The Central Bank of the Republic of Uzbekistan has prepared a review of Uzbekistan’s balance of payments, international investment position and external debt for the first half of 2026.
The review analyzes key developments in the country’s external sector, including export and import dynamics, international remittances, investment flows, international reserves, the international investment position, and external debt indicators. The publication has been prepared in accordance with the balance of payments methodology of the International Monetary Fund.
In the first half of 2026, positive trends observed in Uzbekistan’s external sector in previous periods continued. In particular, exports of goods and services excluding gold, as well as international remittance inflows, increased. At the same time, the country continued to maintain a high level of foreign investment inflows.
During the reporting period, total exports amounted to $15.4 billion, decreasing by 8.6 percent compared to the same period of the previous year. The decline was mainly driven by a decrease in gold exports. At the same time, non-gold exports increased by 27 percent, while exports of services increased by 45 percent.
Total imports increased by 24 percent to $28.8 billion. The high volume of imports was driven by increased imports of machinery and equipment, vehicles, chemical and mineral products, and food products amid sustained investment activity and strong domestic consumer demand.
As a result, the trade balance recorded a deficit of $13.4 billion. This deficit was partially offset by positive balances in primary and secondary income of $1.9 billion and $5.3 billion, respectively.
Overall, in the first half of 2026, the current account recorded a deficit of approximately $6.2 billion.
The current account deficit was financed mainly through transactions involving direct, portfolio and other investments, as well as other sources.
In particular, during the reporting period, net inflows of foreign direct investment amounted to $2.3 billion, while net portfolio investment inflows amounted to around $2 billion. The other investment component recorded a net inflow of around $1.5 billion. At the end of the first half of 2026, the financial account recorded a deficit of $7.5 billion.
As a result of transactions recorded in the balance of payments and non-transactional changes, Uzbekistan’s net international investment position decreased by 34 percent compared to the beginning of the year, reaching $13.3 billion as of July 1, 2026.
During the reporting period, the stock of residents’ external assets decreased by $1.1 billion, or 1 percent, compared to the beginning of the year. In particular, the stock of international reserves decreased by $2.5 billion due to a decline in gold prices on the global market, while the stock of direct and other investment assets increased by $1.4 billion. At the same time, the stock of residents’ external liabilities increased by $5.8 billion, or 5 percent.
As of July 1, 2026, the country’s total external assets amounted to $127.4 billion, while external liabilities stood at $114.1 billion. International reserve assets amounted to $63.8 billion.
As of the end of the first half of 2026, Uzbekistan’s total external debt amounted to $84.1 billion. Of this amount, government external debt accounted for $41.7 billion, while corporate external debt amounted to $42.4 billion.
Corporate external debt includes external borrowing by the private sector, including business entities, raised without government guarantees. Such borrowing does not create government liabilities, and payments on these obligations are made from the own funds of the respective businesses and banks.
According to the review, the International Monetary Fund assesses Uzbekistan’s external debt burden as low, with the majority of external debt being raised on concessional terms.
Note: 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, as well as the External Debt Statistics: Guide for Compilers and Users.
