Uzbekistan and Armenia
Uzbekistan and Armenia held presidential dialogue on economic cooperation and investment in September 2026. The conversation highlighted industrial projects and transport connections between Central Asia and the South Caucasus.
Analysis reviewed: 2026-10-08 · Indicators updated: 2026-10-08History and institutional framework
Shavkat Mirziyoyev spoke by telephone with Nikol Pashinyan on 11 September 2026.
What merchandise trade shows
In 2024, goods trade between Uzbekistan and Armenia totalled 27 million current USD.
Documented trade sectors
Within the selected chapters, electrical and electronic equipment stands out in shipments from Uzbekistan to Armenia, at 2.4 million USD in 2024.
Bilateral indicators
Blank cells: data unavailable.
| Indicator | Value | Period |
|---|---|---|
| Goods trade | 27.04 M USD | 2024 · Comtrade |
| Goods: Uzbekistan to Armenia | 21.06 M USD | 2024 · Comtrade |
| Goods: Armenia to Uzbekistan | 5.98 M USD | 2024 · Comtrade |
| Services trade | ||
| Export share: Uzbekistan to Armenia | 0.107 % | 2024 · Comtrade |
| Export share: Armenia to Uzbekistan | ||
| Investment stock: Uzbekistan in Armenia | ||
| Investment stock: Armenia in Uzbekistan |
Definitions and sources
Trade adds both directions. Shares refer to the country’s total goods exports; investment is an accumulated stock, not an annual flow. Every figure retains the currency and period of its source. BEA positions are historical-cost estimates based on the immediate counterpart, not market values or investment by ultimate owner. ‘More than’ indicates a lower bound, not an exact amount. A recorded stock does not establish new activity or authorisation to operate under sanctions.
- Goods trade
- 2024 · UN Comtrade; reporters SYC, TJK, TKM, TUR, UGA, UZB, VNM · Goods; full calendar year; reporter UZB. Exports normally FOB and imports CIF; no addition of mirror declarations. Both directions are identified from the same customs authority.
- Goods: Uzbekistan to Armenia
- 2024 · UN Comtrade; reporters SYC, TJK, TKM, TUR, UGA, UZB, VNM · Goods; full calendar year; reporter UZB. Exports normally FOB and imports CIF; no addition of mirror declarations. Both directions are identified from the same customs authority.
- Goods: Armenia to Uzbekistan
- 2024 · UN Comtrade; reporters SYC, TJK, TKM, TUR, UGA, UZB, VNM · Goods; full calendar year; reporter UZB. Exports normally FOB and imports CIF; no addition of mirror declarations. Both directions are identified from the same customs authority.
- Export share: Uzbekistan to Armenia
- 2024 · UN Comtrade; reporters SYC, TJK, TKM, TUR, UGA, UZB, VNM · Exports to the partner / worldwide exports by the same reporter; same year and coverage.
Country comparison
Period and source beside each figure · est. = estimate by the stated institution.
| Indicator | Uzbekistan | Armenia |
|---|---|---|
| Nominal GDP | 147.04 billion USD2025 · WB | 29.24 billion USD2025 · WB |
| GDP per capita | 3,968.27 USD2025 · WB | 9,474.02 USD2025 · WB |
| GDP growth | 7.7 %2025 · WB | 7.2 %2025 · WB |
| Policy interest rate | ||
| Inflation · annual average | 8.8 %Annual average · 2025 · WB | 3.31 %Annual average · 2025 · WB |
| Inflation · latest year-on-year figure | ||
| Unemployment | 4.62 %ILO est.2025 · WB | 12.87 %ILO est.2025 · WB |
| Budget balance (% of GDP) | -1.7 %IMF est.2025 · IMF | -3.7 %IMF est.2025 · IMF |
| Gross public debt (% of GDP) | 28.6 %IMF est.2025 · IMF | 49 %IMF est.2025 · IMF |
| Current account balance (% of GDP) | -3.93 %2025 · WB | -7.22 %2025 · WB |
| Population | 37,053,4282025 · WB | 3,086,7002025 · WB |
| Area | 448,920 km²2023 · WB | 29,740 km²2023 · WB |
| Military expenditure | ||
| Military expenditure (% of GDP) |
Definitions, dates and sources
Blank cells are not zero. Average annual inflation and the latest year-on-year figure appear in separate rows: they are not the same measure. Every annual indicator retains its reference year; when the years differ, the figures are identified as not directly comparable. When a figure is unavailable from the World Bank, an annual IMF estimate is used and identified as such. The latest year-on-year figure is the latest official release verified as of 7 October 2026. This includes advance releases marked as provisional. Mexico may have a fortnightly figure before the full month is published; it is not automatically compared with a monthly figure. The publication date is retained in each source’s details; it does not replace the observation period or the annual average. Policy rates carry their own dates and represent different instruments. Spain and France share the ECB rate. Balances are positive for surpluses and negative for deficits. The IMF may use fiscal years; unemployment retains each source’s definition (ILO estimates, IMF WEO or PCBS), as stated in the details. For Palestine, debt and the fiscal balance cover central government and retain the PCBS definition; they are not presented as consolidated general government. These are economic magnitudes, not measures of relationship quality.
