Infographics: Trade and investment cooperation between Uzbekistan and Belarus

Infographics: Trade and investment cooperation between Uzbekistan and Belarus

The Center for Economic Research and Reform (CERR) has prepared infographics that present an analysis of the development of foreign trade relations between Uzbekistan and Belarus over 7 years (2017-2023) and the investment potential of the two countries.

Uzbekistan's trade with Belarus

Belarus is among the top 20 main trading partners of Uzbekistan in terms of foreign trade.

The analysis of the CERR shows that in recent years trade, economic and investment cooperation between Uzbekistan and Belarus has been developing dynamically and covers new areas of cooperation.

In the period 2017-2023, the total volume of bilateral trade increased 3.4 times from $182.4 million (in 2017) to $620.1 million (in 2023).

Uzbekistan's export to Belarus increased 4.3 times from $27.4 million (in 2017) to $119 million (in 2023), import increased 3.2 times from $155 million in 2017 to $501.1 million in 2023.

In 2022, compared with 2021, Uzbekistan's trade turnover with Belarus increased by 42.7%, export by 2.2 times, import by 29%.

In 2023, Uzbekistan's main export to Belarus were ready-made clothing (36.6%), fabrics and yarn (17.8%), fruits and vegetables and food products (17%), electrical goods, including copper wire (6.6%), various finished products (5.3%).

The main import from Belarus last year were timber (25.1%), cattle meat (16.5%), tractors and parts of motor vehicles (16.2%), dairy products (7.3%).

An analysis of the structure of Belarus' import from third countries shows that there is an unrealized export potential to increase the supply of domestic products to the Belarusian market, in particular, textiles, leather goods, copper products, certain types of electrical goods, fruits and vegetables, including dried fruits, cars, household chemicals and other finished products.

Investment cooperation

Since 2017, the number of enterprises with Belarusian capital has increased almost 10 times (from 22 units in 2017 to 209 units in 2023).

At present, 209 Belarusian enterprises operate in Uzbekistan, 63 of them are joint ventures and 146 with 100% foreign capital.

There is also a positive trend in the volume of investments from Belarus. So, if in 2020 the volume of Belarusian investments amounted to $5.8 million, then in 2021 – $7.5 million, in 2022 – $ 12.1 million, and in 2023 this figure exceeded $18.2 million.

The areas of investment cooperation are: the production of textiles (in particular, ready-made clothing), leather, pharmaceutical, food products, agricultural machinery, as well as crop production, animal husbandry and others.

The main areas of Belarusian investments are the production of textile goods, in particular ready-made clothing, leather, pharmaceutical products, agricultural machinery, as well as crop and livestock products, food products and others.

In addition, more than 100 enterprises with investments from Uzbekistan operate on the territory of Belarus.

The duty-free trade regime established between the countries, as well as the presence of complementary economic sectors, create conditions for the expansion of both trade and economic cooperation and cooperative ties.

It should be noted that by expanding cooperation ties between manufacturers of the two countries, Uzbekistan and Belarus can help each other to enter domestic and joint products on the markets of third countries, in particular on the markets of Europe, South Asia and the Middle East, which will undoubtedly meet the interests of the development of our economies.

CERR Public Relations Service

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