Uzbekistan’s gold exports surged in the first five months of 2025, reaching $6.49 billion, a 54.8% increase compared to the same period in 2024, according to the National Statistics Committee. Gold now accounts for nearly 44% of the country’s total export revenues, up from $2.66 billion and 37.1% during the same period last year.
The rise in gold exports reflects a combination of high global prices, hovering near record highs of around $3,000 per ounce and strong international demand for bullion. Analysts note that much of the growth occurred after February, contributing to a sharp uptick in trade revenue.
A Strategic Export Commodity
Uzbekistan remains one of the world’s top gold producers, largely due to massive operations such as the Muruntau mine, which in 2021 produced approximately 85,000 kg of gold. According to the World Gold Council, Uzbekistan produced 119.6 tonnes of gold in 2023, ranking tenth globally.
Gold plays a pivotal role in Uzbekistan’s economy, generating significant export earnings and bolstering foreign currency reserves. It remains a central pillar of the country’s trade strategy and monetary policy.
Record Foreign Reserves
With the rise in gold exports, Uzbekistan’s international reserves have reached an all-time high. As of late May 2025, reserves stood at $49.66 billion, up from about $37.4 billion in mid-2024.
Much of this increase is attributed to gold: the Central Bank of Uzbekistan’s holdings grew both in volume and value, with the rise in gold prices adding over $1.8 billion in recent months.
In January 2025, Uzbekistan even became the world’s top official-sector gold buyer, a move aimed at strengthening its reserve position. In 2023, the country earned $8.15 billion from gold exports, nearly double the previous year’s figure, despite some sales from national reserves.
These trends underscore gold’s growing importance as both a trade driver and a stabilizing force for Uzbekistan’s economic and financial position.
