TASHKENT (Realist English). Despite a prolonged pause in export shipments, Uzbekistan has returned to the global gold market this year. According to the State Statistics Committee, the country exported gold worth $1.5 billion between January and April 2026.
The resumption of exports began in April, when the Central Bank of Uzbekistan became a net seller for the first time since September 2025, selling approximately 3.1 tonnes of gold. Sales resumed despite ongoing geopolitical tensions stemming from the conflict involving the United States, Israel and Iran.
During the previous six months — from October 2025 to March 2026 — Tashkent completely refrained from export sales, choosing instead to build up reserves amid record growth in gold prices. In 2025, the price of gold rose by 65%, while in January–February 2026 it increased by a further 21%.
According to the Central Bank, the temporary suspension of exports did not have a direct negative effect on the country’s economy, as it allowed authorities to maintain high liquidity and manage the structure of international reserves more flexibly.
Since the beginning of 2026, Uzbekistan’s international reserves have shown substantial growth, reaching a historic high. At the end of January, total reserves stood at $75.08 billion, increasing by $13.24 billion in a single month.
Later, amid a correction in gold prices to $4,608 per ounce, international reserves declined to $68.9 billion. However, by April the situation had stabilised: reserves once again exceeded $70 billion, and the Central Bank eased its policy and resumed gold sales.
The positive impact of renewed exports has already been reflected in foreign trade indicators. Uzbekistan’s total foreign trade turnover in the first quarter of 2026 reached $18 billion, an increase of 2.7%.
Gold exports during the same period totalled $9.9 billion, representing a 32.3% increase compared with the corresponding period in 2025.
Uzbekistan is among the world’s largest gold producers, extracting approximately 130 tonnes annually. The country’s largest producer, the Navoi Mining and Metallurgical Combinat (NMMC), increased production to 98.18 tonnes in 2025.
The Central Bank aims to achieve its annual gold export targets. Uzbekistan has previously demonstrated the ability to temporarily increase exports to 120 tonnes annually, as it did in 2023.
Analysts at ING note that Uzbekistan has significant potential to further increase export volumes if favourable pricing conditions continue in the global precious metals market.
