Trade relations between Uzbekistan and France have grown in the first seven months of 2024, with total trade turnover reaching $689.8mn, a 33.3% increase from $517.6mn in the same period last year.

In the first quarter of 2024 alone, Uzbekistan’s foreign trade turnover with France surged to $337.1mn, marking a 63% increase compared to $206.8mn during the first quarter of 2023. This rise highlights the strengthening economic ties between the two nations.

Uzbekistan’s exports to France have seen a significant boost, reaching $480.3mn in January-July 2024, up from $239.5mn in 2023. This increase stresses the growing demand for Uzbek goods in the French market. Notably, exports have more than doubled compared to $67mn in the same period of 2022.

Conversely, imports from France have decreased to $209.5mn in the first seven months of 2024 from $278.1mn last year. This decline follows an increase from $116.4mn in 2022.

Over the past five years, the cumulative trade turnover has reached $2.1bn, with Uzbekistan exporting $775.6mn and importing $1.3bn. France has consistently ranked as one of the top trade partners for Uzbekistan.

In 2022, Uzbekistan’s primary exports to France included radioactive chemicals worth $121mn, platinum at $5.06mn, and vegetable saps at $1.75mn. However, the annualized export rate from Uzbekistan to France has declined by 16.7% over the past five years, falling from $131mn in 2017 to $52.3mn in 2022.

French exports to Uzbekistan in 2022 included scented mixtures valued at $51.1mn, industrial fatty acids, oils, and alcohol at $47.5mn, and packaged medicaments at $16.8mn. French exports to Uzbekistan have seen a steady increase, with a 16.3% annualized growth rate from $50.3mn in 2017 to $107mn in 2022.

France views Uzbekistan as a key strategic partner in Central Asia, acknowledging Uzbekistan’s balanced and progressive foreign policy. The two nations have strengthened their partnership with increased economic, investment, financial, and technical collaboration. French companies have established 47 enterprises in Uzbekistan, including 17 wholly French-owned ventures, with active projects exceeding €5bn.

Uzbekistan’s economic reforms have contributed to a rapid expansion in trade relations. In January-July 2024, Uzbekistan’s total foreign trade turnover reached $36.8bn, up by $1.9bn or 5.3% from the same period in 2023. The country maintains trade relations with 187 countries, with China, Russia, Kazakhstan, Türkiye, and South Korea being the top trading partners.