Kazakh Foreign Trade Hits Record High in 2022 as New Challenges and Prospects Emerge

Kazakhstan’s trade turnover broke a historical record in 2022, reaching $134.4 billion, exceeding the pre-pandemic level of $97.8 billion in 2019, according to the Ministry of National Economy.

In 2020, the country’s foreign trade reduced by 11.5 percent to $85 billion due to output cuts, lockdowns, and border closures.

Exports in 2022 totaled $84.4 billion, with oil and metals serving as predictable growth drivers. However, experts claim that exports did not reach their maximum potential. In an interview with Kazinform, Ernar Serik, an expert at the Kazakhstan Economic Research Institute, said a rise in commodity and metal prices were mainly responsible for the growth last year.

“Our calculations last year showed that Kazakhstan’s real export growth in the first nine months of 2022 was 3 percent, but the nominal volume climbed by 47.5 percent. This suggests that 44.5 percent of the 47.5 percent rise is due to the price factor,” Serik explains.

The country exported over half (59 percent) of its manufactured goods. In terms of imports, despite relatively slow growth rates, the volume of imports to Kazakhstan surpassed $50 billion for the first time, breaking the previous record of $49.8 billion set in 2013.

The increase in imports was attributed to an 11 percent rise in the supply of engineering goods to $13.2 billion, vehicles by 44 percent to $6.5 billion, food processing by 19 percent to $4.4 billion, and the chemical industry by 27 percent to $4.1 billion.

The expert associates import growth in 2022 with high global inflation caused by rising commodity prices, pandemic-related restrictions, and Kazakhstan’s investment project implementation and purchasing of investment goods for their needs.

Regarding the top three export leaders in the country, the Atyrau Region dominates with 38.6 percent, the capital Astana is second with 10.6 percent, and the West Kazakhstan Region is third with 9.2 percent.

In the regional context, the Atyrau Region leads the country’s international trade with 25 percent ($33.8 billion), followed by Almaty with 21 percent ($27.6 billion) and Astana with 11 percent ($14.6 billion).

Source : astanatimes.com/ For More Details

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