The Central Bank of the Republic of Uzbekistan has prepared a quarterly review of Uzbekistan’s balance of payments, international investment position and external debt for the first quarter of 2026.
The review analyzes key developments in the country’s external sector, including export and import dynamics, international money transfers, investment flows, international reserves, the international investment position and external debt indicators.[1]
In the first quarter of 2026, several positive trends observed in previous periods in Uzbekistan’s external sector continued. In particular, growth was recorded in exports of goods excluding gold, exports of services and international money transfers. At the same time, the increase in international reserves contributed to the strengthening of the country’s net international investment position.
During the reporting period, total exports amounted to USD 5.6 billion. The decline in exports compared to the same period of the previous year was mainly due to the absence of gold exports during the reporting period. At the same time, exports of goods excluding gold increased by 29 percent, while exports of services rose by 18 percent.
Total imports grew by 29 percent and reached USD 13.9 billion. The high level of imports was driven by imports of machinery and equipment, transport vehicles, chemical and mineral products, as well as food products amid continued investment activity and sustained domestic demand.
As a result, the trade balance recorded a deficit of USD 8.3 billion. This deficit was partially offset by net inflows of USD 2.5 billion from international money transfers and other secondary income. Overall, in the first quarter of 2026, the current account recorded a deficit of nearly USD 5.8 billion.
The current account deficit was mainly financed through foreign direct investment and other investment flows. In particular, net foreign direct investment inflows into the country amounted to USD 702 million during the reporting period. Net inflows under other investments stood at nearly USD 1.1 billion.
During the reporting period, the foreign currency component of international reserve assets declined by USD 3.1 billion. However, due to the significant increase in global gold prices, total international reserves rose by nearly USD 2.7 billion compared to the beginning of the year. As of April 1, 2026, international reserves amounted to USD 69 billion.
As a result of transactions recorded in the balance of payments and non-transactional changes, Uzbekistan’s net international investment position strengthened by 10 percent compared to the beginning of the year and reached USD 21.6 billion as of April 1, 2026. Total external assets amounted to USD 131.1 billion, while external liabilities stood at USD 109.5 billion.
At the end of the first quarter of 2026, Uzbekistan’s total external debt remained almost unchanged compared to the beginning of the year, amounting to USD 82.2 billion. Of this amount, public external debt accounted for USD 40.5 billion, while corporate external debt stood at USD 41.7 billion.
Corporate external debt includes external borrowings attracted without a state guarantee by the private sector, including business entities, banks and enterprises. The state has no obligation for such debt, and repayments are made using the own funds of the respective business entities and banks.
The review notes that the International Monetary Fund assessed Uzbekistan’s external debt burden as low, with most of the debt contracted on concessional terms.
Read the full review for more details.
[1] The publication has been prepared in accordance with the sixth edition of the International Monetary Fund’s Balance of Payments and International Investment Position Manual and the External Debt Statistics: Guide for Compilers and Users.
