Export potential of Uzbekistan
According to the results of first half of 2018, foreign trade turnover of the country reached $ 17.8 billion US dollars and increased by 24.2% compared to the last year. The volume of exports reached 7.6 billion US dollars and growth rate by 15.7%. However, the volume of imports increased and reached 10.2 billion US dollars with 31.4% growth rate. The balance of foreign trade was deficit 2.5 billion US dollars.
The strategy of country is increasing production of product which can replace imported goods and diversification of the industrial structure give significant changes in the structure of exports. As a part of exports, the share of goods reached 77.8%, of which energy and oil products 19.2%, food products 8.7%, chemical products and products thereof 6.9%. The volume of export services reached 22.2% with 1693.4 million US dollars which is 20.3 % more compare to the last year (2017). In the export of services, the major share is occupied by transport services, tourism services, as well as telecommunications, information, computer and financial services.
Uzbekistan is the world's fifth-largest cotton exporter. So textile industry is considered one of the most important sectors in economy of the country. The Uzbek textile industry is mainly focused on cotton, silk and wool. %). More than 297 type of products have been exported in 52 countries of the world. From January 2018 to June 2018 the total export of textile products is 762.2 million US dollars which is increased 16.6% compare to the same period of last year and consisted 10 % of total export. In addition, the main share of total export of textile products is cotton yarn (58.0%), ready knitted and garments (22.6%).
Uzbekistan is one of main producers of fruits and vegetables in the CIS and consider as high quality agricultural product producers from vegetables to higher value products such as cherries and others. So food industry is one of the most rapidly developing industries in the country. The volume of exports of fruit and vegetable products amounted to more than 690.5 thousand tons and reached 527.4 million US dollars from January 2018 to June 2018. The growth rate of total export of fruit and vegetable products in Uzbekistan increased by 74% compare to the same period of 2017.