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Foreign Trade

Kyrgyzstan Exports Recover After Sharp Fall in Gold Sales

Kyrgyzstan's exports have begun to recover after a sharp decline in 2025, when the value of its gold exports plunged by nearly three-quarters. In the first eight months of 2026, exports rose by nearly 20%. Even so, for every dollar earned from selling goods overseas, Kyrgyzstan spent more than four dollars on imports. According to a report by the National Statistical Committee of the Kyrgyz Republic, exports fell by 41.2% in 2025 to $3 billion. Imports, meanwhile, continued to grow, reaching $13.7 billion. As a result, the country spent $10.6 billion more on foreign goods than it earned from selling its own products abroad. A year earlier, the gap stood at $7.3 billion. The main reason for the decline was a sharp drop in overseas sales of gold, one of Kyrgyzstan's principal sources of export revenue. Their value fell from approximately $2.5 billion in 2024 to $683 million in 2025. Exports of other goods also fell 11.2%. Trade was also affected by weaker demand from Russia and Kazakhstan, two major markets for Kyrgyz producers, as well as temporary restrictions on exports of certain goods, including scrap metal and livestock. Kyrgyzstan's trade is closely tied to neighboring countries. It belongs to the Eurasian Economic Union, alongside Russia, Kazakhstan, Belarus, and Armenia. Members trade with one another without standard customs duties on most goods. Russia and Kazakhstan remain the largest buyers of Kyrgyz products and, together with China, supply most imports. The imbalance is particularly pronounced in trade with China. Chinese goods account for more than a third of Kyrgyzstan's total imports, while China receives only around 5% of its exports. Uzbekistan also remains an important market for Kyrgyz products. Outside the region, Switzerland and the United Kingdom are significant destinations. The downturn continued in the first half of 2026, when exports fell another 11.1% compared with the same period a year earlier. By the end of August, however, the picture had changed. Figures for the first eight months showed exports rising 19.5% to $2.3 billion. Gold exports also rebounded sharply, reaching $770.6 million, more than in the whole of 2025. Over half of that amount was exported in August alone. Imports also increased, reaching $9.7 billion. The recovery in overseas sales has therefore not yet significantly narrowed the gap between exports and imports. A trade deficit does not mean Kyrgyzstan is losing the equivalent amount from its government budget. It measures the difference between the value of goods imported into the country and those sold abroad. Imports are paid for by businesses and consumers, with funds coming from various sources, including remittances from migrant workers and investment. Services have become one of the fastest-growing areas of Kyrgyzstan's international trade, providing another source of funds for imports. According to preliminary figures, in 2025 the country earned $3.55 billion from services exports, up 20% from the previous year. Revenue from foreign visitors rose 36.9% to $1.19 billion. In international statistics, this category includes travelers' spending on accommodation, food, shopping, and other services during...

