Using Value Chain Analysis (VCA) of the cotton sector in Khwarezm (western Uzbekistan), this paper demonstrates that, although there are rents, cotton farmers receive approximately 2/3 of the export price for cotton fibre. It is an interesting finding since it had been stated that Uzbek farmers receive only 1/3 of export price. This share is even higher than in Tajikistan (52%). This paper is interesting in providing detailed data on the cost of the various rents/processes. With a holistic assessment, it demonstrates that the profit of foreign trade companies is equivalent to 3% of export price and various other licenses and processes are equivalent to 10%. Therefore, despite the fact that the Uzbekistani cotton sector is still to a great extent organised like during Soviet times, it does not seem that farmers are the real losers in Khwarezm, despite the fact that some rents and processes should be reduced or simplified.