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...

Kyrgyzstan Launches Gold Mining Project at Togolok Deposit

Kyrgyzstan has launched development of the Togolok gold deposit, in what officials describe as the first large-scale mining project since independence to be implemented entirely using domestic resources. Kumtor Gold Company said its subsidiary, Kumtor Operating Company, has begun work on the deposit, located in the remote, high-altitude Jeti-Oguz district of the Issyk-Kul Region. The Togolok deposit was first discovered in 1978. It lies in a mountainous area with harsh weather conditions and steep terrain. The nearest settlement, Ak-Shyirak village, is located nearly 3,200 meters above sea level and about 35 kilometers from the site. The deposit is approximately 560 kilometers from Bishkek. Kumtor Operating Company received a license to develop Togolok in August 2023, and a feasibility study completed a year later confirmed the project’s commercial viability. Preparatory work has included expanding narrow access roads to accommodate heavy trucks, building a new bridge over the Kaichy River, and constructing housing facilities for 85 workers. Kanimet Toktosunov, chairman of the board of Kumtor Operating Company, said mining operations began this spring. “Stripping operations are currently underway, and first ore extraction will begin in the coming months,” Toktosunov said. “Eight large mining trucks, two excavators, a loader and a grader for road maintenance have already been delivered to the site.” To support construction of the mining complex, Kumtor held an international tender and selected China Nerin Engineering Co., Ltd. as the contractor. The parties signed an agreement in April 2026 for the construction of industrial facilities needed to launch production. The company said the project is expected to become a milestone for Kyrgyzstan’s mining sector and add to the country’s industrial capacity. Kumtor Gold Company, fully owned by state-owned Kyrgyzaltyn, operates the Kumtor mine, Kyrgyzstan’s largest gold deposit, located in the Issyk-Kul Region at an altitude of around 4,000 meters. One of the world’s largest high-altitude gold mines, Kumtor was nationalized in 2021 after previously being operated by Canada’s Centerra Gold. According to Kyrgyzaltyn, the company produced 12,081 kilograms of gold in 2025, generating revenue of $1.434 billion and net profit of more than $706 million, while paying $246.5 million in taxes and other payments. Gold remains Kyrgyzstan’s main export commodity. In 2025, the country exported 6.2 tons of gold worth $682.8 million, accounting for nearly 24% of total exports, according to official data and previous reporting by The Times of Central Asia.