Infographic: Trade, economic and investment cooperation of Uzbekistan with the SCO member states

Infographic: Trade, economic and investment cooperation of Uzbekistan with the SCO member states

On the eve of the participation of President of Uzbekistan Shavkat Mirziyoyev at the SCO summit, which will be held from August 31 to September 1 in Tianjin, China, CEIR has prepared an infographic of trade and investment cooperation between Uzbekistan and the SCO member states for 8 years and for 2024. Shanghai Cooperation Organization The SCO is an international regional organization founded in 2001. Currently, the SCO includes 10 states: Belarus, India, Iran, Kazakhstan, China, Kyrgyzstan, Pakistan, Russia, Tajikistan and Uzbekistan. There are 2 observer states in the SCO (Afghanistan and Mongolia) and 14 dialogue partner states (Azerbaijan, Armenia, Bahrain, Egypt, Cambodia, Qatar, Kuwait, Maldives, Myanmar, Nepal, UAE, Saudi Arabia, Turkey and Sri Lanka). The accession of new members to the SCO, such as India and Pakistan in 2017, Iran in 2023, and Belarus in 2024, has significantly expanded the geographical reach and political influence of the SCO and made it one of the largest regional organizations in the world. The entry of new states into the SCO has also expanded opportunities for the development of economic cooperation within the organization, especially in the trade, investment, transport and logistics sectors. Indicators of Uzbekistan's foreign trade with the SCO countries The SCO countries, in particular, Russia, China and the countries of Central Asia, are among the main trade and economic partners of Uzbekistan. Over the period 2017-2024, Uzbekistan's trade turnover with the SCO countries increased 2.5 times from $12.9 billion. to $32.5 billion, exports increased 1.6 times from $5.8 billion. up to $9 billion, imports increased 3.3 times from $7.1 billion. up to $23.5 billion. At the same time, the share of trade turnover with the SCO countries in the total foreign trade turnover of the country increased from 48.6% to 49.4%, in total exports decreased from 46.2% to 33.4%, in total imports increased from 50.6% to 60.4%. In 2024, the SCO countries accounted for 33.4% ($9 billion). of the total exports, while excluding gold ($7.48 billion in 2024) in total exports to other countries, the share of SCO countries in Uzbekistan's total exports will be 46.3%. In 2024, compared with 2023, Uzbekistan's trade turnover with the SCO countries increased by 0.1% from $32.5 billion. Exports decreased by 3.5% from $9.33 billion to $32.54 billion. Imports increased by 1.6% from $23.17 billion to $9.01 billion. up to $23.53 billion. The largest share in Uzbekistan's foreign trade with the SCO countries in 2024 was occupied by: in trade: China – $12.5 billion (38.4%), Russia – $11.63 billion (35.7%), Kazakhstan – $4.28 billion (13.1%); in exports: Russia – $3.7 billion (40.9%), China – $2.1 billion (22.8%), Kazakhstan – $1.45 billion (16.1%), Kyrgyzstan – $631.5 million (7.1%), Tajikistan – $605.0 million (6.8%); in imports: China – $10.43 (44.3%), Russia – $7.95 billion (33.8%), Kazakhstan – $2.83 billion. (12%). It should also be noted that in 2024, the total volume of foreign direct investment and loans from SCO member states to Uzbekistan exceeded $11.4 billion (46.6% of the total volume of FDI and loans). It is also a significant fact that the markets of the SCO countries have become the main consumers of Uzbekistan's finished export products. Thus, the SCO countries supply the bulk (more than 80%) of all fruit and vegetable and other food products exported by Uzbekistan, electrical goods, as well as textile and automotive products. In turn, Uzbekistan imports from the SCO member states products and raw materials that are important for economic development, which are necessary for the operation of manufacturing enterprises, as well as meeting consumer demand in the domestic market. In particular, the bulk of metal products, timber and petroleum products come from the SCO countries. In addition, more than 50% of imported machinery and equipment, including components for the production of finished products, come from the SCO countries, mainly from China. The SCO countries play a key role in ensuring Uzbekistan's food security – about 70% of total food imports come from the SCO countries, in particular, the bulk of vegetable oil and grain products are supplied from Russia and Kazakhstan. It should be noted that Uzbekistan, as one of the founding countries of the SCO, is located in the center of Central Asia, maintains close, friendly relations with all the countries of the organization and is interested in expanding multifaceted cooperation with them.

Center for Economic Research and Reforms

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