Kazakhstan Achieves $20.1 Billion Trade Surplus in 10 Months of 2024
Kazakhstan’s Foreign Trade Surplus Reaches $20.1 Billion in 2024
Kazakhstan has recorded a foreign trade surplus of $20.1 billion from January to October 2024, marking a significant 33.4% year-on-year increase from $15.0 billion in the same period of 2023. This data was reported by Halyk Finance investment bank on Dec. 20, citing the Bureau of National Statistics.
This trade surplus, the highest in the past four years (excluding 2022), was driven by a combination of export growth and reduced imports. Exports saw a 5.1% year-over-year increase to $68.5 billion, supported by high oil prices averaging $81 per barrel. Oil revenues also climbed by 6.5% year over year to $37.2 billion, with metal and chemical exports contributing significantly.
On the other hand, imports decreased by 3.3% year over year to $48.4 billion, primarily due to an 8.7% reduction in machinery and equipment imports. However, food imports increased by 7.3% and chemical products by 2.4% year over year, partially offsetting the overall decline.
Despite these positive indicators, Kazakhstan’s exports still heavily rely on raw materials, with over 80% comprising mineral products, metals, and unprocessed food. To reduce dependence on global commodity prices, the government is urged to focus on supporting non-raw materials exports, particularly in the medium- and high-tech sectors.
Looking ahead, Halyk Finance expects minimal changes in trade structure and volume for the rest of 2024. While the depreciation of the tenge may boost exports, challenges such as stagnant oil production and declining oil prices due to various factors like U.S. election outcomes and reduced Chinese demand, could pose limitations.
Nevertheless, Kazakhstan’s trade balance is expected to continue improving, potentially leading to a reduction in the current account deficit to 1.3% of GDP. This positive trend reflects the country’s efforts to strengthen its export capabilities and diversify its economy beyond raw material exports.
