Uzbekistan has not resumed gold exports since suspending shipments in August, according to a report by the National Statistics Committee.
Total exports from January to September amounted to $25.8 billion, down 5.5% compared with the same period in 2025. The decline was primarily driven by reduced gold shipments. Meanwhile, exports of other goods increased by 31.6% to $13.3 billion, while services exports rose by 31.1% to $9.71 billion.
Uzbekistan’s total gold exports for the first nine months remained at $2.8 billion. This was 3.5 times lower than the $9.8 billion recorded a year earlier.
This year, Uzbekistan exported gold in only two months: April ($1.5 billion) and July ($1.3 billion). In 2025, gold exports reached an all-time high of more than $9.9 billion.
In January-June, the Navoi Mining and Metallurgical Company reduced its physical gold output by nearly 2% compared with the first half of 2025, to 1.508 million troy ounces (46.9 tonnes). However, the value of production increased by 41.7% to 86.2 trillion soums.
Uzbekistan’s international reserve assets stood at $66.58 billion at the beginning of October, down 7.7% over the month. The decline was mainly due to the negative revaluation of gold reserves amid falling global prices.
The value of gold in the reserves fell by 7.46% to $60.08 billion, despite an increase in its volume to 14.34 million troy ounces (446.2 tonnes). The foreign currency component of the reserves also declined, reaching $5.92 billion.
Global gold prices reached a local high of around $4,660 per troy ounce in late August. However, the market saw a correction in September, with prices falling to $4,200 per ounce by the end of the month.
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