Uzbekistan saw $2.74bn cut from its current account deficit in the first half of the year. The gap was posted at just $156.3mn, a steep drop from the $2.9bn seen in the first half of 2024, according to the central bank.

Officials said the stark improvement was “explained by a substantial decrease in the negative trade balance, coupled with an increase in the volume of international money transfers from abroad to Uzbekistan”.

Exports in the first six months rose 29% y/y to $16.6bn, outpacing growth in imports, which grew 10% y/y to nearly $23bn. The trade deficit thus narrowed by 20% y/y to $6.4bn. 

Remittance inflows supported the balance of payments. Primary income hit $850.9mn, while secondary income climbed to $5.4bn.

Net foreign direct investment rose 42% from the same period in 2024 to $1.6bn, while portfolio inflows tied to international bond issuance amounted to $3.1bn. 

In total, the financial account posted a negative balance of $895.9mn.

Reserves strengthened as gold prices surged and the central bank accumulated foreign currency. 

The international reserves increased by around $7.4bn from the start of the year, reaching $48.5bn as of July 1. The FX component alone grew by $913.1mn.

Uzbekistan’s net international investment position expanded by 23% in the first half to $16.9bn. 

Residents’ foreign currency assets expanded by $12.1bn (up 13%), while external liabilities increased by $8.9bn (up 11%).

Total external debt stood at $72.2bn at mid-year, split between $36.8bn in government borrowing and $35.4bn in corporate debt, which includes private sector borrowing conducted without state guarantees. 

The IMF and international rating agencies have described the country’s debt burden as “moderate,” citing the prevalence of concessional financing.

Uzbekistan’s public debt reached $43.37bn in the first half of 2025, rising $3.16bn (7.9%) compared to the start of the year and $6.14bn (16.5%) y/y. Despite this increase, the public debt-to-GDP ratio fell slightly to 34.2% from 35%.

In July, Uzbekistan recorded the fastest public debt growth in the Europe and Central Asia region. 

Public debt reached $42.4bn in the first quarter, up 5.5% from the previous quarter and 20% y/y. 

Additionally, the government had earlier projected debt will hit $45.1bn by the end of 2025, equivalent to around 36.7% of GDP.