TASHKENT — Uzbekistan’s foreign trade turnover reached $11.6 billion in January–February 2026, up 7.1% from the same period last year, according to the National Statistics Committee, Gazeta.uz reports.
Exports fell 23.4% to $3.5 billion, mainly due to the suspension of gold shipments, which previously accounted for about 37% of total exports. The country has not exported gold since September 2025, when shipments totaled $1.48 billion. Meanwhile, imports rose 29.8% to $8.1 billion, pushing the trade deficit nearly threefold, from $1.58 billion to $4.5 billion.
Excluding gold, exports grew 22.4% to $3.5 billion, driven by services ($1.45 billion), industrial goods ($643 million), chemicals ($342 million), food ($351 million), and machinery & equipment ($211 million). However, these gains only partially offset the absence of gold revenue.
Gold remains a crucial export for Uzbekistan, supporting foreign exchange earnings, tax revenues, and the national currency. Recent global market volatility, influenced by rising oil prices and U.S.–Iran tensions, has caused gold prices to fluctuate sharply, with March 2026 spot prices around $4,553 per ounce, down from $5,400 in early March.
Despite the decline in gold exports, Uzbekistan continues to strengthen its trade in other sectors, reflecting a gradual diversification of the economy.
CentralasianLIGHT.org
March 31, 2026