Summary
Uzbekistan reported approximately $1.5 billion in non-monetary gold exports for the January to April 2026 period, with most of that value recorded in April, according to the National Statistics Committee. The country had effectively stopped exports following September 2025, and the central bank accumulated significant gold holdings during that pause.
Export timeline and reserve movements
Official data show exports were nil in January and February 2026. March registered only $30 million in non-monetary gold shipments. Reserve statistics released on May 8 indicate the central bank's reserves fell by roughly 100,000 troy ounces in April, a change the statistics interpret as evidence of sales. Those reserve movements occurred as the return of exported volumes became visible in the trade data.
Uzbekistan produces about 130 tons of gold annually. The pause in outward shipments after September 2025 coincided with a period in which the central bank was among the world’s largest buyers of gold, according to the data discussed by the statistics authority.
Market context and regional comparisons
The timing of resumed exports coincides with record-high average gold prices this year, reported at around $4,800 per ounce. Gold remains an important buffer for Uzbekistan’s macroeconomic position and constitutes a major source of both export proceeds and budget revenue for the country. The restart of exports is noted alongside similar activity from other producers, with Russia also reported to have increased its gold sales.
The export activity has resumed amid a backdrop of geopolitical tensions described in the available data as an ongoing conflict involving the US and Israel with Iran. The statistics note that Central Asian economies overall have displayed a degree of resilience to these shocks.
Data limitations and presentation
The information presented here is taken from official statistics and reserve releases. Where figures are limited, the account reflects those constraints rather than extending interpretation beyond the published numbers.