Kazakhstan has witnessed a significant boost in its non-oil trade turnover, with the figures soaring to $46.7bn during the first seven months of 2023, representing a remarkable increase of 21.7%. This robust growth was announced by Vice Minister of Trade and Integration, Kairat Torebayev, during a press briefing held on September 25 at the Central Communications Service, as reported by the Ministry of Trade and Integration's press office.
The data unveiled by Torebayev further reveals that non-oil exports played a pivotal role in this surge, accounting for a substantial $14.2bn of the total turnover. Among the key contributors to this non-oil export segment, copper and copper cathodes claimed a noteworthy 12.9% share, followed by ferroalloys at 10.2%, and uranium at 9.4%. Notably, the exports of services also experienced healthy growth, rising by 16.7% to reach $2.1bn during the same period.
Kazakhstan's trade partners in this remarkable economic performance primarily include China, the Netherlands, Russia, Türkiye, and Uzbekistan. Particularly striking is the significant uptick in trade with Central Asian countries and the European Union.
The Ministry of Trade and Integration is actively working towards diversifying the range of traded commodities and expanding export destinations. In pursuit of this goal, the ministry has been providing both financial and non-financial assistance to exporters. Over 100 companies have participated in trade and economic missions across seven countries and an international exhibition in China, resulting in the signing of export contracts exceeding an impressive $500mn.
Torebayev emphasized the ongoing efforts to establish five cross-border hubs dedicated to developing cross-border trade. These hubs are strategically located in various regions, including the Central Asia International Center of Industrial Cooperation in the Turkistan Region, the Industrial Trade and Logistics Complex in the Zhambyl Region, the Eurasia Cross-Border Trade Center in the West Kazakhstan Region, the Caspian Container Hub in the Mangystau Region, and the Khorgos Node Cross-Border Hub in the Zhetysu Region.
The creation of new production facilities at these hubs, in collaboration with neighboring countries such as those in the Caspian region, China, Kyrgyzstan, Russia, and Uzbekistan, is expected to contribute significantly to the expansion of export supplies.
Furthermore, Torebayev highlighted the establishment of the Export Credit Agency, an initiative spearheaded by President Kassym-Jomart Tokayev. This agency is designed to enhance the overall export promotion ecosystem, further bolstering Kazakhstan's position as a burgeoning player in the global trade arena.
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