Kazakhstan’s National Bank has prepared a preliminary assessment of the country’s payment balance based on the result of the first half of 2021. The balance deficit is about $1.7 billion, according to the regulator.
According to the National Bank, the main factor which influenced the macroeconomic features in Kazakhstan was the surge in demand in both international and domestic markets. The trade balance surplus, for example, has diminished by 5.9% and reached $9.4 billion.
“The Kazakhstani export has risen by 3.4% to $26.9 billion, even though the export of oil and gas condensate (it counts for 49.7% of all official export) plummeted by 10.8% or $1.6 billion. Given that oil prices on the international market are still rebounding if compared to last year’s prices, it will be reflected on the second half of the year figures,” the regulator said.
At the same time, Kazakhstan was actively importing various goods in the covered period. It was 9.2% and reached $17.5 billion in total. This surge was based on increased imports of consumer goods (by 27.3% or $1.2 billion), including non-foods goods (by 36% or $1.1 billion).
“Revenues of the foreign investors has risen by 42.8% and reached $9.5 billion. Now we have trade balance surplus and revenue negative balance at the same time,” the regulator’s press service reported.
At the end of 2020 payments balance deficit in Kazakhstan was about $6.3 billion. The main factor that influenced improving the rate at that time was payments from Karachaganak Consortium of $1.3 billion. This deal was part of the settlement of a dispute between Kazakhstan and the consortium members.