Uzbekistan’s trade balance and current account both showed deficits in the first half of 2026, but they measure different things. The Central Bank of the Republic of Uzbekistan reported a $13.4 billion deficit in trade in goods and services and an approximately $6.2 billion current-account deficit. The current-account shortfall was smaller because positive income balances partly offset the trade deficit.
What each deficit measures
The trade balance is exports of goods and services minus imports of goods and services. It is in deficit when the value of imports exceeds exports.
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The current-account balance is broader: it combines the trade balance with net primary income and net secondary income. Primary income includes cross-border income such as interest, dividends and compensation; secondary income covers current transfers, including remittances. The World Bank describes the current account as transactions in goods, services, earned income and transfer income between residents and non-residents (World Bank indicator metadata). The IMF’s explanation gives the same basic relationship: the current account is the trade balance plus net factor income and transfers (IMF, “Current Account Deficits,” 10 May 2017).
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Uzbekistan’s H1 2026 figures
The Central Bank of the Republic of Uzbekistan’s review, published on 29 September 2026 and prepared using IMF balance-of-payments methodology, covers the first half of 2026 only, not the full year.
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| Measure | H1 2026 balance | What it includes |
|---|---|---|
| Trade balance | $13.4 billion deficit | Exports and imports of goods and services |
| Current account | Approximately $6.2 billion deficit | Trade balance plus net primary and secondary income |
In that period, exports were $15.4 billion and imports were $28.8 billion. The CBU said imports rose 24% year over year. Total exports fell 8.6%, mainly because gold exports declined, while non-gold exports rose 27% and services exports rose 45%.
Why the current-account deficit was smaller
Uzbekistan recorded positive balances of $1.9 billion in primary income and $5.3 billion in secondary income during H1 2026. Those surpluses partly offset the $13.4 billion trade deficit, bringing the current-account deficit to approximately $6.2 billion. The CBU’s figures are rounded, so the components should not be treated as an exact arithmetic reconciliation.
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Put simply, the trade balance asks whether the country sold more goods and services abroad than it bought. The current account adds income and transfers received from or paid to the rest of the world. A trade deficit can therefore be substantially larger than the current-account deficit when income and transfer receipts are positive.
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The financial account records investment and other financing flows separately from the current account. The CBU said Uzbekistan’s H1 2026 current-account deficit was financed mainly through direct, portfolio and other investment transactions. It reported $2.3 billion in net foreign direct investment inflows, around $2 billion in portfolio investment inflows and around $1.5 billion in other-investment net inflows.
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These financial-account flows explain how a deficit was financed; they are not additions to the current-account total. A current-account deficit is an accounting balance, not by itself proof of economic distress. The IMF notes that it can reflect the relationship between national saving and investment; sustainability also depends in part on foreign liabilities and access to financing.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Annual context: 2025
The CBU’s 2025 annual review reported a $19.9 billion deficit in trade in goods and services and a $5.8 billion current-account deficit for that year. Positive net secondary income of $13.7 billion and positive primary income of $371.4 million partly offset the trade deficit. The same review put the 2024 current-account deficit at $5.7 billion, or 4.7% of GDP. These are figures from that report vintage; later revisions may produce different historical estimates. See the CBU balance-of-payments reviews for the official releases and period details.
Quick Recap
How to compare the figures correctly
- Check whether “trade” means goods alone or goods and services; the CBU’s $13.4 billion H1 2026 figure covers goods and services.
- Keep the reporting periods aligned: the $13.4 billion and approximately $6.2 billion figures are both for H1 2026.
- Keep the account boundaries clear: income and transfers are added to trade in the current account; investment financing is recorded separately.
- Preserve the publisher and report vintage when citing historical balances, since revisions can change past estimates.
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