According to the Ministry of National Economy, Kazakhstan’s trade volume broke an all-time record in 2022 – $134.4 billion, surpassing the 2019 level of $97.8 billion.
Kazakhstan’s trade volume reached an all-time high of $134.4 billion in 2022, surpassing the pre-epidemic level.
In 2020, for a number of reasons, Kazakhstan’s foreign trade decreased by 11.5%.
The growing trend of oil and metals is evident in exports in 2022. However, experts say that exports have not reached the maximum. In an interview with Kazinform, Ernar Serik, an expert of the Kazakhstan Institute of Economics, said that the increase in prices of commodities and metals was the main reason for growth last year.
On the import side, despite a relatively slow growth rate, Kazakhstan’s imports exceeded $50 billion for the first time, breaking the record of $49.8 billion set in 2013.
Ernar Serik linked the growth of imports in 2022 to high global inflation due to rising commodity prices, epidemic-related restrictions, and the implementation of investment projects in Kazakhstan and the purchase of investment goods to meet its needs.
Among the country’s top three exporters, Atyrau Oblast leads, with the capital Astana in second place with 10.6% and West Kazakhstan Oblast in third place with 9.2%.
In the regional context, the Atyrau region leads the country’s international trade with a share of 25% ($33.8 billion), followed by Almaty with 21% ($27.6 billion) and Astana with 11% ($14.6 billion).
Kazakhstan’s main trading partners
Serik said that since 2022, the country’s trade flows have changed gradually, with China’s imports almost matching Russia’s.
“The unprecedented sanctions imposed on Russia have had an impact. Its imports fell by 13 percent in the fourth quarter of 2022, while Chinese imports soared by 54 percent in the same period. On the export side, we see that many exporters are seeking new markets or new logistical routes that avoid Russian territory, which will have long-term effects,” he said.
At the end of last year, Italy ($13.9 billion) topped Kazakhstan’s exports, followed by China ($13.2 billion). Kazakhstan’s main export destinations for goods and services were Russia ($8.8 billion), the Netherlands ($5.48 billion) and Turkey ($4.75 billion).
Serik added that Kazakhstan started trading more with the Organization of Turkic States, which includes Azerbaijan, the Kyrgyz Republic, Turkey and Uzbekistan, whose share in the country’s trade volume exceeds 10%.
Trade with EU countries is also the largest in recent years and is continuing to grow this year. According to the Deputy Minister of Foreign Affairs of Kazakhstan Roman Vasilenko, the EU accounts for about 30% of Kazakhstan’s foreign trade and the trade volume will exceed $40 billion in 2022.
EU-Kazakhstan cooperation builds on an enhanced partnership and cooperation agreement that comes into full effect in March 2020 and covers 29 areas of cooperation, including economy, trade and investment, education and research, civil society and human rights.
“Last year, our country cooperated in new areas such as rare earth metals, green hydrogen, batteries, development of transport and logistics potential, and diversification of commodity supply chains,” said Vasylenko.
One of such industrial projects with European partners is a $3.2-4.2 billion agreement with the Swedish-German company Svevind to build wind and solar power plants in western Kazakhstan, which is expected to produce 3 million tons of green hydrogen starting in 2030, meeting 1-5% of the EU’s demand for the product.
Kazakhstan’s trade with the countries of the Eurasian Economic Union (EAEU) reaches $28.3 billion in 2022. Exports of goods grow by 24.3% to $97 billion and imports reach $18.6 billion.
Russia accounts for 92.3% of the country’s total foreign trade in the Eurasian Economic Union, followed by the Kyrgyz Republic – 4%, Belarus – 3.6%, Armenia – -0.1%.
Post time: Apr-11-2023