Uzbekistan’s gold exports soar

Since the start of the year, Uzbekistan has exported gold worth $3.42 billion, which is 11.8 percent more compared to the same period last year. Gold’s share in the country's total exports has surpassed 40 percent.

Photo: Reuters

From January to April 2024, Uzbekistan exported gold worth $3.42 billion, as reported by the Statistics Agency.

The figure is up by 11.8 percent compared to the same period in 2023 ($3.06 billion). In April, gold deliveries abroad amounted to $758.3 million, with $1.35 billion in March and $1.32 billion in February.

The share of gold in the country's total exports has risen from 39.3 percent (for January-April 2023) to 40.3 percent.

Gold quotes rose from $2250 to $2328 per ounce (+3.4 percent) in March, continuing to reach historically high levels. For instance, on May 21st, the price for a troy ounce of gold updated its historical maximum on the New York Stock Exchange and rose to $2452.6 since the beginning of the year, an increase of 17.8 percent.

Against the backdrop of rising gold prices on the world market, Uzbekistan's gold and foreign exchange reserves increased to $35.1 billion. However, the physical volume of precious metal in reserve decreased by 1.24 tons and has remained at its minimum level since May 2022.

In March, Uzbekistan became the world's top gold seller by selling another 11 tons of the precious metal. In February, the country had sold 12 tons of precious metal.

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