Area retains each source’s territorial coverage; it does not determine sovereignty or effective control. Canada uses an archived national geographic reference. Military expenditure retains the 2024 SIPRI sample distributed by the World Bank: the amount and percentage of GDP use that same definition, which differs from NATO’s. It is not an approved budget or a 2026 figure. Information from the Stockholm International Peace Research Institute (SIPRI). Military expenditure database · Terms of use0
Indicators reviewed: 2026-10-07. Each source retains its original access date; this review does not turn all the data into 2026 observations. Figures may be revised.
- Nominal GDP
- Current USDUzbekistan: 2025 · World Bank · Annual World Bank observation, with its original year; not monthly data.Armenia: 2025 · World Bank · Official World Bank series. Observation year, not download date.
- GDP per capita
- Current USD per personUzbekistan: 2025 · World Bank · Annual World Bank observation, with its original year; not monthly data.Armenia: 2025 · World Bank · Official World Bank series. Observation year, not download date.
- GDP growth
- Annual real change (%)Uzbekistan: 2025 · World Bank · Annual World Bank observation, with its original year; not monthly data.Armenia: 2025 · World Bank · Official World Bank series. Observation year, not download date.
- Policy interest rate
- Central bank instrument (%)
- Inflation · annual average
- Average annual change in headline CPI (%)Uzbekistan: 2025 · Annual average CPI change (%) · World Bank · Annual World Bank observation, with its original year; not monthly data.Armenia: 2025 · Annual average change in the CPI (%) · World Bank · Official World Bank series. Observation year, not download date.
- Inflation · latest year-on-year figure
- Headline CPI relative to the same period of the previous year (%); monthly or fortnightly frequency stated
- Unemployment
- % of the labour force; definition used by the stated institutionUzbekistan: 2025 · ILO modelled estimate; percentage of the labour force · World Bank · ILO est. · Annual World Bank observation, with its original year; not monthly data.Armenia: 2025 · ILO modelled estimate; percentage of the labour force · World Bank · ILO est. · Official World Bank series. Observation year, not download date.
- Budget balance
- General government (% of GDP)Uzbekistan: 2025 · IMF · IMF est. · WEO general-government estimate, % of GDP. Not an observed balance for the current month.Armenia: 2025 · IMF · IMF est. · WEO general-government estimate, % of GDP. Not an observed balance for the current month.
- Gross public debt
- General government (% of GDP)Uzbekistan: 2025 · IMF · IMF est. · WEO general-government estimate, % of GDP. Not an observed balance for the current month.Armenia: 2025 · IMF · IMF est. · WEO general-government estimate, % of GDP. Not an observed balance for the current month.
- Current account balance
- % of GDPUzbekistan: 2025 · World Bank · Annual World Bank observation, with its original year; not monthly data.Armenia: 2025 · World Bank · Official World Bank series. Observation year, not download date.
- Population
- PeopleUzbekistan: 2025 · World Bank · Annual World Bank observation, with its original year; not monthly data.Armenia: 2025 · World Bank · Official World Bank series. Observation year, not download date.
- Area
- Total area in km²; territorial coverage of the sourceUzbekistan: 2023 · World Bank · Annual World Bank observation, with its original year; not monthly data.Armenia: 2023 · World Bank · Official World Bank series. Observation year, not download date.
- Military expenditure
- Current USD per year; SIPRI series
- Military expenditure (% of GDP)
- Percentage of GDP; SIPRI definition, not NATO’s definition
Other data specific to this relationship
What they buy and sell
Documented selection, not an exhaustive list. Cells without a figure do not mean zero value; some products are identified without a verified amount.
