Kazakhstan has maintained a significant presence as a supplier to countries like Italy and China while predominantly sourcing goods from Russia. However, recent shifts in trade dynamics have seen a decline in Kazakhstan's exports abroad, even as imports continue to rise, as reported by LSM.kz on February 15.
According to data from the Bureau of National Statistics, Kazakhstan's foreign trade turnover in 2023 stood at $139.8 bn, marking a 3.2% increase compared to the previous year. Of this total, exports accounted for 56.2%, amounting to $78.6 bn, while imports constituted 43.8%, totaling $61.1 bn. Notably, while exports experienced a 7% decrease, imports surged by 20.1%.
Kazakhstan's export portfolio primarily comprises crude oil and petroleum products, followed by uranium, refined copper, copper ores and concentrates, ferroalloys, wheat, and meslin. On the other hand, the domestic market saw an influx of passenger cars, smartphones, telephones, bodies and cabins, medicines, and transport and aircraft spare parts.
Italy, China, Russia, the Netherlands, Turkey, and South Korea emerge as Kazakhstan's key export partners, while Russia, China, Germany, the USA, South Korea, and Turkey stand out as major importers.
Within the framework of the Eurasian Economic Union (EAEU), Kazakhstan experienced a slight decrease of 2.8% in trade turnover, amounting to $28.5 bn. However, Kazakhstan's exports to EAEU countries increased by 9.4%, reaching $11 bn, while imports decreased by 9.3% to $17.4 bn.
In the first half of 2023, Kazakhstan's export sector has seen a significant decrease of more than 15%, amounting to a total of $32.6 bn. Despite this downturn, crude oil remains the top exported commodity, constituting 63% of the total export value at $20.5 bn. Other notable exports include copper and copper cathodes, copper ores and concentrates, ferroalloys, wheat, natural gas, petroleum products, uranium, silver, and wheat flour or wheat-rye. Kazakhstan's export market has recently expanded to include countries such as Cambodia, Syria, Paraguay, and Liechtenstein.
On the broader scale, Kazakhstan's overall foreign trade volume has increased by 4.4%, reaching $53.4 bn in the first half of 2023 compared to the corresponding period in 2022. Kazakhstan's primary bilateral trade partners are China, Russia, and the European Union, collectively representing 60% of the country's foreign trade turnover.
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