Uzbekistan’s gold and gas exports surge amid shifting trade patterns

From January to May 2025, Uzbekistan’s total foreign trade turnover reached $31.3 billion — an increase of $4.093 billion or 15% compared to the same period of the previous year.

Exports totaled $14.82 billion (up by 31.1%), while imports amounted to $16.49 billion (up by 3.7%). The trade deficit narrowed to $1.677 billion.

The bulk of Uzbekistan’s foreign trade during the reporting period was conducted with China (17.2%), Russia (15.4%), Kazakhstan (5.7%), Turkey (3.5%), and South Korea (2.3%).

Trade turnover with major partners such as Turkey, South Korea, the U.S., Turkmenistan, Italy, and Lithuania declined in the first five months of the year, while trade with countries like China, Afghanistan, France, Germany, India, and the UAE saw a significant increase.

Exports

Uzbekistan exported $6.492 billion worth of gold — up 54.8% — making up 43.8% of total exports. Other significant export categories included industrial goods (10.1%), food products and live animals (6.2%), chemicals (5.3%), mineral fuels (4%), and various manufactured goods (3.6%).

Top export partners for goods and services were:

• Russia (10.8%)
• China (5.1%)
• Afghanistan (3.5%)
• Kazakhstan (3.5%)
• Turkey (2.9%)
• France (2.7%)
• UAE (1.5%)
• Tajikistan (1.4%)
• Kyrgyzstan (1.4%)
• Pakistan (1.1%)

These countries collectively accounted for 33.8% of Uzbekistan’s total exports.

Gas exports reached $288 million during January–May 2025, a 62.7% increase year-on-year. Additionally, the country exported:

• $212 million in oil and petroleum products (down 6.2%)
• $95 million in electricity (up 72.6%)

Uzbekistan also exported nearly $102 million worth of automobiles and auto parts — a 26.9% decline compared to 2024.

Imports

Machinery and transport equipment dominated imports, making up 33.6% of the total, followed by industrial goods (16.1%) and chemicals and related products (12.9%). Two-thirds of all imports came from seven countries:

• China – 28.1%
• Russia – 19.6%
• Kazakhstan – 7.7%
• South Korea – 4.2%
• Turkey – 4.1%
• Germany – 3.1%
• India – 2.7%

Natural gas imports fell sharply. The country imported $285 million worth of gas, which is only 44% of the previous year’s volume.

Vehicle imports also saw a notable decline. From January to May, Uzbekistan imported $1.245 billion worth of automobiles, down 14.8%. Meanwhile, imports of vehicle parts and components rose by 31%, reaching $671 million.