The share of exports within Kazakhstan’s external turnover has risen from 57% to 60% over the period from January to August thanks to the sharp growth of exporting goods (16%) while sticking to almost the same volume of imports (2%).
According to the Bureau of National Statistics, Kazakhstan’s exports over the period from January to August were $37.4 billion. For comparison, over the same period last year, this rate was just $31.8 billion. Given that the pre-pandemic level of exports was $37.6 billion, the agency says that the country’s exports have rebounded.
Commodities are still the key products Kazakhstan has been exporting (68%), according to the Center of Trade Policy Development QazTrade. About 32% of exports are processed goods and just 6% are high-value-added products.
“The exports growth was driven by higher oil prices. Over eight months of 2021, Kazakhstan earned $19.2 billion just by selling crude oil,” QazTrade said.
Moreover, over the period from January to August almost every type of commodities showed growth except natural gas (-33%), ore and precious metal concentrates (-4.6%), and uranium (-44%).
Europe is the largest importer of Kazakhstani goods. The region’s appetite for commodities from Kazakhstan has risen this year by 30% to $14.7 billion. China took the second position. This country has spent $6.4 billion on Kazakhstan’s ore, oil, gas and copper. The third strategic partner of Kazakhstan are member states of the Eurasian Economic Union; their share in Kazakhstan’s exports over the aforesaid period rose by 38% to $4.9 billion.
At the beginning of this year, Kazakhstan’s trade balance decreased almost twofold because of lower revenue from the export of crude oil and natural gas. However, in the first half of the year exports rose by 2.7% over the same period last year to $27 billion.