Turkmenistan’s exports to Uzbekistan on the rise

Turkmenistan’s exports to Uzbekistan on the rise

For the January-November 2019, the trade turnover between Turkmenistan and Uzbekistan grew by almost 90% compared to the same period in 2018 and amounted to US $ 457.8 million, according to the latest edition of the foreign trade report of the Uzbek State Committee on statistics.

At the same time, there is a positive balance in favor of Turkmenistan in the trade between the two neighboring countries. During the reported period, Turkmen goods and services were exported to the Republic of Uzbekistan in the amount of US $ 374.1 million, and imports are estimated at US $ 83.7 million.

The volume of Turkmen products supplied to the Uzbek market increased by US $ 280.2 million and US $ 174.1 million in 2017 and 2018 on year-over-year basis correspondingly.

The Uzbek commodity and services import to Turkmenistan almost doubled from US $ 43.8 million (2018) to US $ 83.7 million.

According to the report, Turkmenistan entered the top ten foreign trade partners of Tashkent and the top twenty partner countries in terms of import of goods and services.

Uzbekistan exports to Turkmenistan such items as vehicles, mineral fertilizers, fruit and vegetable products, construction materials, electrical and mechanical equipment, metal products and services in various fields and buys from Turkmenistan oil products, petrochemical products, propylene polymers, cotton yarn, sheet glass.

By 2020, the countries intend to increase the mutual trade to US 500 million. And as fresh statistics shows, these plans are not only feasible in the foreseeable future, but may be exceeded.

On the other hand, the recorded export growth demonstrates good demand among Uzbek consumers for products and services under the label “Made in Turkmenistan”.

The observed surge in export-import indicators also testifies to the effectiveness of contacts between the business circles of Turkmenistan and Uzbekistan – these are business forums, B2B platforms, mutual visits and other exchanges, which, in general, promote the agenda of bilateral trade and economic cooperation.