Kazakhstan reports a 30% increase in trade with China

There are 45 projects worth $14.5 billion being implemented by China and Kazakhstan in conjunction / Collage by Kursiv.media

The bilateral turnover between Kazakhstan and China rose by 30% in 2023, reaching $31.5 billion, according to the press service of Prime Minister Olzhas Bektenov of Kazakhstan.

Over nine months of 2023, China invested about $1.4 billion into Kazakhstan’s economy in addition to 45 joint projects worth $14.5 billion which are in the implementation stage.

«As of today, there are 3,000 joint businesses [with China] in Kazakhstan. This is vivid proof that the partnership between business communities of the two countries is sustainable and productive,» Bektenov said.

During a meeting with the Chinese Ambassador to Kazakhstan Zhang Xiao, the prime minister also said that Kazakhstan is ready to expand its export of processed agricultural products.

Currently, Kazakhstan is working on the construction of a new railway border crossing at Bakhty-Tachen and expanding the capacity of the Trans-Caspian International Transport Route. Over the past two months alone, the amount of container shipments between the two countries has risen by 2.6 times. Kazakhstan plans to boost the number of passenger flights as well.

All this means that China has surpassed Russia as the main trading partner of Kazakhstan. For comparison, in 2023, the turnover between Kazakhstan and Russia was $26 billion, a 0.5% decrease compared to 2022.

Kazakhstan’s exports to China primarily consist of oil, ore and concentrates, radioactive chemical substances and ferroalloys, copper and nuclear fuel. The PRC also purchases Kazakhstani chocolate, flax seeds and grain.

Italy, South Korea and Turkey are also major partners of Kazakhstan along with China and Russia. For instance, Kazakhstan is going to expand its exports to Italy at the expense of horsemeat and the new brand “Made in Kazakhstan with Italy”’