Uzbekistan’s gold exports hit record high

According to the National Statistics Committee’s report, in August alone, gold sales amounted to $836 million. Earlier this year, export volumes stood at $1.73 billion in February, $1.84 billion in March, $1.91 billion in April, $1.01 billion in May, and $1.09 billion in July. Exports paused in June but resumed in July and August.

Overall, January–August gold exports surged by 68.9% year-on-year, surpassing the previous all-time high of $8.15 billion set in 2023.

The committee did not disclose physical export volumes. The new record is likely tied to the sharp increase in global gold prices, which approached $3,700 per troy ounce last week.

In June, Uzbekistan shifted its gold strategy. The Central Bank switched from selling to buying, becoming the world’s largest purchaser that month with 9 tons. Prior to that, it had sold gold for four consecutive months. Despite this change, Uzbekistan remains a leading seller globally, with 18 tons exported in the first half of the year.

Foreign exchange reserves also hit an all-time high in August, rising by $1.34 billion to exceed $50 billion. The value of gold held by the Central Bank surpassed $40 billion for the first time, marking a second consecutive record. This was driven both by higher global prices and an increase in gold holdings from 11.7 million to 11.8 million troy ounces.

Meanwhile, Navoi Mining and Metallurgical Company (NMMC) reported record financial performance in the first half of the year. The state-owned company produced goods worth UZS 60.8 trillion, up 44% year-on-year. Gold output reached 1.53 million troy ounces – a 1.4% increase compared with the same period last year.

NMMC ended the half-year with record revenue and profit. Revenue climbed 40.9% to $4.7 billion, while net profit rose 71.8% to $1.51 billion.