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Repair common Windows errors and clear accumulated junk for a smoother, more stable PC - no reinstall needed.Free scan · no reinstallUzbekistan’s trade deficit counts exports and imports of goods and services; its current-account deficit also includes income and current transfers between residents and non-residents. In the Central Bank of the Republic of Uzbekistan’s review published 29 September 2026, the trade deficit was $13.4 billion for the first half of 2026, while the current-account deficit was approximately $6.2 billion. Positive income balances narrowed the shortfall.
What each deficit measures
Trade balance: goods and services
The trade balance is exports minus imports of goods and services. A deficit means the value of imports exceeds the value of exports. The CBU’s H1 2026 figure refers to this goods-and-services measure, not to merchandise alone.
Current account: trade plus income and transfers
The current account is broader: it combines the trade balance with net primary income and net secondary income. Primary income includes cross-border income such as interest and dividends; secondary income includes current transfers, such as remittances. The IMF’s explanation of current-account deficits describes the account as the trade balance plus net factor income and transfers from abroad. The World Bank’s indicator metadata likewise defines the current account around goods, services, earned income, and transfer income between residents and non-residents.
Uzbekistan’s H1 2026 figures side by side
The latest release covered here is the CBU’s first-half 2026 review, published 29 September 2026 and prepared under IMF balance-of-payments methodology. These are six-month figures, not full-year 2026 totals.
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| Measure | H1 2026 balance | What it includes |
|---|---|---|
| Trade balance | $13.4 billion deficit | Goods and services exports and imports |
| Current account | Approximately $6.2 billion deficit | Trade balance plus primary and secondary income |
According to the CBU’s H1 2026 review, exports were $15.4 billion and imports were $28.8 billion. Imports rose 24% year on 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
Income balances partly offset the trade shortfall. The CBU reported a positive primary-income balance of $1.9 billion and a positive secondary-income balance of $5.3 billion in H1 2026. In simplified terms, starting with the $13.4 billion trade deficit, these surpluses reduce the current-account shortfall to approximately $6.2 billion.
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The figures are rounded, so the reported components need not sum exactly to the reported current-account total. The important distinction is that the current account incorporates these income and transfer flows; the trade balance does not.
How the deficit is financed—and what that does not mean
The financial account records investment and other financing flows separately from the current account. The CBU said direct, portfolio, and other investment transactions mainly financed the H1 2026 current-account deficit. It reported net FDI inflows of $2.3 billion, portfolio investment inflows of around $2 billion, and other-investment net inflows of around $1.5 billion.
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Those inflows are not additions to the current-account balance. They describe financing recorded elsewhere in the balance of payments, so they should not be added to the $6.2 billion current-account deficit.
A full-year comparison, kept separate
The CBU’s 2025 annual balance-of-payments review reports a $19.9 billion deficit in trade in goods and services and a $5.8 billion current-account deficit for 2025. Positive net secondary income of $13.7 billion and net primary income of $371.4 million partly offset the trade deficit. The same annual review puts the 2024 current-account deficit at $5.7 billion, or 4.7% of GDP. Historical estimates can differ across publications when data are revised, so those values belong to that report’s vintage; they are not directly comparable to the H1 2026 period totals as if they covered the same length of time.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What a current-account deficit says—and what it does not
A deficit is an accounting balance, not proof by itself that an economy is in distress or that imports are inherently harmful. As the IMF notes, the current account can reflect the relationship between national saving and investment. Its sustainability also depends in part on foreign liabilities and access to financing.
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