Uzbekistan sharply reduced its gold exports during the period of January–May 2026. According to data from the National Statistics Committee, exports of the precious metal totaled $1.5 billion during the reporting period—a 4.3-fold decrease compared to the same period last year. In May, the country did not export any gold at all. This trend occurred against the backdrop of falling gold prices on the global market. Consequently, Uzbekistan's total export volume since the beginning of the year stood at $12.6 billion, a 15.5 percent decline compared to the corresponding period last year.
For reference, the Navoi Mining and Metallurgical Combine produced 737,000 troy ounces of gold in the first quarter of this year. Although this represents a 2.19 percent decrease in volume compared to the previous year, the value of the produced goods rose by 58.3 percent, exceeding 44 trillion soums. In May, Uzbekistan's gold and foreign currency reserves totaled $70.5 billion. While the value of the gold held in the Central Bank's vaults decreased slightly, its physical volume increased to 423 tons.
