The July shipment came after a $1.5 billion gold export in April. Gold was exported only in those two months during January–July.
Uzbekistan’s total exports amounted to $19.9 billion in January–July, down 3.6% from the same period last year. The decline was largely driven by the sharp drop in gold exports.
Gold accounted for 14.1% of the country’s total export earnings during the first seven months of this year. In January–July 2025, the Central Bank exported $7.6 billion worth of gold, equivalent to 37.7% of total exports of $20.1 billion. This year’s gold exports are therefore about 2.7 times lower.
The figures contrast with stronger performance in other export categories. Exports excluding gold have continued to grow, with industrial goods and services among the main contributors to the increase.
Central Bank Chairman Timur Ishmetov has previously said that the absence of gold exports does not directly hurt the economy, although it can have a major effect on headline export statistics.
“Gold exports can have a major impact on the statistics. But we need to analyze exports excluding gold,” Ishmetov said, adding that the lack of gold exports has no direct negative impact.
As of August 1, Uzbekistan held 13.8 million troy ounces, or 429.2 tonnes, of gold in its international reserves, valued at $56.1 billion. The Central Bank regularly publishes data on the country’s reserve assets.
