Uzbekistan's gold exports plummet by 66.3%: Imports rise by 16.3%
Uzbekistan’s gold exports fell by 66.3% to $2.8 billion from January through August. In the same period last year, they totaled $8.3 billion, according to the National Statistics Committee. As a result, total exports fell by 3.4% to $22.9 billion. Imports rose by 16.3% to $34.5 billion. Exports now cover only two-thirds of imports.
Excluding gold, exports are growing at a double-digit rate
Gold’s share of exports fell from 35.2% to 12.3%. Exports of goods excluding gold rose by 28.7% to 11.5 billion U.S. dollars. Exports of services grew by 33.8% to $8.5 billion. Tourism accounts for 54.1% of this total, or $4.6 billion.
This slump reverses the trend from the previous year. From January through August 2025, gold exports had still risen by 66.9%. Services now account for about 37% of total exports. The country is thus earning less from raw materials and more from travelers.
Among goods, industrial goods rose by 88.1%, chemicals by 32.3%, and textiles by 26.9%. Russia is the largest buyer, at 3.2 billion U.S. dollars, accounting for 14% of exports. China follows with $2 billion, or 8.7%.
China accounts for one-third of imports
Foreign trade turnover rose by 7.6% to 57.4 billion U.S. dollars, an increase of approximately 4 billion U.S. dollars. The trade deficit stands at 11.7 billion U.S. dollars. China supplies goods worth $11.2 billion, accounting for 32.4% of imports. Russia follows with $6 billion, or 17.4%. Uzbekistan conducts $13.2 billion in trade with China, representing 23% of its total trade.
China and Russia together account for 49.8% of all imports. Exports of services, totaling 8.5 billion US dollars, are three times greater than gold exports. Tourism thus partially offsets the shortfall in gold exports. Nevertheless, the deficit of 11.7 billion U.S. dollars remains high because imports are growing faster than exports.
The International Monetary Fund commented on the situation in April. Its report dated April 13 states: “Real GDP growth reached 7.7% in 2025, driven by consumption and investment.” And: “The current account deficit fell to 3.9% of GDP in 2025.” (Translation) These quotes predate the trade data and refer to 2025.
For German exporters, this means that Uzbekistan is buying more from abroad, with imports growing by 16.3%. China accounts for nearly one-third of these imports. Suppliers of machinery, chemicals, or equipment will face Chinese pricing. Due to fluctuating gold revenues, it is advisable to hedge payments.
Sources: National Statistics Committee of Uzbekistan via UzDaily (EN), IMF Staff Concluding Statement of April 13, 2026 (EN)
SK, Frankfurt