Which regions of Uzbekistan showed the greatest business activity in January-July (+infographics)

The monitoring results showed that the volume of tax revenues of the Republic in the period from January 1 to July 31 this year increased by 15.9% compared to the same period last year.

At the same time, a significant increase in tax revenues was recorded in Ferghana (+39.4%), Surkhandarya (+34.5%), Samarkand (+35.3%), Bukhara (+33.9%), Khorezm (+32.4%), Syrdarya (+34.4%) regions and in Tashkent city (+42.6%).

The growth of tax revenues was ensured due to positive changes in the economy, improvement of the tax administration system, including the introduction of new administrative tools, digitalization and automation of processes, legalization of entrepreneurial activity and simplification of the procedure for compliance with tax legislation.

Revenues from custom duty payments for the analyzed period increased by 41.9% compared to the same period 2021. The largest increase in customs receipts was observed in Khorezm (+46.5%), Andijan (+57.2%), Bukhara (+51.7%), Jizzakh (+47.4%) regions, in the Republic of Karakalpakstan (+62.8%) and in Tashkent city (+48.4%).

The increase in customs revenues was achieved due to the growth of foreign trade turnover, the increase in the country's production capacity, simplification of customs administration procedures, digitalization and automation of processes, including the widespread use of the risk management system by customs authorities.

According to the State Customs Committee, the volume of exports of goods from the beginning of this year to July 31 increased by 22.3% compared to the same period last year. A significant increase in the volume of exports of goods was noted in Kashkadarya (+45.0%), Ferghana (+25.1%), Samarkand (+41.4%), Andijan (+32.5%), Namangan (+31.3%) regions and in Tashkent city (+44.5%).

The increase in Uzbekistan's exports is explained by the growing growth rates of exports of industrial goods, food products, chemicals substances and agri-food products.

A decrease in exports of goods was observed in Bukhara (-16.7%), Surkhandarya (-7.8%) regions and in the Republic of Karakalpakstan (-15.9%).

The reduction in exports in the Bukhara region is caused by the fact that in January-July 2022, exports of cotton fiber in the Bukhara region decreased, which is due to the direction of these products to the domestic market.

The decrease in the volume of exports in the Republic of Karakalpakstan is explained by a reduction in the export of plastics and products made from them and yarn, pharmaceutical products (from the straw root) and the complete cancellation of exports of cotton fiber with the redirection of these products to the domestic market.

In turn, the decrease in exports to Surkhandarya region is associated with a reduction in exports of fruit and vegetable products and the redirection of cotton fiber and yarn to the domestic market.

The volume of loans issued by commercial banks in the period from January 1 to July 31 this year increased by 13.3% compared to the same period last year.

A significant increase in the volume of loans issued was observed in Ferghana (+34.4%), Andijan (+22.8%), Khorezm (+18.0%), Samarkand (+16.4%) regions, Tashkent city (+19.1%) and the Republic of Karakalpakstan (+31.2%).

A decrease in the issuance of loans was observed in Syrdarya (-31.6%), Navoi (-1.8%) and Surkhandarya (-2.6%) regions, which is associated with the issuance of large loans for textile and other industrial projects in these areas in 2021.

A reduction in the issuance of loans is observed in Syrdarya (-46.2%), Navoi (-32.3%), Surkhandarya (-32.0%), Bukhara (-20.9%), Namangan (-18.3%), Kashkadarya (-10.8%), Jizzakh (-5.6%) and Khorezm (-1.5%) regions.

According to the Central Bank of the Republic of Uzbekistan, the reduction in lending volumes in some areas is explained by the provision of significantly large loans in the base period (January and March 2021). In the reporting period, operations are mainly carried out to repay previously issued loans for these projects.

The volume of transactions on the UzEX for the analyzed period increased by 44.1%. A significant increase in exchange activity was observed in Khorezm (+69.3%), Navoi (+60.1%), Jizzakh (+56.4%), Tashkent (+48.1%) regions and in Tashkent (+62.5%).

The growth in the volume of transactions in these regions is ensured by increasing the sale of such goods as mineral fertilizers, technical seeds, vegetable oil, automobile gasoline, construction and household materials, diesel fuel, wheat flour, cotton fiber, rolled ferrous and non-ferrous metals, polyethylene, ethyl alcohol, etc.

At the same time, a decrease of 1.6% was observed in the Syrdarya region, which is explained by a decrease in the number and volume of transactions for trade in polypropylene, cotton fiber, vegetable oil, technical seeds, non-ferrous and ferrous metals, cement, meal and husk, livestock feed, soap product, and technical oil.

During the analyzed period, 55,740 new economic entities were created, the largest number of which were registered in Samarkand (7,183), Kashkadarya (5,593), Ferghana (5,099), Tashkent (4,107), Andijan (3,702) regions and in Tashkent city (8,990).

Yusup Jumabaev, CERR