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    Kazakhstan

    Kazakhstan's export sector thrives in 2023: impressive growth and diversification

    Kazakhstan's export sector thrives in 2023: impressive growth and diversification

    Kazakhstan's export sector has shown remarkable resilience and growth in the first half of 2023, with the country experiencing a significant surge in exports to various international destinations. As per data released by the UKIMET press service, the total commodity turnover for the first six months of this year reached KZT 39.4 mn ($83,389), marking a substantial increase of 22% compared to the same period in the previous year. Notably, exports of non-energy products accounted for KZT 12.1 bn ($25.6 mn) of this figure.

    Kazakhstan's export sector thrives in 2023: impressive growth and diversification
    Photo: Kazakhstan's export sector thrives in 2023: impressive growth and diversification 
    Source: Google Images

    The expansion of Kazakhstan's export portfolio has been particularly noteworthy, with the country diversifying its trading partners. Kazakhstan exported most prominently to Russia, China, Uzbekistan, Turkiye, the Netherlands, the UK, and Japan. This has resulted in a significant growth in the number of importers of Kazakhstani end products, which has expanded from 114 to 125 in the past six months.

    One of the prominent examples of Kazakhstan's expanding trade relations can be seen in its partnership with Tajikistan. The two countries have developed a wide range of mutually beneficial cooperation, with Kazakhstan now ranking among the top three largest trading partners of Tajikistan. Kazakhstan has been exporting JAC cars assembled at the SaryarkaAvtoProm in Kostanay to Tajikistan, with over 200 cars delivered to the country thus far.

    Kazakhstan's export sector thrives in 2023: impressive growth and diversification
    Photo: Kazakhstan's export sector thrives in 2023: impressive growth and diversification 
    Source: Google Images

    Another critical market for Kazakhstan's exports is Afghanistan, where the country has a significant presence in the flour market. Afghanistan accounts for a substantial 70% of Kazakhstan's total flour exports, highlighting the importance of this market for the nation's economy. Kazakhstan's export potential to Afghanistan is estimated to be worth an impressive $500 mn.

    The Kazakhstan Government remains committed to supporting its small and medium-sized businesses while continually seeking to open new opportunities for the country's exporters. This commitment has played a pivotal role in the nation's ability to diversify its export destinations and strengthen its position in the global trade arena.

    Kazakhstan's growing export figures underscore the nation's economic resilience and its ability to adapt to changing global trade dynamics, making it a significant player in the international market. As the year progresses, the country's export sector is poised for further growth, and the government's continued support for businesses is expected to drive this positive trend.

     

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    19.09.2023, 14:44   Comments (0)   476
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