Uzbekistan increased its uranium exports to the US by almost 80% in 2022, according to the US Energy Information Administration (EIA).

Shipments amounted to 4.44mn pounds of U3O8-equivalent, up 78% y/y. Thus, Uzbekistan's US market share grew to 11%.

The US meets more than 95% of its demand for uranium with purchases abroad. The main supplier is Canada. Its US market share stands at 27%. Kazakhstan is the second biggest supplier, providing around a quarter of all supplies. Russia places third, with an 11.7% share.

In March last year, US President Joe Biden announced a ban on energy imports from Russia. Nevertheless, the US authorities did not impose sanctions on Russian uranium. Russia, together with Kazakhstan and Uzbekistan, provide around half the uranium required by American nuclear power plants.

In July last year, Uzbekistan's President Shavkat Mirziyoyev approved measures to increase uranium mining and processing in the country. In particular, he gave instructions for a doubling of the extraction and processing of uranium raw materials. While 3,526 tonnes of uranium were mined in 2021, 7,100 tonnes is the target set for 2030.

According to GlobalData, Uzbekistan ranked as the world’s fifth biggest producer of uranium with a 2022 output of 3,502 tonnes, up 0.07% y/y. In the five years to 2021, uranium production in Uzbekistan increased by a compound annual growth rate (CAGR) of 0.73%. It is expected to rise by a CAGR of 0.07% between 2022 and 2026.