Ukraine ranked 20th among Uzbekistan’s largest trading partners for the period from January through June 2026, according to data from the National Statistics Committee of Uzbekistan.
Foreign trade turnover between Ukraine and Uzbekistan over the six-month period totaled $206.1 million, compared to $151.9 million during the same period in 2025. Thus, bilateral trade increased by 35.7%.
Ukrainian exports to Uzbekistan totaled approximately $171.9 million, while Uzbek exports to Ukraine were estimated at $34.2 million. Ukraine’s trade surplus with Uzbekistan reached approximately $137.7 million.
Ukraine accounted for about 0.5% of Uzbekistan’s total foreign trade turnover.
Overall, Uzbekistan’s foreign trade turnover in January–June 2026 amounted to about $41 billion.
China remained the country’s largest trading partner, accounting for 23.1% of total trade, or about $9.5 billion. Russia ranked second with a share of 17.1%, corresponding to approximately $7 billion.
Uzbekistan’s top five trading partners also included Kazakhstan with a 6.8% share, Turkey with 3.4%, and Afghanistan with 2.6%.
Separately, Uzbekistan’s Ministry of Investment, Industry, and Trade reported that the country’s exports, excluding gold, totaled $14.4 billion in the first half of the year, an increase of 32.2%, or $3.5 billion, compared to the same period last year.
The main market for Uzbek goods and services was Russia, to which $2.4 billion worth of products were shipped. Exports to China totaled $2.18 billion, to Afghanistan – $961 million, to Kazakhstan – $715 million, to France – $707 million, to Turkey – $516 million, and to Kyrgyzstan – $453 million.
The main drivers of growth in Uzbek exports were services ($5.7 billion), light industrial goods ($1.66 billion), metallurgical and mining products ($1.3 billion), fruits and vegetables ($875 million), and construction materials ($714 million).
Uzbekistan’s export geography expanded to include seven additional countries and territories in the first half of the year, bringing the total to 211 countries and territories.
Sources: National Committee on Statistics of Uzbekistan and a press release from the Ministry of Investment, Industry, and Trade of Uzbekistan dated July 29, 2026.
According to “Serbian Economist”, Ukraine ranked 28th among Serbia’s trading partners in the first half of 2026.
Total trade between the two countries amounted to 275.9 million euros, compared to 194.6 million euros a year earlier. Thus, trade volume increased by approximately 41.8%. This is according to data from the Republic of Serbia’s Statistical Office, published on July 31, 2026.
Serbian exports to Ukraine rose by 80.2% to 161.3 million euros. Imports of Ukrainian goods increased by 9% to 114.6 million euros.
As a result, Serbia shifted from a deficit of 15.6 million euros in the first half of 2025 to a surplus of 46.7 million euros in January–June 2026.
Ukraine accounted for 0.9% of Serbia’s total exports and 0.5% of its imports.
Despite rapid growth, the volume of trade remains modest compared to the potential of both countries. Serbia’s trade with Ukraine is nearly 19 times smaller than its trade with Germany and approximately 16 times smaller than its trade with China.
According to “Serbian Economist”, Serbia is gradually becoming one of Ukraine’s most prominent Balkan trading partners. According to data from the Experts Club analytical center, in the first half of 2026, Serbia ranked 33rd among the country’s 50 largest trading partners, with bilateral trade totaling $345.9 million.
Serbian exports to Ukraine totaled $243.2 million, while Ukrainian exports to Serbia amounted to $102.7 million. In June alone, trade between the countries totaled $55.8 million. The balance currently favors Serbia: Ukraine’s bilateral trade deficit reached $140.5 million.
The trend toward Serbia strengthening its position became apparent as early as late 2025 and early this year. In the first quarter of 2026, Serbian exports to Ukraine doubled compared to the same period last year, while Ukrainian shipments to the Serbian market increased by 5%. About 900 Serbian companies are involved in trade between the two countries, of which approximately 670 purchase Ukrainian products.
One of the factors contributing to the development of these ties was the full restoration of Serbia’s diplomatic presence in Kyiv. The embassy, which had suspended operations in 2022, returned to the Ukrainian capital at the end of 2024 and officially resumed operations in new premises in the fall of 2025. The mission is currently headed by Ambassador Andon Sapundži.
The opening of the embassy alone does not determine the volume of trade, but a permanent diplomatic mission facilitates contacts between companies, chambers of commerce, and government agencies. It can also help organize business missions, resolve logistical and consular issues, and prepare new intergovernmental agreements.
The next important step could be the resumption of free trade negotiations and achieving a breakthrough on this issue. For Serbia, Ukraine remains a large market with high demand for food, industrial products, equipment, and reconstruction supplies. For Ukrainian companies, Serbia could become not only a sales market but also a logistics hub for expanding into other countries in the Western Balkans.
Data on all of Ukraine’s major trading partners is available here — https://www.experts.news/posts/analiz-naybilshykh-torhovelnykh-partneriv-ukrayiny-v-pershomu-pivrichchi-2026-roku
