Uzbekistan’s total external debt increased by $1.9 billion compared with the beginning of 2026, reaching $84.1 billion by the end of the first half of the year. This was reported by the Central Bank in its review of the country’s balance of payments, international investment position and external debt.
Uzbekistan’s external sector continued to show positive trends recorded in previous periods. Key factors included higher exports of goods and services excluding gold, an increase in international remittances and continued strong inflows of foreign investment.
In January-June, the current account deficit amounted to about $6.2 billion, compared with $5.79 billion in the first quarter. The deficit therefore increased by around $410 million in the second quarter. The main factor remained the negative trade balance, which reached $13.4 billion in the first half of the year, compared with $8.3 billion in January-March.
Total exports amounted to $15.4 billion in the first half of the year, down 8.6% from the same period last year. In the second quarter, exports reached about $9.8 billion, compared with $5.6 billion in the first quarter. The decline in annual export figures was mainly driven by lower gold sales, while exports of goods excluding gold increased by 27% and exports of services rose by 45%.
Imports increased by 24% year-on-year in January-June, reaching $28.8 billion. In the second quarter, imports amounted to about $14.9 billion, compared with $13.9 billion in the first quarter. The largest share of imports consisted of machinery and equipment, vehicles, chemical and mineral products, and food products.
The negative trade balance was partly offset by positive balances in primary and secondary income, which amounted to $1.9 billion and $5.3 billion, respectively, in the first half of the year. In the first quarter, secondary income had a positive balance of $2.5 billion, while primary income recorded a deficit of $43 million.
The current account deficit was financed through direct, portfolio and other investment operations, as well as other sources. Net foreign direct investment inflows amounted to $2.3 billion in the first half of the year, with about $1.6 billion recorded in the second quarter. Net portfolio investment inflows reached around $2 billion, compared with $4.1 million in the first quarter.
Other investment recorded a net inflow of about $1.5 billion, around $400 million of which came in the second quarter. As a result, the financial account deficit increased from $5 billion in the first quarter to $7.5 billion in the first half of the year.
Uzbekistan’s net international investment position declined by $8.3 billion in the second quarter, from $21.6 billion as of April 1 to $13.3 billion as of July 1. Overall, it decreased by 34% from the beginning of the year.
The external assets of residents declined by $1.1 billion in the first half of the year, after increasing by $2.6 billion in the first quarter. This means assets fell by around $3.7 billion in the second quarter. International reserves decreased by $2.5 billion due to lower global gold prices, while assets related to direct and other investments increased by $1.4 billion.
At the same time, external liabilities of residents increased by $5.8 billion in the first half of the year. By comparison, liabilities rose by $534 million in the first quarter, meaning they increased by around $5.3 billion in the second quarter.
As of July 1, Uzbekistan’s total external debt stood at $84.1 billion, up from $82.2 billion as of April 1. Public external debt increased from $40.5 billion to $41.7 billion, while corporate external debt rose from $41.7 billion to $42.4 billion.
The Central Bank clarified that corporate external debt includes private-sector borrowing without state guarantees. The government has no obligations related to this debt, and repayments are made from companies' and banks' own funds. The IMF has also noted Uzbekistan’s low debt burden, with a significant share of external debt raised on concessional terms.
The English version of this material was generated with the assistance of AI translation tools and may differ slightly from the original text.