LRT

Almaty Builds New Tram Line as Residents Question Costs and Delays

Almaty, Kazakhstan's largest city with a population of more than two million, is laying tram tracks again, more than a decade after shutting down its old network. The authorities aim to open the first 18.3-kilometer light rail transit (LRT) line in December 2027. The city has allocated 61.4 billion tenge (approximately $136 million) for construction in 2026, but the authorities have yet to disclose the project's total cost. As construction closes streets and disrupts traffic, some residents are questioning why the city dismantled its old tram system only to build a new one. The Project The new line will run from an industrial area in western Almaty through central districts to the Almaty-2 railway station and the Raiymbek Batyr transport hub. Unlike the elevated LRT system in Kazakhstan's capital, Astana, Almaty's tracks will be laid at street level, separated from road traffic by curbs. City authorities say a ground-level line is less expensive than the elevated system in Astana. The project is being built by Kazakhstan's Integra Construction KZ. China's CRRC is being considered as a supplier of rolling stock, with the parties signing a memorandum of intent in June. The proposed five-section trams would carry up to 283 passengers each. City officials estimate that the line could carry more than 100,000 passengers a day, slightly below the roughly 122,000 passengers Almaty's metro handles on a typical weekday. [caption id="attachment_58784" align="aligncenter" width="2560"] The groundwork for the new tram line along Tole Bi Street, Almaty. Image: TCA[/caption] Public Opinion Speaking to The Times of Central Asia (TCA), 25-year-old entrepreneur Sanzhar Uvashev questioned the need for the new project after the dismantling of the previous tram network. “There used to be trams running through the city. Then they removed them, and now they want to build an LRT. Why remove one system only to build practically the same thing again?” he said. Tram services in Almaty ended on October 31, 2015. An inspection found the tracks to be unsafe after 43 derailments had occurred over just nine and a half months. The city decided to discontinue operations on the old network. By May 2026, workers were removing the remaining rails on Tole Bi Street to make way for new construction. Abai Kazbayev, a 40-year-old actor who also spoke to TCA, does not oppose bringing trams back but fears another prolonged construction project. “Perhaps it really will help ease traffic congestion in the future. The main thing is that construction doesn't drag on for years again,” he said. [caption id="attachment_58786" align="aligncenter" width="1280"] Sections of the street are closed periodically, while hoardings advertise the coming trams. Image: TCA[/caption] Why Not Expand the Metro? Raushan Otan, a 46-year-old art historian interviewed by TCA, believes the city should focus on expanding its existing subway system. “It would make much more sense to continue building the metro and developing the transport system we already have,” she said. Construction of Almaty's metro began in 1988, during the Soviet era. It welcomed its first passengers in 2011, 20 years...

Middle Corridor

How the Shrinking Caspian Sea Affects the Middle Corridor’s Potential

Paradoxically, the Caspian Sea is becoming one of Eurasia’s most important transport hubs at a time when its falling water level is creating growing constraints on navigation. As sanctions disrupt traditional trade routes through Russia, countries are investing in the Middle Corridor as an alternative link between Asia and Europe. Yet the continuing decline in sea level is limiting shipping capacity and increasing the risks and costs associated with long-term infrastructure projects. The first Caspian Environmental Summit, held in Turkmenistan on October 9, 2026, drew attention to the scale of these changes. Between 2000 and 2025, the Caspian Sea shrank by more than 16,000 square kilometers, while in some areas the shoreline receded by tens of kilometers. How the Caspian’s Falling Water Level Affects Freight The Middle Corridor, linking China, Central Asia, the Caspian Sea, the South Caucasus, Turkey, and Europe, is seen as a promising route for diversifying international trade. Its development can reduce shippers’ dependence on individual transport routes and improve economic ties among countries in the region. According to the World Bank’s latest study, more than $25 billion in investment in the corridor’s core physical infrastructure will be needed through 2040. An additional $30 billion could be required for enabling infrastructure and services. The bank estimates that if infrastructure investment is combined with institutional reforms, freight volumes along the corridor could quadruple and travel times could fall by about two-thirds by 2040. A study by the Organisation for Economic Co-operation and Development (OECD) notes that insufficient depths are already preventing vessels from being fully loaded, reducing transport efficiency and increasing costs. Large-scale dredging was carried out at the Port of Kuryk in 2024. Over four months, around one million cubic meters of material were removed, and the depth of the operational port area was increased to 7–8 meters, according to the port operator. This made it possible to load vessels to full capacity. Meanwhile, major dredging work is underway at Aktau, where 1.3 million cubic meters of material are to be removed to increase water depths to 6–7 meters. The work is expected to be completed by the end of 2026. Dredging, however, can only maintain the operation of individual port facilities, while further declines in the sea level may require repeated work or the reconstruction of berths. Where draft restrictions prevent full loading, transport companies may need to make more voyages to carry the same volume of cargo, increasing spending on fuel, crews, maintenance, and port operations. Constraints on the maritime section can also lead to delays for railcars and containers and disrupt transshipment schedules. These disruptions reduce the predictability of deliveries along the entire route. Similar problems are emerging on the western coast of the Caspian. Falling water levels are reducing vessel cargo capacity at Azerbaijani ports and oil terminals and requiring additional dredging. Infrastructure for Decades Ahead According to the OECD study, which cites World Bank climate projections, under a high-emissions scenario in which the Caspian water level falls by about five meters between...

