Kyrgyzstan’s Foreign Trade Turnover Increases by 4.7% in 2024
Kyrgyzstan’s Foreign Trade Turnover Sees Increase in 2024
According to a recent report by the Eurasian Development Bank, Kyrgyzstan’s economic indicators for the period of January to July 2024 showed a 4.7 percent increase in foreign trade turnover compared to the same period last year. This growth is a positive sign for the country’s economy.
During this period, imports in Kyrgyzstan increased by 6.7 percent, mainly driven by a rise in the volume of imported products from China, which saw a significant increase of 32.7 percent. The most imported products from China include fabrics, machinery, and equipment.
However, on the export side, the Kyrgyz Republic experienced a decrease in export deliveries, particularly to Russia and Kazakhstan, which dropped by 24.2 percent and 15.9 percent, respectively. This decline in exports has impacted the overall trade balance of the country, with imports accounting for 81.8 percent of the total turnover, while exports only make up 18.2 percent.
Trade with Eurasian Economic Union (EAEU) countries, including Russia and Kazakhstan, also saw a decrease by 8.7 percent, amounting to $2.4 billion. The Russian Federation remains the main trading partner for Kyrgyzstan within the EAEU, holding a significant share of 71.3 percent, followed by Kazakhstan with 26.8 percent.
Overall, while Kyrgyzstan has seen a positive growth in foreign trade turnover in 2024, the country needs to focus on strategies to boost exports and improve trade balance with key trading partners to ensure sustainable economic growth in the future.
