What do Switzerland and Tajikistan have in common?

The answer is gold: Tajikistan mines it, and Switzerland wants it. And according to official Tajik trade statistics, Switzerland was Tajikistan’s most lucrative export partner during the first half of 2024, primarily due to shipments of the precious metal. 

Tajikistan’s overall foreign trade turnover registered a 22 percent increase during the first half of 2024, but that encouraging news was tempered by the fact that exports lagged far behind imports, the Asia-Plus news agency reported, citing government statistics. 

Combined turnover amounted to $4.41 billion during the first half, compared to $3.42 billion during the same period the previous year. Exports for H1 2024 totaled about $997 million, only 23 percent of the turnover total. Nevertheless, the export earnings for H1 this year represented a big jump over 2023’s figure for the same period.

Almost 30 percent of Tajik export earnings were derived from shipments of gold and other precious commodities to Switzerland. Other top-ranking export destinations, in terms of the value of goods and services, were China ($186.8 million); Kazakhstan ($118.7 million); Turkey ($111.1 million); and Uzbekistan ($80.4 million). Russia ($36.1 million) lagged far behind the top five buyers of Tajik goods.

Beside precious metals, the top export earners for Tajikistan were cotton, aluminum and antimony, an element often used in the manufacture of semiconductors.

While Tajikistan runs large deficits with most if its major trade partners, especially China, Dushanbe typically enjoys a very healthy surplus with Switzerland. Bilateral trade has exploded over the last decade, driven by Tajik exports of gold, and, to a lesser extent, other precious metals and minerals.