The Center for Economic Research and Reforms (CERR) analyzed business activity across Uzbekistan's regions for January–September 2026. The analysis covers trends in tax and customs revenues, merchandise exports, bank lending, and transactions on the commodity exchange.
The findings indicate growth across all five indicators at the national level.
In January–September 2026, tax revenues nationwide increased by 44.3% year-on-year, reaching UZS 229.1 trillion.
At the regional level, the highest growth rates in tax revenues were recorded in Tashkent Region (37.3%) and Syrdarya Region (32.2%), as well as Tashkent City (30.4%).
During the reporting period, customs revenues increased by 17.4%, reaching UZS 63.5 trillion.
The highest growth was recorded in the Republic of Karakalpakstan (74.3%). Significant increases were also observed in Namangan Region (43.0%), Fergana Region (34.5%), and Navoi Region (27.3%).
In January–September 2026, Uzbekistan's merchandise exports reached USD 12.9 billion, increasing by 34.2% compared with the corresponding period of the previous year.
The highest export growth rates were recorded in Tashkent Region (63.1%), Bukhara Region (59.7%), and Surkhandarya Region (50.9%), as well as Tashkent City (42.6%).
In January–September 2026, the volume of loans issued by commercial banks reached UZS 302.5 trillion, representing a 6.9% increase compared with the corresponding period of 2025.
Among the regions, substantial growth in lending was recorded in Samarkand Region (41.7%) and Andijan Region (31%).
The value of transactions concluded on the Uzbek Republican Commodity Exchange increased by 39.7% year-on-year, reaching UZS 147.9 trillion.
The highest growth was recorded in Surkhandarya Region (120.4%), primarily driven by trading in cotton fiber, gasoline, and diesel fuel.
In Bukhara Region, transaction value increased (98.5%), with notable contributions from trading in construction materials, diesel fuel, and gas condensate.
In Navoi Region, growth (48.2%) was associated with trading in construction materials, diesel fuel, and mineral fertilizers.
In Tashkent City, the value of commodity exchange transactions increased (48.6%). Major traded commodities included non-ferrous metals, diesel fuel, and cotton fiber.
Zarina Kasimova
Center for Economic Research and Reforms
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