The economy of Uzbekistan is growing at a stable pace. The country is famous for precious stones and metals, tungsten, coal, and radioactive uranium. It is an industry-oriented state rich in minerals, oil, and natural gas fields. Uzbekistan ranks 11th in the world in terms of natural gas production, which accounts for a significant share of the state’s GDP.
Uzbekistan’s mineral resource economy is based on 1,800 mineral deposits, 1,600 promising mineral deposits, and 118 types of mineral-based raw material – 65 of which are being actively exploited. The country’s mineral resources are estimated by experts to be worth $11 trillion. Thanks to the development and proper exploitation of natural resources, the mining industry is booming; the metallurgy sector continues to develop progressively.
Uzbek light industry is improving at a steady pace, led by cotton cultivation. In 2017, 2.9 million tons of cotton were processed. Cotton accounts for over 18% of the total number of Uzbek goods exported abroad. Uzbek fruits, vegetables, and grains like wheat, rice, and corn are also popular abroad.
Over the past 10 years, freight vehicle production plants have been built in the country. GM Uzbekistan produces cars licensed by Daewoo and Chevrolet. A tractor factory in Tashkent serves the local agricultural industry with agricultural machinery, equipment, and spare parts. There are also factories producing household appliances and electronics.
In 2018, thanks to investments, the gross fixed capital formation increased to 18.1% compared to 7.1% in 2017. Due to a 36% increase in foreign investment in manufacturing, energy, housing and mining, the pace of industrial growth doubled to 10.6%. This growth is driven by quarrying and more manufacturing for the mining sector. Construction increased by 9.9% compared to 6% of GDP in 2017, driven by more construction of housing and industrial facilities.
Investments are expected to remain the engine of the economy in 2020. The trend reflects further improvement of the investment climate and the implementation of investment programs to modernize production, the mining industry, power generation, transport, and housing construction.
Export-import freight shipments are increasing in line with industrial growth. Uzbekistan exports:
- precious metals,
- mineral products,
- chemical industry products,
- plastic and rubber.
Popular export destinations include Switzerland, Russia, Ukraine, China, Kazakhstan, Turkey, and Kyrgyzstan. Top exports include equipment, metals, chemical and minteral industry products, and consumer goods.
Uzbek imports most often come from China, South Korea, Kazakhsan, Turkey, Russia, Ukraine, or Germany.
Compared with 2017, the AsstrA corporate group is organizing 4 times more cargo transportation volume involving Uzbekistan.
“For our clients, our team of experts develops new markets every year. We are heading to Central Asia, so in the coming year there are plans to “capture” the markets of Uzbekistan, Kyrgyzstan, and Turkmenistan. AsstrA experts strive to be closer to our clients, speak their language, and understand their culture and the way they think. This is how we grow every day and create greater opportunities with more freight flows,” says Margarita Dyadyaeva, Branch Manager at AsstrA Almaty and Country Manager for the Kazakhstan Region.
AsstrA clients most often transport textiles, equipment, and parts for the modernization of production and mining enterprises. Also popular are consumer goods, chemical products, raw tobacco materials, car and truck components, and pipes and products from ferrous metals. Clients typically prefer to ship cargo by road and rail tas well as multimodal delivery schemes.
AsstrA clients’ most popular export desintatons are Russia, the United States, Belarus, Belgium, Poland, and Kazakhstan. Russia, China, Germany, the Netherlands, Poland, Kazakhstan, and Italy are the most frequent origin countries of AsstrA clients’ imports to Uzbekistan.