Uzbekistan

Uzbekistan is a lower middle-income country with a per capita income of $2020 (2018, current USD). As of 10 April 2021, Uzbekistan belongs to the group of GSP+ beneficiary countries. In 2019, preferential imports under the General GSP amounted to about €94 million. Overall EU imports from Uzbekistan summed up to €190 million in 2019, which constitutes a 13% increase in imports compared to 2018. Uzbekistan currently makes considerable use of GSP preferences with a utilisation rate of 87%. This country page will be updated with statistics on Uzbekistan's utilisation of the GSP+ as soon as data becomes available.

What is GSP+?

The GSP+ is a special incentive arrangement for Sustainable Development and Good Governance that supports vulnerable developing countries. Next to fulfilling the eligibility requirements of the General GSP, GSP+ countries are required to ratify 27 international conventions on human rights, labour rights, environmental protection and climate change, and good governance. In order to ensure effective implementation of the conventions as well as compliance with reporting obligations, the EU engages in monitoring activities with the GSP+ countries. GSP+ beneficiaries can benefit from complete duty suspensions for products across approximately 66% of all EU tariff lines.

At a glance: GSP beneficiaries' preferential imports to the EU

group

32.9 million

Population

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Presidential Republic

Government

trending_up

5.16

GDP Growth

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14.55%

Inflation

money

$ 58 bn

GDP

Facts about the Uzbek economy

Cotton Producer

With a production of 713,000 tons (2019), Uzbekistan is the world's 7th largest cotton producer.

Export Products

Uzbekistan's most important export products are gold, copper, natural gas as well as cotton and other apparel and clothing articles. The most important agricultural products for export, next to cotton, are fresh and dried grapes, apricots and peaches.

Joining the WTO

In June 2019, Uzbekistan expressed new interest and commitment to join WTO in near future.

Economic Strucutre

Services account for about 44% of Uzbekistan's GDP, followed by industry with a share of 34%. Besides the production of cotton and the related textile industry, the food processing industry, metallurgy, machine building and mining are important industries in Uzbekistan.

Preference Utilisation

Uzbekistan has a high preference utilisation rate of almost 88%. A large share of about 74% of imports from Uzbekistan is eligible for GSP preferences.

Trade with the EU

Total trade with the EU amounted to € 2,684 million in 2019, which makes the EU the 4th most important trading partner for Uzbekistan. More important are regional partners such as China, Russia and Kazakhstan.

Uzbekistan and the EU

Imports from Uzbekistan by product section

Imports from Uzbekistan over time (in € m)

UZBEKISTAN AND THE EU’s GSP

Economic Impact

Uzbekistan’s exports of manufactured products such as textiles, chemical products and food products have significantly increased in the last 20 years, indicating increasing export diversification. Nonetheless, commodities remain important for the economy, making it prone to price shocks on international markets.

74%

A very large share of about 74% of EU imports from Uzbekistan is eligible for preferential market access under the general GSP.

87%

Uzbekistan has a high preference utilisation rate of currently 87%.

Preference utilisation and export diversification

Uzbekistan's imports to the EU

Preference Utilisation vs. total eligible imports

Uzbekistan’s preference utilisation rate shows some fluctuations which can be traced back to fluctuations in overall eligible imports. Part of this variability in the usage of preferences can be explained by variations in the use of GSP preferences for mineral imports (S05).

Five largest product sections under GSP

The largest product sections under GSP are fibres and fabrics made of silk, wool, and cotton as well as articles of plastics. Product sections in which preferences are currently underutilised are prepared foodstuffs and beverages, here not even 60% of products eligible for preferential market access are imported using GSP preferences. This is also valid for transportation equipment like railways, aircrafts and ships and parts thereof, where currently no preferences are used.

Opportunities in Uzbekistan

  • The IMF projects continued economic growth with rates of about 6% in the medium term
  • The overall export business substantially increased in recent years. From 2018 to 2019, overall exports from Uzbekistan increased by 80%
  • Uzbekistan in centrally located in Central Asia and functions as a transport hub for the wider region.
  • Uzbekistan possesses large reserves of natural resources including minerals and has untapped potential in the agricultural sector
  • Uzbekistan is the most densely populated country in Central Asia which implies a large supply of local workforce and, at the same time, suggests potential on local markets.
  • There is growing demand for environmental technology, including water, wastewater, energy efficiency and renewable energy technologies.

Most recent events

Date Event
2019‑11‑12 Federica Mogherini met the Minister of Foreign Affairs of Uzbekistan, Abdulaziz Kamilov

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