Gold export slump drives Uzbekistan's overall exports lower

Between January–May 2026, Uzbekistan's total exports reached $12.6 billion, representing a 15.5% drop compared to the same period last year. This contraction was primarily driven by the reduction in gold sales. In contrast, non-commodity sectors demonstrated strong momentum; service exports jumped by 34.9% to $4.58 billion, while manufactured goods grew by 18% to reach $1.9 billion.

The cumulative value of gold exports for the five-month period stood at $1.5 billion – nearly 4.3 times lower than the $6.49 billion recorded during the same timeframe in 2025. The Central Bank of Uzbekistan had briefly resumed gold exports in April after a six-month hiatus, but chose to pause sales again in May.

This halt occurred alongside a notable softening in international gold markets. While global prices held near $4,500 per ounce in early June, they declined to $4,020 per ounce by the end of the month, hitting a multi-month low. Prior to the brief April intervention, Uzbekistan’s last major gold sale took place in September 2025, valued at $1.47 billion. Overall, the country’s gold shipments set an all-time record in 2025, exceeding $9.9 billion.

On the production side, the Navoi Mining and Metallurgical Company produced 737,000 troy ounces of gold during the first quarter of 2026, which is 2.19% lower than its output in the previous year. However, driven by favorable pricing dynamics, the total value of the produced goods swelled by 58.3%, surpassing UZS 44 trillion.

The shifts in export strategy directly influenced the country’s financial cushion. By the end of May, Uzbekistan’s total gold and foreign exchange reserves stood at $70.5 billion. The reserves contracted by $307.2 million (–0.44%) over the month, partially offsetting a sharp recovery observed in March. While the total value of the gold held by the Central Bank decreased to $61.43 billion due to price fluctuations, its physical volume expanded to 423 tons. The regulator added roughly 0.3 million ounces (9.3 tons) to its vaults during the month.

Data from the World Gold Council confirms that Uzbekistan remained among the world's leading official gold buyers throughout the first four months of the year. Although the Central Bank sold 1 ton of the precious metal in April, it achieved a net increase of 24 tons in its physical gold holdings since the start of the year.