Uzbekistan has cemented its position as a global gold leader, exporting a staggering $8.42 billion worth of gold from January to August 2025 — a 68.9% surge from the same period in 2024 ($4.99B) and already surpassing its full-year 2024 total ($7.48B), Gazeta.uz reports.
This performance also eclipsed the previous annual record set in 2023 ($8.15B), despite August shipments totaling “only” $836 million — following peak months of:
- February: $1.73B
- March: $1.84B
- April: $1.91B
Gold’s share of Uzbekistan’s total exports has jumped from 28.7% to 36.7% — meaning nearly one in every three export dollars now comes from the precious metal.
While physical volumes remain undisclosed, the record is largely driven by soaring global prices: gold rose from $3,306 to $3,407 per ounce in August and neared $3,700 in September.
This boom has directly boosted the nation’s reserves. In August, Uzbekistan’s international reserves surpassed $50 billion for the first time — with gold accounting for over $40 billion. Reserves increased from 11.7 million to 11.8 million troy ounces.
Leading the charge is Navoi Mining and Metallurgical Combinat (NMMC), the world’s fourth-largest gold producer. In H1 2025, NMMC mined nearly 48 tonnes (+1.4% YoY), posted a record net profit of $1.5 billion (+72%), and generated revenue of $4.7 billion (+40.9%).
President Shavkat Mirziyoyev has credited new geological exploration methods for the sector’s explosive growth — gold output has climbed from 86 tonnes in 2016 to a projected 118 tonnes in 2025, positioning Uzbekistan as one of the world’s fastest-growing gold producers.
CentralasianLIGHT.org
Sept. 22, 2025