Tashkent, Uzbekistan (UzDaily.com) -- The Central Bank of Uzbekistan has prepared preliminary figures for the current account of the balance of payments for 2022. According to preliminary data, the current account deficit of the balance of payments amounted to US$511 million.

The negative balance (US$15.7 billion) of the trade balance (goods and services) was offset by a positive balance (US$15.2 billion) of primary and secondary income.

Export of goods and services

In 2022, the export of goods and services (excluding non-monetary gold) increased by 23% or US$2.8 billion compared to last year, reaching US$15.1 billion.

In particular, the export of goods (excluding monetary gold) increased by 18% or US$1.8 billion compared to last year and amounted to US$11.8 billion (US$10 billion in 2021).

The main share of exported goods falls on the commodity groups "textiles and textile products" - US$3.3 billion (US$3.2 billion in 2021), "base metals and products from them" - US$1.7 billion (US$1.6 billion in 2021), "mineral products" - US$1.3 billion (US$962 million in 2021), and "plant products" - US$1.3 billion (US$1.2 billion in 2021).

Exports of services increased by 46% or US$1 billion compared to last year, amounting to US$3.3 billion (US$2.3 billion in 2021).

The main increase in the structure of exports of services falls on the components of transport services and travel, the volume of which reached US$2.6 billion. The increase in these components compared to last year by 43% or 781 million dollars is explained by the high growth rates of international services related to passenger transportation, as well as an increase in the number of short-term and medium-term visits to Uzbekistan by citizens from neighboring countries.

Import of goods and services

Imports of goods and services in 2022 increased by 26% or US$7.2 billion compared to last year and amounted to US$35 billion.

At the same time, imports of goods amounted to US$28.6 billion, an increase of 24% or US$5.5 billion compared to last year.

The main share of imported goods was made up of commodity groups "machinery, equipment, mechanisms" - US$7.9 billion (US$6.2 billion in 2021), "base metals and products made from them" - US$3.7 billion (3 US$2 billion in 2021), "transport equipment" US$3.6 billion (US$2.8 billion in 2021), and "chemical products" US$3.3 billion (2. US$9 billion in 2021).

Compared to last year, imports of services increased by 34% or US$1.6 billion and amounted to US$6.3 billion (US$4.7 billion in 2021). At the same time, in the structure of imported services, compared to 2021, there was an increase in transport services by US$440 million, and in services related to travel by US$1 billion.

Primary and secondary income

The balance of primary income formed positive and amounted to US$321 million (US$195 million in 2021). This is mainly due to an increase compared to last year in the number of short-term workers who went abroad to earn money.

The positive balance of secondary income in 2022 increased due to the growth of personal transfers (transfers) by 2.3 times or by US$8.6 billion and amounted to US$14.9 billion (US$6.4 billion in 2021).

A significant increase in secondary income as a result of the geopolitical situation can be 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.

Additional studies and analyzes will be carried out on preliminary indicators, and the final data on the indicators of the balance of payments and international investment position for 2022 will be presented to users in March 2023.