PRICE STABILITY IN UZBEKISTAN’S GLOBAL MARKET EXPOSURE AND THE IMPACT OF EXTERNAL SHOCKS

Abstract

This article examines the price‐stability dynamics of the economy of the Republic of Uzbekistan in the context of its exposure to global product and service markets, as well as the influence of major international economic shocks. The focus lies on the evolution of price indices (consumer and producer), changes in trade terms, and the structure of exports and imports. Based on statistical data and institutional reports, the paper assesses how vulnerable Uzbekistan’s pricing environment is to shifts in international commodity and service markets, and what this implies for policy. The findings suggest that while Uzbekistan has maintained moderate inflation and improved trade openness, it remains exposed to global shocks—such as commodity price swings, supply-chain disruptions, and neighbouring-economy downturns—through its terms of trade, import dependence, and structural composition of exports and imports. Policy recommendations include strengthening diversification, enhancing service-exports, and building shock-absorbing fiscal and monetary frameworks.