Turkmenistan’s Foreign Trade Up 41% In Q1 2022
Turkmenistan’s foreign trade turnover increased by 40.9% during the first quarter of 2022, according to the Deputy Chairman of the Government of Turkmenistan Mukhammetguly Mukhammedov at a meeting of the Cabinet of Ministers. The figures are in reference to the same period last year.
According to Mukhammedov, this growth was created by Turkmenistan’s foreign economic policy based on the principles of mutual benefit and broad international cooperation.
During the first quarter, Turkmenistan productivity increased by 11.1% compared to January – March 2021, while retail trade turnover also grew by 10.4%.
Turkmenistan’s largest export market is China, accounting for 76.6% of all products, followed by Uzbekistan with 5.3%, Russia at 4.5% and Turkey at 4.4%. Primary Turkmenistan exported products are various petroleum products, accounting for 76.5% of all trade, with the balance some specialist shipbuilding, and fertilizers.
In terms of imports, Turkmenistan main import sources are Turkey, responsible for about 25% of all imported products, followed by Russia (22%) and China (14%). Germany, the UAE, and Japan make up the next biggest sourcing partners. Turkmenistan’s main imports in terms of value are iron pipes and products, gas turbines, pumps and valves related to the energy industry, and agricultural products.
Turkmenistan is also developing as an important transit hub between Asia and Europe with rail access from Central Asia and maritime access West from its ports on the Caspian Sea.
Chris Devonshire-Ellis is the Chairman of Dezan Shira & Associates. The firm assists British and Foreign Investment into Asia and has 28 offices throughout China, India, the ASEAN nations and Russia. For strategic and business intelligence concerning China’s Belt & Road Initiative please email email@example.com or visit us at www.dezshira.com