Decline in Exports of Goods from Kyrgyzstan to Russia
Bishkek – April 29, 2024 – The foreign trade turnover of Kyrgyzstan has seen a significant increase of 28.3 percent in the months of January and February 2024, according to a macro-review by the Eurasian Development Bank.
This growth in export revenue, which saw a jump of 18.4 percent, was mainly attributed to the resumption of supplies of basic metals to foreign markets. Interestingly, there were no exports of these metals a year earlier. However, there was a significant decline in exports to EAEU countries, dropping by 42.5 percent. This decline was largely due to a decrease in the value of supplies to Russia (such as copper products, clothing, and accessories) and Kazakhstan (ores and concentrates of precious metals).
On the import side, there was a 30 percent increase in value, with a majority of this increase (98 percent) coming from a rise in imports from China. Machinery, equipment, and their parts were the main items being imported.
These developments indicate positive growth in Kyrgyzstan’s foreign trade sector and reflect the country’s expanding trade relations with key partners.
