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Why Was The “Platinum Country” Property Export Suddenly Stopped By The President?

Dec 24, 2018

Uzbekistan’s President Milziyoyev said at a video conference on the full implementation of the new tax policy in Uzbekistan that Uzbekistan will stop exporting cotton from 2020 onwards due to the development of the domestic cotton textile industry.

Milziyoev said that Uzbekistan’s textile exports will reach 1.9 billion U.S. dollars in 2019. “From 2020, we will not sell one kilogram of cotton, and everything is used to meet the needs of domestic companies.”

According to data from the National Statistical Committee of Uzbekistan, in the first 11 months of this year, Uzbekistan exported 110,000 tons of cotton fiber, with a value of 213 million U.S. dollars, accounting for 1.9% of total exports, showing a continued decline. Textile exports continued to grow at a high rate, with exports of 1.178 billion US dollars in the first 11 months, an increase of 15.3% over the same period last year, accounting for 10.4% of total exports.

Uzbekistan is rich in cotton and is known as the “Platinum Country”. It is the world's leading cotton producer and exporter. In recent years, with the increasing investment in the textile industry, Uzbekistan's domestic cotton consumption has grown rapidly and continuously. At the same time, water scarcity and soil salinization have had a negative impact on Uzbekistan's cotton production.

Source: Xinhua News Agency Author: Cai Guodong