Kazakhstan’s Foreign Trade Surpasses $55 Billion in First Five Months of 2024
Kazakhstan’s Foreign Trade Exceeds $55 Billion in First Five Months of 2024
According to a recent report published by the Prime Minister’s press service on July 26, Kazakhstan’s foreign trade has reached over $55 billion in the first five months of 2024. This marks a significant increase in trade activity for the country.
The top three trading partners for Kazakhstan continue to be China, Russia, and the European Union (EU). In the period from January to May, exports from Kazakhstan saw a 1.8% increase, totaling $32.5 billion. Of this amount, non-oil goods and services exports accounted for over $13 billion, with $10.5 billion coming from the export of finished products. The growth in exports can be attributed to high international demand for non-ferrous metals and sunflower oil, as well as positive trends in Kazakhstan’s services sector.
The government of Kazakhstan has been actively working to create favorable conditions for new sales markets and strengthen cooperation with domestic producers. Efforts are also underway to expand export markets by developing transport corridors, with a particular focus on enhancing cooperation with China.
China remains a key partner for Kazakhstan, with the country’s share in Kazakhstan’s total trade turnover reaching 20% and totaling $11.4 billion in the first five months of 2024. Exports to China saw a significant increase of 19.1%, reaching $5.7 billion during this period.
Kazakhstan has set ambitious goals to increase exports of finished products by 2.5 times, targeting $12 billion in the medium term. Regional cooperation with Chinese provinces has shown positive results, with significant growth in trade and exports to various regions in China.
To facilitate entry into new markets, Kazakhstan has implemented comprehensive support measures, stimulating production and adopting new technologies. Agreements with countries such as Iran and Singapore have been ratified, with negotiations with Indonesia, Mongolia, and the United Arab Emirates (UAE) nearing completion, potentially leading to a significant increase in exports.
The Export Acceleration 2024 program continues to support and promote exporters in key industries and services. With the goal of increasing the number of active exporters to 1,000 by 2025, the program has already made significant progress in facilitating export contracts and partnerships.
Overall, Kazakhstan’s efforts to boost non-oil exports and expand trade relationships with key partners are showing promising results. With a focus on developing new markets, enhancing cooperation with other countries, and supporting exporters, Kazakhstan is well-positioned to further strengthen its position in the global trade landscape.
