Record gold sales lift Uzbekistan’s exports in 2025

Gold exports rose by 32.3 percent year on year, exceeding the previous historic peak recorded in 2023, when shipments totaled $8.15 billion. As a result, gold accounted for more than 29.2 percent of Uzbekistan’s total exports and 37.8 percent of merchandise exports in 2025.

Despite the strong annual performance, gold exports were uneven throughout the year. In December, Uzbekistan completely suspended gold exports, making it the fifth month of the year in which the Central Bank did not sell the precious metal. No exports were recorded in January, June, October, November, and December.

In the remaining months, export volumes varied significantly. Gold exports amounted to $1.73 billion in February, $1.84 billion in March, $1.91 billion in April, $1.01 billion in May, $1.09 billion in July, $836 million in August, and $1.47 billion in September.

At the same time, Uzbekistan’s international gold and foreign exchange reserves reached another historic high in December. Total reserves rose to $66.31 billion, an increase of $5.07 billion compared with the previous month. The value of gold held by the Central Bank climbed by $4.2 billion to a record $55.09 billion.

This increase was driven not only by higher global gold prices but also by a rise in physical reserves. The volume of gold holdings expanded from 12.3 million to 12.6 million troy ounces, equivalent to 391.9 tonnes.

Gold production also increased in 2025. Navoi Mining and Metallurgical Company (NMMC) produced goods worth UZS 135.6 trillion, or about $11.3 billion, up 44.7 percent from the previous year. Gold output reached 3.15 million troy ounces, representing a 2.1 percent increase year on year.