In the first half of 2026, Uzbekistan's exports to Hong Kong skyrocketed, reaching $543.1 million compared to $26.8 million in the same period last year. This dramatic increase, based on data from the State Statistics Committee, marks a significant shift in the country's foreign trade dynamics.
The surge was particularly pronounced in the spring months. In April, exports totaled $110.3 million, an 18-fold increase year-on-year. May saw another 33.9 percent rise to $147.7 million, while June set a new monthly record of $157.9 million, up 6.9 percent from May and 23 times higher than June of the previous year.
From April to June alone, exports to Hong Kong reached approximately $416 million, accounting for over 76 percent of the total shipments in the first half. Imports stood at $51.6 million, flipping the trade balance from a deficit of $18.4 million last year to a surplus of $491.5 million in Uzbekistan's favor.
As a result, Hong Kong has become Uzbekistan's sixth-largest export destination, with a 3.4 percent share of total exports, surpassing Turkey. This growth coincides with a sharp increase in exports of jewelry and precious metals. According to the international trade database Market Inside, the largest supplier is Luxury Diamond, which accounts for 30.16 percent of shipments, or about $83.4 million.
Luxury Diamond was registered in Tashkent in June 2024, with a charter capital of 306.5 billion soums and sole founder Sodiqov Sarvar Samijon ugli. The company ranks first in revenue within the industry. Following are Goldwish (22.62 percent) and Fatih Jewellery (13.41 percent). Together, these three companies account for nearly 66 percent of all exports to Hong Kong.
The overall export of jewelry from Uzbekistan also surged, reaching $685 million in January-June, 2.8 times more than the same period last year, according to the Ministry of Investments, Industry and Trade.
This trade boom occurred against the backdrop of strengthened ties between Uzbekistan and Hong Kong. On June 4, Hong Kong Chief Executive John Lee Ka-chiu visited Tashkent with a delegation of business leaders, meeting with President Shavkat Mirziyoyev and other officials. Lee proposed expanding cooperation in gold trading, noting Hong Kong's development of an international gold trading hub.
Lee also highlighted other promising areas, including mining, infrastructure, logistics, IT, and education. During the visit, the parties signed 96 agreements and memoranda worth over $1.65 billion, covering trade, investment, finance, and technology.
It is worth recalling that a presidential decree from June 26, 2025, aims to increase jewelry exports to $300 million. Components for the industry are exempt from customs duties until July 1, 2028, and those who report violations in the precious metals sector can receive 50 percent of the fine amount.
Source: www.gazeta.uz