Center for Economic Research and Reforms (CERR) has prepared infographics that present indicators of Uzbekistan's foreign trade with Azerbaijan, including export and import volumes by commodity categories for 2021 and January-May 2022.
In 2021, the Republic of Uzbekistan carried out trade relations with 182 countries of the world. Azerbaijan's share in Uzbekistan's foreign trade was 0.3% in total trade turnover, 0.5% in exports and 0.2% in imports.
In 2021, the volume of bilateral trade between Uzbekistan and Azerbaijan amounted to $118.9 million, which is an increase of $35.1 million compared to 2020.
It should be noted that Azerbaijan is among the few countries with which Uzbekistan has a positive trade balance. In 2021, it amounted to $33.0 million.
Uzbekistan's exports account for 64% of the trade turnover with Azerbaijan, and Azerbaijan ranks 15th among the importing countries of Uzbek products in terms of its volumes.
In 2021, the main export positions of Uzbekistan to Azerbaijan were: industrial goods – $34.7 million, machinery and equipment – $20.1 million, food products – $10.4 million, finished products – $3.1 million, chemical products – $1.2 million and services – $2.4 million. Imports from Azerbaijan to Uzbekistan in 2021 were represented by the following goods: non–food raw materials (except fuel) – $12.8 million, chemical products – $8.0 million, fuel, lubricating oils and similar products – $7.9 million, industrial goods – $7.4 million, food, beverages and tobacco – $5.6 million and services – $0.8 million.
Bilateral trade between Uzbekistan and Azerbaijan is carried out in a free trade regime in accordance with the "Free Trade Agreement", which was signed in Baku in 1996.
In January-May 2022, the volume of trade turnover between Uzbekistan and Azerbaijan amounted to $66.4 million and increased by 49.1% compared to the same period in 2021. At the same time, exports amounted to $48.1 million (an increase of 70.7%), and imports amounted to $18.3 million (an increase of 11.9%).
At the same time, according to the results of January-May 2022, Azerbaijan took the 13th place among the importing countries of Uzbek products and Azerbaijan's share in Uzbekistan's total exports increased to 0.6%.
At present, 243 enterprises have been established in Uzbekistan with the participation of Azerbaijani capital, of which 16 enterprises have been established since the beginning of this year. It should be noted that the potential of trade, economic and investment cooperation between Uzbekistan and Azerbaijan is far from being realized and, given the complementarity of our economies, there are great prospects for further expansion of mutually beneficial cooperation.
Center for Economic Research and Reforms
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