Uzbekistan to Armenia
Armenia to Uzbekistan
Connections between people
Uzbekistan's president advocated developing logistics and transport corridors connecting Central Asia with the South Caucasus. Leaders reviewed the bilateral and multilateral activity schedule, including the United Nations and Commonwealth of Independent States. [1]
Residents, study and travel
Blank cells: data unavailable. Each measure retains its definition and period.
| Indicator | Value | Period / source |
|---|---|---|
| Residents from Uzbekistan living in Armenia | ||
| Residents from Armenia living in Uzbekistan | ||
| Study and training: Uzbekistan in Armenia | ||
| Study and training: Armenia in Uzbekistan | ||
| Academic stays: Uzbekistan in Armenia | ||
| Academic stays: Armenia in Uzbekistan | ||
| Travel: Uzbekistan to Armenia | ||
| Travel: Armenia to Uzbekistan |
What each figure measures
Residents are counted by nationality and the coverage of the stated register, not as people born in the other country or as new arrivals in one year. PERE includes dual nationals and people born outside Spain. Study with OPT and stays carrying academic credit are different measures. Travel may include several visits by the same person; FRONTUR arrivals require an overnight stay, whereas the Canadian survey includes day visits. These figures are neither added together nor automatically compared across directions.
Mobility data added or reviewed: 2026-10-07. Reference periods may be earlier.
Underlying ties
History, institutions and long-standing issues.
History and institutional framework
Shavkat Mirziyoyev spoke by telephone with Nikol Pashinyan on 11 September 2026. They examined expanding trade and investment relations and preparing new joint industrial cooperation projects. [1]
The scale of both economies
Nominal GDP for Uzbekistan is 147 billion USD (2025), compared with 29.2 for Armenia (2025). The reference populations are 37.05 and 3.09 million, respectively. In the same year, the economy of Uzbekistan was 5.03 times that of Armenia in nominal GDP. The comparison provides context on market size, but does not, on its own, measure influence, well-being or diplomatic closeness. Estimates and their sources retain their labels in the tables. [4] [5] [6] [7]
Recent developments
Recent developments and latest available data · Review: 2026-10-08
Cooperation and bilateral issues
Uzbekistan's president advocated developing logistics and transport corridors connecting Central Asia with the South Caucasus. He also welcomed efforts to conclude a peace agreement favouring regional stability. Leaders reviewed the bilateral and multilateral activity schedule, including the United Nations and Commonwealth of Independent States. The statement does not identify signed industrial contracts or assert that the peace agreement had entered into force. [1]
What merchandise trade shows
In 2024, merchandise trade between the two countries (Uzbekistan and Armenia) totalled 27 million current USD. Shipments from the first to the second were 21.1 million; those in the opposite direction, 6 million. The difference between the two flows was 15.1 million, in favour of Uzbekistan. This is a goods balance, not the total balance of the economic relationship: it excludes services, income and transfers. Both directions come from a single customs reporter to avoid adding mirror records. [2]
The partner's share of exports
Sales from Uzbekistan to the partner represented 0.107% of its worldwide goods exports in 2024. The share compares the same reporter, year and coverage. It measures export concentration, not the percentage of GDP dependent on this relationship. A partner may be important in a specific sector even if its share of total goods trade is small. [2]
Documented trade sectors
Within the selected chapters, electrical and electronic equipment stands out in shipments from Uzbekistan to Armenia, at 2.4 million USD in 2024. Within the selected chapters, pharmaceutical products stands out in shipments from Armenia to Uzbekistan, at 3.5 million USD in 2024. The table compares eight selected chapters with the same coverage as the trade total. It is not a complete list or proof that the first item in this selection is the leading product across the entire relationship. A chapter groups numerous goods: machinery and components, for example, do not describe a single business transaction. [3]
Sources and data
Periods and scope of the figures
Institutional sources and periods accompany each figure. Annual trade, investment positions, residents and visits are distinct measures. Empty cells do not mean zero. Statements of intent are not presented as project implementation or treaties in force.
- Bilateral relations — UZB-ARM
pakistan.mfa.uz · Institutional source · Accessed: 2026-10-08
- Bounded matrix; reporter, partner, year, chapter and direction identified in each record
UN Comtrade; reporters SYC, TJK, TKM, TUR, UGA, UZB, VNM · Institutional source · Accessed: 2026-10-08
- Bounded matrix; reporter, partner, year, chapter and direction identified in each record
UN Comtrade; reporters SRB, SYC, TUR, UGA, UZB · Institutional source · Accessed: 2026-10-08
- Official series — gdp
World Bank · Institutional source · Accessed: 2026-10-07
- NY.GDP.MKTP.CD; ISO and reference year; no military dataset expansion
World Bank · Institutional source · Accessed: 2026-10-07
- Official series — population
World Bank · Institutional source · Accessed: 2026-10-07
- SP.POP.TOTL; ISO and reference year; no military dataset expansion
World Bank · Institutional source · Accessed: 2026-10-07
Additional sources on products and human connections
- UN Comtrade; reporters SRB, SYC, TUR, UGA, UZB
2026-10-08 · Accessed: 2026-10-08 · Bounded matrix; reporter, partner, year, chapter and direction identified in each record.