Uzbekistan resumes gold exports after six-month pause

Uzbekistan has restarted its gold exports, ending a six-month pause with a shipment valued at $1.504 billion in April, according to the National Statistics Committee. The last recorded export was in September 2025, totaling $1.475 billion.

This resumption of gold sales occurs as Uzbekistan navigates a widening trade deficit. In the first four months of the year, foreign trade turnover increased by 5.8% to $26.3 billion. However, exports fell by 16.8% to $10 billion, while imports surged by 26.7% to $16.4 billion, widening the deficit to $6.38 billion from $930.2 million a year prior. Excluding gold, exports saw a substantial rise of 30.3%.

Global gold prices have also shown volatility, rebounding in April after a March dip, reaching around $4,625 per ounce by month's end before falling below $4,500 in May. Meanwhile, Uzbekistan's gold and foreign exchange reserves grew to $70.9 billion by the end of April, with the value of gold holdings increasing by $743.6 million to $61.6 billion, despite a slight decrease in the physical volume of gold reserves.

Gold is a cornerstone of Uzbekistan's economy, serving as a primary source of foreign currency and a significant contributor to total exports. Its revenues help balance payments and bolster the central bank's international reserves, reinforcing confidence in the national currency and financial system. The country, supported by major producers like the Navoi Mining and Metallurgical Company, is a notable global gold producer.