is paying a state visit to this country on January 23-25 this year.
The Center for Economic Research and Reforms (CERR) has prepared an infographics that presents the foreign trade relations between Uzbekistan and China, the volume of import and export by product categories for 2023.
Uzbekistan’s trade with China is subject to the “most favored nation” regime in accordance with a bilateral agreement.
China is one of Uzbekistan’s leading trading partners and a leading investor in the Uzbek economy.
The analysis of the Center for Economic Research and Reforms shows that in recent years, trade, economic and investment cooperation between Uzbekistan and China has been developing dynamically and covers new areas of cooperation.
In 2023, Uzbekistan’s trade turnover with China increased by 51.5% and amounted to $13.7 billion, while export amounted to $2.5 billion, and import increased by 75.2% to $11.3 billion. Machinery and equipment, industrial goods and chemicals formed the basis of import from China in 2023.
It should be noted that by the end of 2023, China’s share in the total foreign trade turnover of Uzbekistan amounted to 21.9%, total export – 10.1%, total import – 29.5%.
During the negotiations on October 17 last year, on the occasion of the 10th anniversary of the Belt and Road Initiative, the mutual agreement of the leaders of our countries was expressed that there is every reason to bring trade turnover to $20 billion in the next 5 years.
With the participation of Chinese companies and financial institutions, a number of large investment projects are being implemented in the field of high technologies, alternative energy, chemistry, mechanical engineering, metallurgy, electrical engineering, infrastructure modernization and other areas.