The key facts

  • Uzbekistan did not export gold in September after the pause in August; over nine months, gold revenue was $2.8 billion versus $9.8 billion a year earlier
  • Total exports for January–September were $25.8 billion (-5.5%), but excluding gold, deliveries grew: goods +31.6% to $13.3 billion, services +31.1% to $9.71 billion
  • International reserves at the beginning of October were $66.58 billion (-7.7% over the month) due to the revaluation of the gold stock amid quotes falling from ~$4,660 to $4,200 per ounce

The pause in gold exports continued in September

Uzbekistan did not resume gold exports after the suspension in August, according to the report of the National Statistics Committee (data for January–September 2026). Over nine months, revenue from precious metal deliveries remained at $2.8 billion — 3.5 times lower than the figure for the same period of 2025 ($9.8 billion). This year, gold was exported in only two months: in April for $1.5 billion and in July for $1.3 billion.

Overall exports declined, but not because of other goods

Total exports from January to September amounted to $25.8 billion, down 5.5% from the same period of 2025 — primarily due to reduced gold deliveries. At the same time, revenue from exports of other goods grew by 31.6% to $13.3 billion, while services exports increased by 31.1% to $9.71 billion. Thus, the decline in overall figures is entirely linked to the pause in sales of the precious metal: for comparison, in 2025 gold exports set an absolute record, exceeding $9.9 billion.

Production and reserves

In the first half of the year, the Navoi Mining and Metallurgical Combine reduced physical gold output by almost 2% compared with January–June 2025 — to 1.508 million troy ounces (46.9 tonnes), yet in monetary terms production grew by 41.7% to 86.2 trillion soums.

Reserves under pressure from the price correction

Uzbekistan's international reserve assets stood at $66.58 billion at the beginning of October, having decreased by 7.7% over the month. The main factor behind the decline was the negative revaluation of the gold stock: the value of gold in reserves fell to $60.08 billion (-7.46%), despite the tonnage rising to 14.34 million troy ounces (446.2 tonnes). The currency portion of reserves also decreased — to $5.92 billion.

Price context

At the end of August, exchange gold quotes were at a local peak — about $4,660 per troy ounce, but in September the market corrected, and by the end of the month prices reached $4,200 per ounce. Earlier, Spot.uz reported that in August Uzbekistan became the world's second-largest buyer of gold — that is, the pause in exports coincided with a period when the country was building up its reserves against the backdrop of high quotes.