Central Bank: The current account deficit of the balance of payments amounted to US$346.6 million.
Tashkent, Uzbekistan (UzDaily.com) -- The current account deficit of the balance of payments, according to preliminary data, made up US$346.6 million, the Central Bank of Uzbekistan said in a statement.
The negative balance (US$10.9 billion) of the trade balance (goods and services) was offset by a positive balance (US$11.2 billion) of primary and secondary income.
Export of goods and services
For 9 months of this year, exports of goods and services (excluding non-monetary gold) increased by 25% or US$2.2 billion compared to the same period of last year, reaching US$11 billion.
In particular, the export of goods increased by 21% or US$1.5 billion compared to the same period of last year and amounted to US$8.6 billion (US$7.1 billion for 9 months of 2021).
The main share of exported goods falls on the commodity groups “textiles and textile products” - US$2.5 billion (US$2.3 billion for 9 months of 2021), “base metals and products from them” - US$1.3 billion (US$1. 2 billion in 9M 2021), “mineral products” – US$973.4 million (US$700.3 million in 9M 2021), and “plant products” – US$895.1 million (US$776.5 million for 9 months of 2021).
Export of services compared to 9 months of last year increased by 44% or by US$730 million, amounting to US$2.4 billion (US$1.6 billion for 9 months of 2021).
The main increase in the structure of exports of services falls on the components of transport services and travel, reaching US$1.9 billion. The increase in these components by 46% or US$618 million compared to the same period of last year is due to an increase in international flights, as well as an increase in the number of short-term and medium-term visits to Uzbekistan by citizens from neighboring states.
Import of goods and services
Imports of goods and services increased by 25% or US$4.9 billion compared to the same period of last year and amounted to US$24.8 billion.
At the same time, imports of goods amounted to US$20.3 billion, an increase of 22% or US$3.7 billion compared to the corresponding period of last year.
The main share of imported goods was made up of commodity groups “machinery, equipment, mechanisms” - US$5.7 billion (US$4.7 billion for 9 months of 2021), “base metals and products from them” - US$2.8 billion (US$2. 3 billion in 9M 2021), “transport equipment” – US$2.3 billion (US$2.3 billion in 9M 2021), and “chemical products” – US$2.4 billion (US$2.1 billion for 9 months of 2021).
Compared to the same period of last year, imports of services increased by 37% or US$1.2 billion and amounted to US$4.6 billion (US$3.3 billion for 9 months of 2021). At the same time, in the structure of imported services, compared to last year, there was an increase in the travel component by US$800 million and in transport services by US$355 million.
Primary and secondary income
The balance of primary income formed positive and amounted to US$555 million (US$156 million] for 9 months of 2021). This is mainly due to the increase in the number of short-term workers who went abroad to earn money, compared to the same period of last year.
The positive balance of secondary income increased due to the growth of personal transfers (transfers) by 2.4 times or by US$6.2 billion and amounted to US$10.7 billion (US$4.5 billion for 9 months of 2021).
A significant increase in secondary income, taking into account the current geopolitical situation in the world, is explained by the introduction of restrictions on the main sending countries of remittances, the flow of funds from the informal sector to the formal sector, as well as the direction of export earnings by small (seasonal) exporters through money transfer systems, including strengthening of the Russian ruble against the first quarter of the current year.
According to preliminary indicators, additional studies and analyzes will be carried out, and reporting data on indicators of the balance of payments and the international investment position for 9 months of 2022 will be presented to users in December of this year.