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Foreign trade of the Republic of Kazakhstan (January-May 2022)

Main conclusions

  • Kazakhstan’s trading volume turnover in January-May 2022 increased by 53.6% compared to the same period last year;
  • Amid positive market conditions, export revenues from energy resources have been recovering since 2021. Thus, the price of Brent crude oil is more than $ 100 per barrel;
  • Italy has become the leader in the import of Kazakhstan products, and its share in the export structure of Kazakhstan is 18.4%;
  • In 5 months of 2022, Kazakhstan exported mineral resources worth $ 23.2 billion, which is 81.3% more than in 5 months of 2021 (12.8 billion);
  • Machinery, equipment, vehicles, and appliances were imported to Kazakhstan for a total of $5.1 billion (4.1 billion for 5 months of 2021);
  • By regions, the most was exported from Atyrau – 13.6 billion dollars, imported to Almaty – 5.1 billion;
  • The Russian Federation remains the main trading partner of Kazakhstan: imports – 6.6 billion dollars, exports – 2.7 billion;
  • The growth of world raw material prices are not able to compensate for the rise in the price of finished goods purchased by Kazakhstan;
  • The change in the real exchange rate (REP) did not affect the trade turnover of Kazakhstan with Russia, while a sharp decline in the REEP may have a delayed effect on the trade volume and terms;
  • Kazakhstan still has significant barriers to export, the basket is poorly diversified, and the structure of export products is dominated by goods of downstream activities;
  • There is a threat of suspension of the main route of oil exports to Europe – the Caspian Pipeline Consortium;
  • In the future China, India, Turkey, and Central Asian countries can become stable sources of imports and markets for the export of goods and services 

Ayat Suraganov

Senior Analyst

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