Uzbekistan's current account deficit increased to $5.79 billion in the first quarter of 2026, significantly higher than the $304 million recorded during the same period last year. This data was presented in a comprehensive review by the Central Bank, covering the country's balance of payments, international investment position, and external debt.
Despite persistent geopolitical tensions and high uncertainty in the global economy, positive trends were observed in Uzbekistan's external sector. Growth in exports of goods and services excluding gold continued, international remittances increased, and international reserves expanded, which contributed to strengthening the country's net international investment position.
The main reason for the sharp increase in the deficit was the expansion of the negative trade balance, which grew from $2.7 billion to $8.3 billion. Total exports for January-March decreased to $5.6 billion. Goods exports fell from $6.2 billion to $3.4 billion, mainly due to the suspension of gold sales. Nevertheless, non-monetary gold exports grew by 29%, and service exports increased by 18%, reaching $2.17 billion.
Conversely, imports rose by 29% to $13.9 billion, driven by sustained investment activity and high domestic demand. Goods imports increased by 33% to $10.2 billion, while service imports rose by 19%, reaching $3.7 billion. The largest growth in imports was recorded in the segments of machinery and equipment, vehicles, chemical and mineral products, and food products.
The negative foreign trade balance and primary income deficit of $43 million were partially offset by a net inflow of secondary income, which reached $2.5 billion, bringing the total inflow in this category to $2.9 billion.
According to the regulator, the current account deficit was financed primarily through direct and other investments. The net inflow of foreign direct investment (FDI) amounted to $702 million, and portfolio investments attracted $4.1 million. The 'other investments' category showed a net inflow of about $1.1 billion, related to currency and deposit operations, trade credits, and external loans from the public sector, commercial banks, and other economic sectors.
By the end of the first quarter, the negative financial balance reached $4.9 billion. Although the currency component of international reserves decreased by $3.1 billion, the total volume of international reserves increased by almost $2.7 billion due to rising global gold prices, reaching $69 billion as of April 1, 2026.
The country's net international investment position improved by 10% over the quarter, reaching $21.6 billion. Residents' external assets grew by $2.6 billion to $131.08 billion, while external liabilities increased by $534 million to $109.49 billion. Uzbekistan's total external debt remained stable compared to the beginning of the year, standing at $82.2 billion on April 1. Of this amount, government external debt was $40.5 billion, and corporate external debt was $41.7 billion.
The Central Bank emphasized that corporate external loans are secured by the private sector without state guarantees and are fully serviced by the companies' own funds and commercial banks. According to International Monetary Fund (IMF) estimates, Uzbekistan's debt burden remains moderate, as a significant portion of its external obligations was obtained on preferential terms.
Starting this autumn, the basic calculation unit (BCU) in Uzbekistan will increase to 440,000 soms, which will affect state duties, fees, fines, and taxes. Simultaneously, according to a decree by President Shavkat Mirziyoyev, pensions, salaries, and scholarships for millions of citizens will change in stages.
As a result, the minimum old-age pension will reach 983,000 soms, and the disability pension will reach 1,083,000 soms. From September 1, salaries in the budgetary sector and student scholarships will also increase by 7%, and the minimum wage (MW) will be set at 1,360,000 soms per month.
