Uzbekistan-U. S. Economic Relations Problems and Perspectives — страница 3

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mainly due to huge oil reserves plus more liberal approach to transition to market economy - got almost 10 times more FDI. Uzbekistan Trade and Investment Patterns Table 3. Uzbekistan’s Major Trading Partners: 2000 and 2001 Country Ranking (2001) Trade Turnover (million U$) 2000 2001 % of 2000 Total trade turnover Russia 1010.4 1129.8 16.3 17.6 Korea 393.8 485.3 6.3 7.6 Ukraine 331.9 372.7 5.3 5.8 Kazakhstan 316.4 312.9 5.1 4.9 USA 307.7 293 5.0 4.6 Great Britain 295 285.3 4.7 4.5 Germany 292 283.4 4.7 4.4 Uzbekistan has been able to retain some of the most important trading partners from the former bloc: Russia, Kazakhstan, and Ukraine have been traditionally major trading partners for Uzbekistan. At the same time, it was successful in establishing trading relations with the

some of the most developed countries of the world. South Korea, the largest investor in Uzbek economy, has been able to accomplish this mainly through now-bankrupt Korean giant “DAEWOO” - the joint venture with Uzbek government, represented by Uzavtosanoat, “Uz-DAEWOO Auto Co.” has been producing passenger cars since 1996. South Korea has invested in Uzbek economy over 1 billion dollars (Minmacroeconomstat, 2004) - the lion‘s share of which is attributed to DAEWOO. In 2001, American auto corporation GM purchased DAEWOO, and this indirectly has placed the US one step closer to Uzbekistan (Lee, 2001). Even though GM did not purchase the manufacturing plant of DAEWOO in Asaka, Uzbekistan, it has been partnering with Uzbekistan through sales of parts. Key Macroeconomic

Indicators (Percent) Table 4. 1995 1996 1997 1998 1999 2000 2001 Gross Domestic Investment/GDP 15.1 18.9 10.2 11.8 15.9 20.2 Gross Domestic Saving/GDP 7.9 14.9 9.9 10.5 16.5 - Inflation Rate 64.3 27.6 26.1 26.0 28.0 26.6 Growth in Money Supply (M2) 113.7 36.0 28.0 31.5 17.1 16.4 Unemployment Ratea 0.4 0.4 0.5 0.5 0.5 - Fiscal Balance/GDP -7.4 -2.2 -3.4 -2.2 -1.0 -1.0 Source: Asian Development Bank: Asian Development Outlook 2002. a: Pricewaterhouse Coopers: Uzbekistan: A Business and Investment Guide 2002 Economic Growth (percent) Table 5. Average 92-96a 1996 1997 1998 1999 2000 2001 GDP -3.4 1.6 5.2 4.4 4.4 4.0 4.5 Value Added in Agriculture -1.8b -7.3 5.8 4.1 5.9 - 4.5 Value Added in Industry -2.6b 6.0 6.5 5.8 6.1 5.8 8.1 Value Added in Services - 9.9 21.3 9.5 12.6 13.0 14.2

Source: Asian Development Bank: Asian Development Outlook 2002. a: Growth figures prior to 1996 are taken from IMF: Uzbekistan: Recent Economic Developments 1998 b: Average pertains to 1993-96 The External Sector Table 6. 1996 1997 1998 1999 2000 2001 Merchandise Exports (Million US$) 3534 (1.7) 3695 (4.5) 3048 (-17.5) 2777 (-8.9) 2816 (1.4) 2381a (-15.4) Merchandise Imports (Million US$) 4240 (31.0) 3768 (-11.2) 2937 (-22.0) 2586 (-11.9) 2440 (-5.7) 2370a (-2.9) Balance of Trade (Million US$) (x) -706 -73 111 191 376 11 Current Account Balance (Million US$) -979 -585 -94 -164 184 -58 Exports/GDP (%)a 24.9 23.9 28.2 18.7 23.7 20.7 Imports/GDP (%)a 23.2 28.7 26.2 18.6 21.4 20.6 Current Account Balance/GDP (%) -7.2 -4.0 -0.6 -1.3 0.8 -0.5 Foreign Direct Investment (Million US$) 55

286 140 121 100 - External Debt Outstanding (Million US$) 4163 4665 3467 4237 4449 4600 External Debt/GDP (%) (x) 16.8b 18.7b 23.7 26.4 35.1 39.7 Official Exchange Rate (Soum/US$) 40.1 66.2 94.5 124.6 236.6 422.9 Source: Asian Development Bank: Asian Development Outlook 2002. a: Ministry of Macroeconomics and Statistics b: Economic Cooperation Organization: Annual Economic Report 2000 Figures in bracket are growth rates. Trends in Foreign Trade Table 7 1996 1997 1998 1999 2000 2001 Merchandise Exports (Million US$) 3534 (1.7) 3695 (4.5) 3048 (-17.5) 2777 (-8.9) 2816 (1.4) 2381a (-15.4) Merchandise Imports (Million US$) 4240 (31.0) 3768 (-11.2) 2937 (-22.0) 2586 (-11.9) 2440 (-5.7) 2370a (-2.9) Exports/GDP (%)a 24.9 23.9 28.2 18.7 23.7 20.7 Imports/GDP (%)a 23.2 28.7 26.2 18.6

21.4 Source: Asian Development Bank: Asian Development Outlook 2002. a: Ministry of Macroeconomics and Statistics Figures in bracket are growth rates. Major Exports (2001) Table 8 Commodity Value (Millions US$) Share in Total (Percent) Cotton Fiber 793.4 24.3 Fuels and Energy 322.9 9.9 Non-Ferrous Metals 201.3 6.2 Food Products 124.9 3.8 Services 461.3 14.1 Sub-Total 1903.8 58.3 Total Exports 3264.9 100 Source: Ministry of Macroeconomics and Statistics Destination of Exports Table 9 2000 2001 Value (Million US$) Share (Percent) Value (Million US$) Share (Percent) Total Exports 3264.7 100 3264.9 100 FSU countries 1172.2 35.9 1117.0 34.2 Russia 545.5 16.7 526.2 16.1 Kazakhstan 100.8 3.1 118.0 3.6 Turkmenistan 175.4 5.4 138.3 4.2 Tajikistan 100.9 3.1 85.8 2.6 Ukraine 153.5 4.7 149.8