DEVELOPMENT STAGES OF FOREIGN TRADE OF UZBEKISTAN

Mirkomilov M.N.

                    Tashkent state technical university,  Uzbekistan

Стадии развития внешней торговли Узбекистана

Ўзбекистон ташқи савдосининг ривожланиш босқичлари

 

In the recent years three periods have been retraced in development of Uzbekistan’s foreign trade. The first period is the collapse of single economic complex of former Soviet Union countries and implementation of market reforms which became objective reason for tailspin of turnover, especially in the period between 1991 and 1994 year. Since 1995, while in the republic intensification of market reforms and liberalization of foreign trade were mapped out, total volume of turnover gradually began to grow. This growth is conditioned by favorable situation of world prices which exerted positive influence on achieving economic stabilization in the republic. Third period began in 1997, when some slowdowns in development of foreign trade occurred again, that resulted sharp decline in world prices for main types of export commodities of republic, as well as changes in foreign policy (import tariffs were increased, pre-registration of contracts, excise taxes for import restrictions on foreign exchange transactions were introduced into practice). For making more in-depth inference on foreign economic activities, there were made estimation of terms and other indicators. Their analysis showed high level of export dependence on world market opportunities. At the present stage of social-economic development of Uzbekistan, growth of export potential is very important for several reasons. First, development and diversification of export leads to strengthening the trade balances, facilitates preservation of stability of national currency and macroeconomic situation in the country. Second, by competing in world market, local enterprises have to care about decreasing the costs and increasing the quality of manufacturing products which is considered to be the most important factor of competitiveness. Third, growth of currency earnings expands the ability of nation for import of new technology, modernization of economy and acceleration of economic growth. Forth, increase of export gives the opportunity to support new sources of revenue and employed population. Most of developing countries in due time was focused on the growth of export, as it furthers creation of new employment, increase of population income, expansion of private sector and enhancement of industrial potential of the country.  Confirmation of aforesaid is the achievements of export-oriented strategy of economic growth of South-East Asia, which are particularly interesting for countries with transition economy. After World War II, countries such as Japan and South Korea, were found to be in economic and financial stagnation which made them to begin implementing the economic stabilization programs. The aim of such programs were gaining economic independence, containing inflation growth rate by means of limiting fiscal policy, integration into world economy by conducting export incentive policy that contributed acceleration of export development and industrial modernization of these countries. At that time it was clear that export of raw materials or low-end products is not half enough to ensure the improvement of living standards. In order to improve the competitiveness of economy, government of first generation of East Asian “tigers” undertook efficient extent for elimination of “market failure”, related to structural drawbacks in spheres such as availability and access to commercial information, lack skilled personnel, and also poor development market of capitals and private sector. Combination of extents aimed to eliminate above mentioned “market failures” and export incentives, afterwards it came to be known as export-oriented policy of economic growth and industrialization, that was successfully implemented in number of East  Asian countries.

During independence period appreciable changes took place in commodity composition of export. A comparative analysis of the main 5 items of export for 1995-2015, showed that:

  1. Provisions are now not among 5 biggest export positions (cotton-fiber, precious metal, energy resources, food, honey and copper products);
  2. Cotton fibers lost its predominant position in export composition;
  3. Transportation facility was reckoned among the top exporting products (mainly automobiles);
  4. Precious metals and products made by them are in the leading position with share of 27% of total export volume;
  5. Export composition became more diversified, as the share of the main 5 positions dropped from 85% to 70%

In order to remedy deficiencies and increase export potentials it is necessary to:

  1. Develop programs of gradual and consecutive liberalization of import policy, which are aimed to minimize short-term structural costs of transformation and to prepare import-substituting branches of economy for new condition of competitiveness;
  2. Make a necessary adjustments in monetary policy for the purpose of compensation short-term effect of liberalization of trade activity with simultaneously reducing and further support of real exchange rate;
  3. Develop and implement valid industrial policy with special accent on the branches that are manufacturing the product with high export potential;
  4. Develop the processes of regional economic cooperation and integration with Central Asian countries, including sphere of simplification and harmonization of the rules and procedures of transmission of goods in the region;
  5. Enhance the self-development of banking services of commercial banks, related with export credit, insuring the export credits and providing counter-guaranties through government insurance system with propose of enhancing the involvement level of private sector in export activity

 

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