Uzbekistan’s Gold Sales Reach $3.6 Billion in Three Months, Accounting for 44% of Total Exports
Uzbekistan’s Gold Exports Surge in Q1 2025
In the first quarter of 2025, Uzbekistan saw a significant increase in its export revenue, with gold accounting for a substantial portion of the total. According to the Statistics Committee, from January to March, the country’s exports totaled $8.1 billion, marking a 24.4% increase compared to the same period in 2024.
One of the key drivers behind this growth was the Central Bank’s sale of gold at high market prices. During the first quarter of 2025, Uzbekistan exported nearly $3.57 billion worth of gold, accounting for 44% of total exports. This figure represents a substantial increase compared to previous years, with the country exporting $2.664 billion worth of gold in the first quarter of 2024.
In fact, even in the record-setting first quarter of 2023, when overall exports reached an unprecedented $8.1 billion, gold exports stood at $2.4 billion. The trend of increasing gold exports can be seen in previous years as well, with Uzbekistan exporting $1 billion worth of gold in Q1 2021 and $2.97 billion in Q1 2022. Interestingly, in the first quarter of 2020, the country did not export any gold at all.
Looking back at the value of gold exports in Q1 for previous years, there has been a notable increase. For example, in 2018, Uzbekistan exported $1.3 billion worth of gold, compared to $823.9 million in 2015 and $375.1 million in 2016.
Recent reports indicate that the Central Bank exported $1.73 billion worth of gold in February 2025, with no gold exports recorded in January. This suggests that more than $1.8 billion worth of gold was exported in March alone.
It is also worth noting that as of April 22, 2025, the international price of gold reached a historic high of $3,509 per ounce before experiencing a slight decline. With gold playing a significant role in Uzbekistan’s export revenue, the country is poised to benefit from the strong demand for this precious metal in the global market.