C5+1

Uzbekistan Announces $12 Billion in Agreements During Marco Rubio’s Visit

Uzbekistan has announced 54 agreements covering trade, investment, and technological cooperation during U.S. Secretary of State Marco Rubio’s visit to Samarkand. The agreements are worth a total of $12 billion, according to Uzbekistan’s Ministry of Investment, Industry and Trade. The agreements were announced at the second meeting of the Uzbekistan–U.S. Business and Investment Council on October 19. Rubio also met President Shavkat Mirziyoyev that day. The ministry said the agreements cover transport and energy infrastructure, critical minerals, finance, digital technologies, agriculture, healthcare, and education. Rubio’s visit coincided with a C5+1 ministerial meeting, bringing together the United States and the five Central Asian countries. The Uzbek ministry stated that more than 400 business representatives participated in the program, including over 100 from the United States, 100 from other Central Asian countries, and 200 from Uzbekistan. It did not specify how much of the announced $12 billion has secured financing and how much remains at the planning stage. Several international companies were named in the agreements announced during the visit. According to the announced arrangements, cooperation with Wabtec is focused on localizing the production of railway equipment and components. Agreements involving ReElement Technologies, Traxys, and Trafigura cover mineral exploration, development, technological cooperation, and supplies. Other announced projects involve satellite communications with Amazon Leo, medical technologies with GE HealthCare, and agricultural efficiency with Valmont Industries. Speaking to reporters in Samarkand on October 19, Rubio said the visit was expected to produce concrete commercial results. “I think we’ll have some concrete deals to announce, meaning companies that are going to be doing business here that are being welcomed here and that are excited about doing business here,” Rubio said. He emphasized that the agreements should be viewed as the beginning of a broader economic relationship. “I also think that’s just the foundation that we intend to build on. We want to do more. This is not the end. This is the beginning,” he said. In their joint statement, the C5+1 governments supported expanding mineral processing and higher-value production within Central Asia. They also backed further development of the Trans-Caspian Trade Route and closer regional economic integration. The visit also marked the launch of the Enhanced Strategic Partnership Dialogue and Uzbekistan’s signing of the Artemis Accords on peaceful space exploration. From Investment Announcements to Projects In an interview with The Times of Central Asia (TCA), political analyst Abduvali Soyibnazarov described Rubio’s visit and the C5+1 meeting as a potentially important stage in Washington’s relations with Central Asia. Recalling the first C5+1 ministerial meeting, attended by then-U.S. Secretary of State John Kerry in Samarkand in November 2015, Soyibnazarov said the agenda has changed considerably over the past decade, with investment, critical minerals, advanced technologies, and new trade routes moving to the forefront. The analyst argued that Uzbekistan’s main measure of success should not be the number of memorandums signed, but how many projects ultimately secure financing and move forward. Uzbekistan’s investment minister, Laziz Kudratov, put the country’s portfolio of commercial agreements with the United States at...

