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Uzbekistan’s gold exports fell by nearly three-quarters in the first nine months of 2026, dragging total export revenues sharply lower even as the country’s overall trade volumes expanded, according to data published by the National Statistics Committee.
Sales of gold abroad reached $2.8 billion in the January–September period, down from $9.8 billion in the same nine months of 2025 — a decline of roughly 71 percent. The drop was large enough to pull total goods and services exports down 5.5 percent year-on-year to $25.8 billion, despite a strong performance across the rest of the export base.
Non-Gold Exports Surge, but Cannot Offset the Shortfall
Strip out gold and the picture reverses sharply. Non-gold exports rose 31.6 percent to $13.3 billion over the period, signalling broad-based growth in manufactured and agricultural goods. Textile shipments climbed 28.1 percent to $2.4 billion, continuing a multi-year expansion of the sector. Fruit and vegetable exports, however, contracted 10.9 percent to $1.3 billion, a setback for one of the country’s most labour-intensive agricultural industries.
On the import side, spending accelerated. Purchases of foreign goods and services rose 15.7 percent to $39.6 billion, widening the trade deficit to approximately $13.8 billion. Machinery and transport equipment accounted for the single largest import category at $12.9 billion, up 14.4 percent. Passenger car imports surged 52.5 percent to $1.2 billion. Food imports grew 37.5 percent to $4.2 billion, and purchases of natural and artificial gas rose nearly 50 percent to $1.6 billion — a figure that underscores the country’s continued reliance on energy imports even as domestic production expands.
China Leads, Russia Second, as Uzbekistan Trades With More Than 200 Countries
Total trade turnover — exports and imports combined — reached $65.4 billion, up 6.3 percent from the same period a year earlier. China remained Uzbekistan’s largest single trading partner, with bilateral trade reaching $15.2 billion. Russia ranked second at $10.5 billion, followed by Kazakhstan at $4.3 billion, Turkey at $2.2 billion and Afghanistan at $1.6 billion. As of early October, Uzbekistan maintained active trade relationships with more than 200 countries.
The gold export collapse is the defining feature of this year’s trade data. Gold has historically been one of Uzbekistan’s most valuable export commodities, and the near-$7 billion year-on-year reduction in gold revenues represents a structural shift in the composition of export income — at least for this reporting period. The National Statistics Committee data does not explain the cause of the decline, whether reduced production, changed sales timing, or a policy decision to retain reserves.