What are key export destinations for Kazakhstan in 2024?

Over the first eight months of 2024, Kazakhstan’s external trade totaled $91.6 billion, representing a 0.6% decline compared to the same period in 2023. However, the country reported a 3.3% increase in exports to $53.5 billion, alongside a 5.6% decrease in imports (down to $38.1 billion), according to the Bureau of National Statistics of Kazakhstan.

Key recipients of Kazakhstan’s exports are:

• Italy: 24.2% ($12.9 billion)
• China: 18.3% ($9.7 billion)
• Russia: 11.2% ($6 billion)
• The Netherlands: 6.1% ($3.2 billion)
• France: 5% ($2.6 billion)
• Turkey: 4% ($2.1 billion)

Over the past month, Italy’s share in Kazakhstan’s exports increased by 0.7 percentage points, Russia’s share grew by 0.4 p.p. and the Netherlands saw an increase of 0.1 p.p. In contrast, the shares of China and France fell by 0.6 p.p. and 0.2 p.p., respectively.

Among key commodities in Kazakhstani exports are crude oil and oil products (55.4%), refined copper and unprocessed copper alloy (5.2%), radioactive chemical elements (4.6%), copper ore and concentrates (4%) and ferroalloys (2.8%).

In turn, Kazakhstan imports various goods primarily from the following countries:

• Russia: 29.4% ($11.2 billion)
• China: 24.9% ($9.4 billion)
• Germany: 5% ($1.8 billion)
• United States: 4% ($1.5 billion)
• France: 3.3% ($1.2 billion)
• South Korea: 3.1% ($1.19 billion)

Russia and China’s shares in Kazakhstan’s imports grew by 0.8 p.p. and 0.1 p.p., respectively, over the past month, while France and South Korea’s shares decreased by 0.2 p.p. and 0.1 p.p., respectively.

The country imports passenger cars (3.9%), pharmaceutical products (3.3%), aerial vehicles (3.2%), phones (2.8%) and bodies for motor vehicles (2%).

Regarding trade with EEU member states, Kazakhstan’s exports dropped by 9.8% to $6.9 billion, while its imports have grown by 0.9% to $12 billion. There are three key trading partners of Kazakhstan within the EEU: Russia (91% of the overall trade turnover), Kyrgyzstan (5.8%) and Belarus (3.1%). As a result, Kazakhstan’s trade balance (the difference between exports and imports) improved by $2.1 billion, reaching $15.4 billion over the month, a 34.8% increase compared to the same period last year.