Tashkent, Uzbekistan (UzDaily.com) — As of 29 May 2025, the U.S. dollar stands at 12,826 Uzbek soums. This indicates that over the past week, the national currency of Uzbekistan appreciated by 0.56%. The previous week also saw a gain of 0.65%.

These consistent upward movements have largely offset the slump in the exchange rate observed in the first half of May. As a result, by the end of the month, the soum has returned to a more balanced position. Over the month of May, the currency strengthened by 0.53% against the U.S. dollar. From the beginning of the year through late May, the soum has appreciated by 0.56%.

The overall trend for the first five months of 2025 is characterized as broadly sideways with a bias toward strengthening.

In April, Uzbekistan exported $1.91 billion worth of gold, bringing total gold exports for the year to $5.48 billion. In the first four months of 2025, the country's foreign trade turnover reached $24.6 billion, marking a 16.3% increase compared to the same period last year. The main driver of this growth has been the surge in exports, which rose to $11.88 billion (+35.1%), while imports increased by only 2.9%, reaching $12.72 billion. As a result, the trade deficit narrowed significantly to $846.3 million, compared to $3.58 billion in 2024.

Despite the overall rise in trade, exports of textiles, automobiles, iron and steel, and petroleum products declined.

China remains Uzbekistan’s largest trading partner with a turnover of $4.18 billion, followed by Russia at $3.7 billion. Notably, trade with China rose by 5.6% in the first four months, while trade with Russia fell by 3%.

Overall, the data is seen as neutral for the soum.

According to Anna Bodrova, analyst at Alpari, the USD/UZS pair is expected to fluctuate between 12,800 and 12,960 soums in the coming week.