Uzbekistan-Malaysia Trade Surges To US$102.4 Mln In 2024

KUALA LUMPUR, Feb 1 (Bernama) -- The trade and investment cooperation between Uzbekistan and Malaysia has strengthened significantly over the past eight years, with trade turnover rising from US$65.5 million (RM292 million) in 2017 to US$102.4 million (RM456 million) in 2024.

In a statement, the Uzbekistan Centre for Economic Research and Reforms (CERR) said exports grew 1.3 times, while imports rose 1.6 times, reflecting the growing mutual interest in trade between the two countries.

Over the past eight years, CERR said Uzbekistan’s main export items to Malaysia have included chemical fertilisers and services, while imports have been dominated by palm oil, animal and vegetable oils, chemicals and detergents, food products, finished goods, and services.

“Uzbekistan’s exports amounted to US$6 million, with 41 per cent comprising food products, including vegetables, legumes and fruits, and 55 per cent consisting of chemicals and primarily fertilisers in 2024.

“Imports from Malaysia in 2024 totalled US$96.4 million, including 23 per cent food products (cocoa powder, coffee extracts, sauces and confectionery); 44 per cent animal and vegetable fats (including palm and coconut oil); 14 per cent chemicals (detergents and alcohol-based mixtures); nine per cent machinery and transport equipment; four per cent transport services, and 2.1 per cent medical products, the statement read.

CERR said the investment cooperation between Uzbekistan and Malaysia demonstrates significant potential for growth and development.

“As of Jan 1, 2025, 36 enterprises with Malaysian investments are registered in Uzbekistan, reflecting growing interest in the Uzbek market.

“Between 2017 and 2024, the total volume of foreign direct investment and loans from Malaysia to Uzbekistan amounted to US$12.9 million.

CERR added that the primary sectors of Malaysian investment include food production, leather goods manufacturing, and wholesale trade.

“Trade and economic cooperation between Uzbekistan and Malaysia holds significant potential for further development. 

“The growing mutual interest in trade and investment provides opportunities to strengthen ties in key sectors of the economy. This collaboration can contribute to economic growth, job creation, and improved living standards.

“To ensure the successful development of relations, a comprehensive approach should be adopted, leveraging the existing opportunities to their fullest,” the statement read.

-- BERNAMA