TASHKENT, Uzbekistan, October 5. Uzbekistan’s
external sector demonstrated resilience in the first half of
2025.
Data obtained by Trend from the latest report by the Asian Development
Bank (ADB) shows that exports have grown significantly, mainly due
to gold, while imports have shown more moderate growth.
Remittances also increased notably, bolstering domestic demand
and strengthening external buffers. In June, the Central Bank of
Uzbekistan purchased 11.1 tons of gold, marking a strategic
reversal from earlier sales and reflecting a shift in reserve
management policy.
Investor sentiment toward the country improved amid stronger
macroeconomic fundamentals, fiscal consolidation, solid reserve
levels, and the continuation of structural reforms. In line with
these trends, S&P Global revised its outlook on Uzbekistan to
positive in May, while Moody’s affirmed its Ba3 rating with a
positive outlook in June. Furthermore, Fitch upgraded Uzbekistan’s
long-term foreign-currency rating from BB– to BB with a stable
outlook.
Nevertheless, risks remain tilted to the downside. Key
challenges include potential trade tensions that could weaken
external demand for non-gold exports—such as agricultural goods,
textiles, and industrial products—rising fuel and transport costs
stemming from regional instability and tariff increases, as well as
persistent inflationary pressures that may require tighter monetary
policy, potentially slowing overall economic activity.
