Uzbekistan’s gold exports soared to $3.57 billion in the first quarter of 2025, marking a significant increase from previous years and accounting for 44% of the country’s total export revenue, according to data from the state statistics agency.
The sharp rise in gold exports was largely driven by record-high global gold prices, coupled with a substantial sale by the Central Bank of Uzbekistan (CBU). This surge in gold exports contributed to an overall increase in Uzbekistan’s total exports for the quarter, which reached $8.1 billion—a 24.4% year-on-year growth.
This represents a substantial jump from the $2.66 billion in gold exports recorded during the first quarter of 2024, and the $2.4 billion in the same period of 2023. Gold exports in Q1 2021 were significantly lower at $1 billion, and no gold exports were recorded in Q1 2020.
Historical trends show considerable volatility in Uzbekistan’s gold export volumes over the past decade, with figures fluctuating based on global gold prices and domestic monetary policies. For example, gold exports ranged from $823.9 million in Q1 2015 to $1.3 billion in Q1 2018.
The surge in gold prices has been particularly notable. On April 22, 2025, the international price of gold reached a record $3,509 per ounce before slightly retreating, driven by investor demand for safe-haven assets amid global economic uncertainties, including the impact of the U.S. Trump administration’s import tariffs.
In March, the price of gold rose by 9.6%, climbing from $2,857 per ounce at the start of the month to $3,120 per ounce by its close.
Earlier this year, in January, Uzbekistan was at the forefront of global gold purchases, with the central bank increasing its reserves by eight tonnes, further boosting its gold export capacity.
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