Kazakhstan Achieved a Positive Trade Balance of $9 Billion

The total foreign turnover for 11 months of 2020 was $77.7 billion

As Kazakhstan’s government press service reports, the government has summarized the results of the country’s social and economic development in 2020.

“The foreign turnover of Kazakhstan over 11 months of last year was about $77.7 billion. This figure includes $43.4 billion that has been earned from exports of goods that Kazakhstan had sent to 117 countries. At the same time, the country imported various products for $34.4 billion. Therefore, we archived the positive trade balance of $9 billion,” said Minister of the National Economy Ruslan Dalenov at the governmental meeting on Tuesday.

The positive dynamic was also seen in the production sector in 2020. For example, the manufacturing industry had shown rapid growth. The speed of reprocessing increased to 3.9%. However, due to the OPEC+ deal to cut oil output, the extraction industry has shrunk by 3.7%.

According to Dalenov, as a result, the index of physical industrial output achieved 99.3%.

Earlier in 2020 because of the coronavirus pandemic, many countries reported a decrease in their exports and Kazakhstan was not an exemption. In general, the main processed goods that Kazakhstan has been exporting are copper and copper cathodes, ferroalloys, uranium, refined products and others.
 

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