Between 2017 and 2024, trade turnover between the Central Asian countries and China increased 2.5 times and reached $60.7 billion. Exports rose 1.9 times to $27.1 billion, while imports increased 3.4 times to $33.6 billion.
In the overall volume of trade with China, Kazakhstan accounted for $30.1 billion (49.5%), Uzbekistan $12.5 billion (20.6%), Turkmenistan $10.6 billion (17.5%), Kyrgyzstan $5.6 billion (9.2%), and Tajikistan $2.0 billion (3.2%).
China is the leading trade partner for all Central Asian countries. In 2024, the share of trade with China in the total trade turnover of each country amounted to 21.3% for Kazakhstan, 34.8% for Kyrgyzstan, 30.3% for Tajikistan, 60.3% for Turkmenistan, and 18.9% for Uzbekistan.
As of 2024, the total volume of direct investments and loans from China to the Central Asian countries exceeded $24 billion. The largest share of Chinese investments was received by Kazakhstan ($15.5 billion) and Uzbekistan ($7.2 billion).
By the end of 2024, more than 9,000 enterprises with Chinese capital were operating in the region, indicating a high level of Chinese business presence in the economies of Central Asia.
China ranks first in terms of Uzbekistan’s total trade turnover and imports, and second (after Russia) in exports.
In 2024, China’s share in Uzbekistan’s total trade turnover was 18.9%, in imports 26.8%, and in exports 7.6%.
Between 2017 and 2024, trade turnover between Uzbekistan and China increased 2.6 times from $4.8 billion to $12.5 billion. Exports increased by 1.5% from $2.03 billion to $2.05 billion. Imports grew 3.8 times from $2.7 billion to $10.4 billion.
Over the same period, China’s share in Uzbekistan’s foreign trade rose from 17.9% to 18.9%, in imports from 19.5% to 26.8%, while in exports it decreased from 16.1% to 7.6%.
The structure of Uzbekistan’s exports to China in 2024 included the following main product categories: industrial goods worth $868.7 million (42.3% of exports), food products $183.4 million (8.9%), non-food raw materials $61.7 million (3.0%), chemical products $43.2 million (2.1%), machinery and transport equipment $24.9 million (1.2%), aviation fuel (kerosene) $7.3 million (0.4%), various finished goods $0.9 million, and services $864.8 million (42.1%).
Uzbekistan’s main exports to China included refined copper, cotton yarn, leguminous vegetables, poultry meat, dried fruits, polymers, fertilizers, and services, mainly pipeline and transport services.
The structure of Uzbekistan’s imports from China in 2024 included machinery and transport equipment worth $6,504.1 million (62.3% of imports), industrial goods $2,021.9 million (19.4%), chemical substances and related products $1,003.0 million (9.6%), various finished goods $541.6 million (5.2%), food products $122.9 million (1.2%), non-food raw materials $109.8 million (1.1%), lubricants $13.5 million, and services $113.2 million (1.1%).
The main share of Uzbekistan’s imports from China consisted of machinery, equipment, and transport vehicles and their parts (62.3%), industrial goods (19.4%), chemical products (9.6%), and various finished goods (5.2%).
China is Uzbekistan’s main supplier of high-tech goods and industrial products.
China ranks first among investor countries in terms of the number of enterprises with foreign capital in Uzbekistan (Russia ranks second).
As of May 1, 2025, there were 3,880 enterprises with Chinese investment (3,275 wholly Chinese-owned and 605 joint Uzbek-Chinese ventures), accounting for 24.2% of all enterprises with foreign capital in Uzbekistan. For comparison, Russia had 3,051 enterprises (19.1%).
Since the beginning of 2025, 523 new enterprises with Chinese capital have been established (up from 3,357 on January 1, 2025, or 22.6% of the total number of foreign-invested enterprises).
In 2024, the volume of foreign direct investment and loans from China into the Uzbek economy amounted to $7.24 billion, which is 25.5 times more than in 2017 ($283.9 million).
Over the period from 2017 to 2024, a total of $18.03 billion in Chinese direct investment and loans was attracted.
The share of Chinese investment in the total volume of foreign investment and loans attracted into the Uzbek economy was 29.5% (compared to 8.5% in 2017).
The main sectors of cooperation include energy (including renewables), oil and gas, chemicals, light industry, automotive, electrical engineering, construction materials, telecommunications, healthcare, pharmaceuticals, agriculture, trade, and others.
The analysis confirms the dynamic development of China’s economic relations with the countries of Central Asia. The growth rates of mutual trade, investment, and the number of joint ventures confirm the strategic nature of the partnership.
Against the backdrop of global geo-economic shifts and increased competition for markets, the deepening of strategic cooperation between Central Asia and China, especially in energy, transport, digitalization, industrial cooperation, and the green economy, is becoming a key factor for sustainable growth and economic security in the region.
The upcoming “Central Asia – China” summit in Astana is expected to be a significant milestone in the development of this strategic partnership, where the agenda for the next stage of long-term cooperation will be agreed.
Center for Economic Research and Reforms
Public Relations Department
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