The increase came as exports of goods excluding gold and services continued to grow, international remittances remained strong and foreign investment inflows stayed high. At the same time, the current account deficit widened as imports continued to outpace exports.
Uzbekistan’s current account deficit reached $6.2 billion in January–June, up from $5.79 billion in the first quarter. The deficit therefore increased by about $410 million in the second quarter.
The main driver was the widening trade deficit, which reached $13.4 billion in the first half of the year, compared with $8.3 billion in January–March.
Exports fall as gold sales decline
Total exports amounted to $15.4 billion in the first half of 2026, down 8.6% year on year. The decline was largely attributable to lower gold exports.
Excluding gold, however, goods exports increased by 27%, while exports of services rose by 45%.
Exports totaled about $9.8 billion in the second quarter, compared with $5.6 billion in the first three months of the year.
Imports, meanwhile, increased by 24% year on year to $28.8 billion in January–June. Second-quarter imports reached about $14.9 billion, up from $13.9 billion in the first quarter.
Machinery and equipment, vehicles, chemical and mineral products, and food accounted for the largest shares of imports.
The trade deficit was partly offset by surpluses in primary and secondary income, which stood at $1.9 billion and $5.3 billion, respectively, for the first half of the year.
Secondary income generated a surplus of $2.5 billion in the first quarter, while primary income recorded a $43 million deficit.
Investment inflows help finance current account deficit
The current account deficit was financed through direct, portfolio and other investment flows, along with other sources.
Net foreign direct investment inflows totaled $2.3 billion in the first half of the year, including about $1.6 billion in the second quarter.
