Kaktus.media conducted a study calculating the volumes and directions of gold exports over the last 25 years. The data for the analysis was taken from UN Comtrade (the United Nations International Trade Statistics Database), which is the largest source of information on trade flows and market trends in more than 200 countries since 1962. It also contains data on gold exports from Kyrgyzstan since 2000.
Kyrgyzstan's Gold Exports: A Historical Overview
Gold supplies from Kyrgyzstan are inextricably linked to the country's largest deposit—Kumtor. It was discovered in 1978, and the construction of the mine began in 1993 and was completed in 1997. In May of the same year, commercial gold production started, and by 1998, the first millionth ounce was produced.According to UN Comtrade data, since 2000, Kyrgyzstan has exported 431.6 tons of gold.
The highest volumes of shipments were observed in 2001 and 2021, when exports amounted to 25.5 and 24.6 tons, respectively. The least amount of gold was exported in 2022—only 300 kg.The reason for this phenomenon is that the London Bullion Market Association (LBMA) temporarily excluded OJSC "Kyrgyzaltyn" from the list of reliable suppliers. As a result, Kyrgyzstan lost access to major global markets and was forced to sell gold at significantly reduced prices (discounts - Note from Kaktus.media). This was the only year with such low export figures.
Interestingly, the maximum volume of gold exported by Kyrgyzstan occurred during the presidency of Askar Akayev—125.5 tons. It was during his administration that the development of the Kumtor deposit began. He was later accused of abuse of power, and the criminal case was closed due to the expiration of the statute of limitations.
Indeed, in 2001, Kyrgyzstan exported more than 25 tons of gold, bringing in $224.5 million. Last year, about 18 tons were sold, generating over $1.4 billion. The highest revenues from sales were recorded in 2021 and 2024, when the revenue also exceeded $1.4 billion.
As for the remaining 19.2 tons of gold, information about its buyer remained uncertain. Reports from the National Statistics Committee indicated that an "undefined country" purchased this batch. However, it later became clear that the gold was sent to Switzerland.
