Gold sales represented 41.7% of Uzbekistan's total exports in 1Q24, the State Statistics Agency reports. During this period, gold exports increased to $2.7 bn, a rise of 10.5% from $2.4 bn in the previous year's corresponding period. Detailed figures show that in January 2023, gold worth $1.2 bn was exported. There were no gold sales in January 2024, but in February, exports totalled approximately $1.3 bn.
Uzbekistan established trade connections with 184 countries in 1Q24. The largest trade partners included China, accounting for 19% of foreign trade, followed by Russia at 17.7%, Kazakhstan at 5.9%, Turkey at 4.1%, and South Korea at 3.4%.
For the first quarter, Uzbekistan reported exports of $6.4 bn against imports of $9.4 bn, indicating a trade deficit. Projections for 2023 estimate total exports to be around $24.4 bn, with gold exports making up 33.4% or $8.1 bn.
In 2023, Uzbekistan ranked as the world's second-largest gold seller. The country's gold sales totalled more than 25 tonnes throughout the year, positioning it prominently in the global gold market.
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