Tashkent, Uzbekistan (UzDaily.com) -- The Central Bank of Uzbekistan has prepared preliminary indicators on the current account of the balance of payments for the first quarter of 2022.

According to preliminary data, the current account deficit of the balance of payments amounted to US$1.0 billion.

At the same time, the negative balance (US$2.3 billion) of the trade balance (goods and services) was partially offset by a positive balance (US$1.3 billion) of primary income and secondary income.

Export of goods and services

In the first quarter of this year, the export of goods (excluding non-monetary gold) increased by 14 percent or US$268.3 billion compared to the same period last year, amounting to US$2.2 billion (US$1.9 billion in the first quarter last year). 

The main share of exported goods was made up of commodity groups "textiles and textile products" - US$805.7 billion (US$720 million for the 1st quarter of last year), "base metals and products from them" - US$386 million (for the 1st quarter of last year - US$326 million), as well as "products of plant origin" - US$221.3 billion (US$182 million for the first quarter of last year).

Export of services increased by 31 percent or US$133 million compared to the same period of last year, amounting to US$557.3 billion. At the same time, the increase in trade turnover in services is the result of a recovery in global business activity, as well as a significant increase in international travel this year.

Import of goods and services

Compared to the same period last year, imports of goods increased by 41 percent or US$2.0 billion and amounted to US$6.7 billion. The main share of imported goods was made up of the commodity groups "machinery, equipment, mechanisms" - US$1.5 billion (US$1.4 billion for the first quarter of last year), "base metals and products from them" - US$974.7 billion (US$715 million for the 1st quarter of last year), “products of the chemical industry” - US$838.3 billion (v615 million for the 1st quarter of last year), as well as “means of land, air and water transport” - US$735.2 million (US$518 million for the first quarter of last year).

Compared to the same period of last year, imports of services increased by 61 percent or US$516 million and amounted to US$1.4 billion. The main changes in the structure of imported services compared to last year fall on the “travel” component, which increased by US$284.3 million, and an increase was also observed in the “transport services” component by US$237.7 million.

Primary and secondary income

The balance of primary income formed positive and amounted to US$261 million (US$49.7 million for the first quarter of last year, the negative balance).

The positive balance of secondary income amounted to v1.0 billion, decreasing by 11 percent or US$121 million compared to the same period last year.

At the same time, as a result of a change in the geopolitical situation, which led to a decrease in the income of short-term workers abroad, while, in terms of expenses, accrued interest on attracted loans and income of direct foreign investors increased compared to the same period last year.

Reporting data on the balance of payments, international investment position and external debt for the first quarter of 2022 will be presented to users in June 2022.