Tashkent, Uzbekistan (UzDaily.uz) — Uzbekistan’s total external debt increased by US$1.9 billion in January-June 2026, reaching US$84.1 billion as of 1 July, according to a Central Bank review on the country’s balance of payments, international investment position and external debt.
Trends observed in previous periods continued in the external sector during the first half of the year. They were influenced by higher exports of goods excluding gold and services, growth in international remittances and continued inflows of foreign investment.
The current account deficit reached about US$6.2 billion in the first half of the year. By comparison, the deficit stood at US$5.79 billion in the first quarter, meaning it increased by about US$410 million in the second quarter.
The main factor remained the negative trade balance, which reached US$13.4 billion in January-June, compared with US$8.3 billion in January-March.
Exports totaled US$15.4 billion in the first half of the year, down 8.6% from the same period last year. Exports reached about US$9.8 billion in the second quarter, compared with US$5.6 billion in the first quarter.
The year-on-year decline was mainly linked to lower gold sales. At the same time, exports of goods excluding gold increased by 27%, while exports of services rose by 45%.
Imports, meanwhile, continued to grow. They increased by 24% in the first six months to US$28.8 billion. In the second quarter, imports reached about US$14.9 billion, compared with US$13.9 billion in January-March.
The main import categories were machinery and equipment, vehicles, chemical and mineral products, and food products.
The trade deficit was partly offset by positive balances in primary and secondary income. Their balances for the first half of the year amounted to US$1.9 billion and US$5.3 billion, respectively. In the first quarter, secondary income recorded a positive balance of US$2.5 billion, while primary income showed a deficit of US$43 million.
The current account deficit was financed through transactions involving direct, portfolio and other investments, as well as other sources.
Net foreign direct investment inflows amounted to US$2.3 billion in the first half of the year, with about US$1.6 billion coming in during the second quarter. Net portfolio investment inflows reached about US$2 billion, compared with US$4.1 million in the first quarter.
Other investments recorded a net inflow of about US$1.5 billion, of which approximately US$400 million came in the second quarter. As a result, the financial account deficit increased from US$5 billion in the first quarter to US$7.5 billion for the first half of the year.
The country’s international investment position also changed. In the second quarter, Uzbekistan’s net international investment position declined by US$8.3 billion, from US$21.6 billion as of 1 April to US$13.3 billion as of 1 July. Overall, the decline since the beginning of the year amounted to 34%.
Residents’ external assets decreased by US$1.1 billion in the first half of the year. In the first quarter, they had instead increased by US$2.6 billion. The decline in the second quarter therefore amounted to about US$3.7 billion.
The dynamics of assets were affected by lower global gold prices, which reduced international reserves by US$2.5 billion. At the same time, assets related to direct and other investments increased by US$1.4 billion.
Residents’ external liabilities increased by US$5.8 billion in January-June. Their increase amounted to US$534 million in the first quarter, while growth in the second quarter reached about US$5.3 billion.
As of 1 July, Uzbekistan’s public external debt stood at US$41.7 billion, compared with US$40.5 billion as of 1 April. Corporate external debt increased over the same period from US$41.7 billion to US$42.4 billion. As a result, the country’s total external debt reached US$84.1 billion, compared with US$82.2 billion a quarter earlier.
The Central Bank clarified that the corporate component of external debt includes borrowing by the private sector without state guarantees. The government has no obligations related to such borrowing, which is repaid using the companies’ and banks’ own funds.
Meanwhile, an International Monetary Fund statement noted Uzbekistan’s low debt burden. A significant portion of the country’s external borrowing was attracted on concessional terms.
