Why is this important
The growth of gold exports provides a significant share of foreign trade revenues; such dependence can increase vulnerability to price fluctuations in global markets. This is also a reflection of the dynamics of Uzbekistan’s export structure.
What happened
- Uzbekistan’s foreign trade turnover for January-August 2025 amounted to $51.4 billion, a 19.8% increase compared to the same period in 2024.
- Total exports for the same period amounted to $22.9 billion (+31.3%); imports — $28.4 billion (+11.8%).
- Of all exports, gold is the largest item: its exports reached $8.4 billion in 2025, compared to $5.0 billion a year earlier.
- In August, gold exports amounted to $836 million.
Context
The share of gold in the export structure makes Uzbekistan one of the major players in the global precious metals market. The growth of gold exports can be the result of favorable global prices, the strengthening of the extractive industry, or changes in export regulations.
However, strong dependence on a single raw material can be a risk when global prices fluctuate or regulatory environments change.