Fencing

Kazakhstan Fencing: Men’s Team Tops World Épée Rankings for the First Time

Kazakhstan's men's épée fencing team has topped the International Fencing Federation (FIE) world rankings for the first time in the country's history. The team climbed to No. 1 after winning the first World Cup event of the 2026/27 season in Casablanca, Morocco, on October 18, defeating France in the semifinals and Russia in the final. According to Kazakhstan's National Olympic Committee, the team had 354 points in the updated FIE rankings. France is second with 310 points, followed by Switzerland with 296, Italy with 286, and Ukraine with 280. Before the start of the season, Kazakhstan had been ranked third, behind Switzerland and France. Before the Casablanca victory, the Kazakh team had won four major international titles in the past 12 months. In November 2025, the épée fencers won gold at the Islamic Solidarity Games in Riyadh, Saudi Arabia. In June 2026, they became Asian champions in New Delhi, India, and a month later claimed gold at the World Championships in Hong Kong. In September, Kazakhstan won the team event at the Asian Games in Aichi and Nagoya, Japan. The Kazakh fencers opened with victories over Turkey, 45–20, and Hong Kong, 45–28. They then defeated Egypt in the quarterfinals before beating France, one of the traditional powers in international fencing, 45–39 in the semifinals. In the final, Kazakhstan faced Russia. The Kazakh team maintained a narrow lead throughout the match and secured a 45–40 victory. European teams, including France, Italy, Hungary, and Switzerland, have dominated men's team épée for decades. Among Asian nations, Japan and South Korea had previously reached the top of the world rankings. Kazakhstan has now joined them. Mirbulat Abuov, president of the Fencing Federation of Kazakhstan, praised the team's strength in depth. “What makes this achievement particularly valuable is that we competed in Casablanca with a reshuffled lineup. Kirill Prokhodov, Vadim Sharlaimov, Alexander Fedotov, and Kirill Pavlov took to the piste. Three of them belong to Generation Z, while two of the four reigning world champions missed the tournament. It was with this lineup that we defeated France, a 23-time world champion in men's team épée. This victory confirms that our country has not only strong leaders but also young athletes capable of defeating the world's best teams,” Abuov said.

C5+1

Central Asian States Set Out Priorities After Rubio Talks in Samarkand

Central Asian governments backed closer cooperation on mineral processing and transport at the October 19 C5+1 meeting in Samarkand. Separate talks with U.S. Secretary of State Marco Rubio covered possible aircraft purchases for Kyrgyzstan and further diplomatic engagement with Kazakhstan and Turkmenistan. Uzbekistan announced a $12 billion package of agreements and prospective initiatives during the visit. For the other four Central Asian participants, the published accounts centered largely on cooperation priorities and follow-up discussions. The gathering followed the November 2025 White House summit and accompanied Uzbekistan’s signing of the Artemis Accords. It brought Rubio together with all five Central Asian foreign ministers, combining regional discussions with separate bilateral meetings. Kazakhstan’s Foreign Minister Mukhtar Tileuberdi discussed implementation of earlier presidential agreements with Rubio. The talks addressed attracting American investment and technology, with energy and critical minerals among the priorities. Washington also expressed interest in cooperation on artificial intelligence and communications infrastructure. According to Kazakhstan’s Foreign Ministry, Rubio expressed interest in visiting Kazakhstan after the December G20 summit in Miami. Kyrgyzstan’s talks included immediate obstacles to closer relations. Foreign Minister Jeenbek Kulubaev raised sanctions policy and visa restrictions with Rubio, alongside opportunities for American investment. The Kyrgyz side sought solutions that would facilitate educational and business exchanges. Presidential special representative Bakyt Sydykov briefed the U.S. delegation on Kyrgyzstan’s sanctions-related efforts, with Bishkek reaffirming its willingness to work with Washington to prevent sanctions circumvention. In a separate meeting, Kulubaev discussed possible Boeing aircraft deliveries to Kyrgyz airlines with company vice president Michael Schnabel. Financing options included possible involvement by the U.S. Export-Import Bank. The discussions also covered aircraft maintenance and aviation infrastructure. Tajikistan’s Foreign Minister Sirojiddin Muhriddin discussed expanding trade and investment with Rubio. The ministry’s account also described an exchange on regional security and stability in Central Asia. Turkmenistan reported a more specific diplomatic follow-up. Foreign Minister Rashid Meredov and Rubio outlined a schedule of further meetings and political consultations. U.S. special envoy Sergio Gor also attended the talks. The shared C5+1 statement set out the broader economic agenda. The six governments supported further development of the Trans-Caspian Trade Route and more closely aligned customs procedures. They also backed stronger industrial cooperation within Central Asia. On minerals, the statement envisaged expanded extraction and processing, alongside more production of higher-value goods within the region. It also supported exchanging expertise on geological data. These were collective policy intentions, without country-by-country financing allocations or project completion dates. Security commitments covered stronger border protection and counterterrorism cooperation, alongside efforts against transnational crime. The governments also supported practical cooperation on nuclear security and the peaceful use of nuclear energy.