️ Uzbekistan did not export any gold in January 2026, despite global prices for the precious metal reaching record highs. According to preliminary data from the Statistics Committee dated February 28, the value of non-monetary gold exports for the month stood at $0, indicating a missed opportunity for the country to capitalize on one of its key export commodities during a period of soaring market values.

️ Meanwhile, Uzbekistan's total foreign trade turnover reached $5.8 billion, marking a 29.2% increase compared to the same period last year. Export volume rose to $1.69 billion (+26.7%), while imports grew to $4.14 billion (+30.3%). Nearly half of the exports (43.8% or $742.1 million) came from services, highlighting the economy's reliance on diverse sectors and raising questions about the sustainability of trade growth without stronger commodity exports.

️ In terms of goods exports, the largest shares were held by industrial products (approximately 18%), chemical products, and foodstuffs and live animals. On the import side, machinery and transport equipment (35.9%), industrial goods (13.9%), and chemical products (11.8%) dominated. Non-monetary gold imports amounted to $13.7 million, a significant jump from $6.1 million a year earlier, suggesting increased domestic demand or stockpiling amid price surges.

️ The sharp rise in gold prices has been evident both domestically and globally: in Uzbekistan, gold prices increased by 78% over the past year, with the cost of a 5-gram bar exceeding 10 million soums for the first time on January 26. On the world market, gold prices more than doubled in the last 12 months, hitting a record high of $5,589.38 per ounce in January 2026 after numerous peaks throughout 2025. This context underscores the economic challenges and missed revenue potential for Uzbekistan as it fails to leverage favorable market conditions for gold exports, potentially impacting its trade balance and economic resilience.

Source: kun.uz