Gold exports bring Uzbekistan $6.5 billion in five months: growth amid record reserves

In January–May 2025, the volume of gold exports from Uzbekistan amounted to $6.49 billion, which is 54.8% higher than in the same period of the previous year. The main volume of deliveries occurred in the period from February to May, when the maximum activity in the foreign market was recorded.

Exports reached $1.73 billion in February, rose to $1.84 billion in March, and peaked at $1.91 billion in April. In May, the figure fell to $1.01 billion, while remaining at a high level by historical standards. In January, there were no shipments of gold abroad.

The increase in export activity also affected the overall structure of foreign trade. The share of gold in total exports increased from 37.1% in 2024 to 43.8% in the first five months of this year. This growth reflects the strategic role of the precious metal in the national economy and its importance as a key currency source.

At the same time, the country's financial cushion has also strengthened. International reserves reached a record high of $49.66 billion at the end of May. Since the beginning of 2025, the volume of reserves has increased by $8.48 billion, which is largely due to the favorable price environment in the global gold market and an active export policy.

A high level of gold and foreign exchange reserves strengthens Uzbekistan's macroeconomic stability, enhances the Central Bank's ability to manage the exchange rate, and reduces its vulnerability to external shocks. Against the background of global energy volatility and geopolitical risks, gold exports remain the most important tool for maintaining the balance of payments and stabilizing the budget.