Kazakhstan’s foreign trade exceeds $55bln in 5M2024

Kazakhstan’s foreign trade in January-May 2024 exceeded $55 billion, with China, Russia and European Union being the top-3 trade partners of the country, Kazinform reports.

Kazakhstan’s exports in January-May 2024 increased by 1.8% and made $32.5 billion. Non-resource-based exports exceeded $13 billion, including $10.5 billion of ready-made products delivery.

The Ministry of Trade  lays greater emphasis on cooperation with China.

In January-May 2024, the share of China in Kazakhstan’s overall trade ($11.4 billion) reached 20%, which is 20% higher against the same period last year. Kazakhstan’s exports to China in the mentioned period rose by 19.1% and made $5.7 billion.

“In a short-term outlook, Kazakhstan will need to increase export of ready-made products by 2.5fold and raise it to $12 billion. The cooperation with each of Chinese provinces already gives positive results. Compared to the same period last year, trade with the XUAR augmented by 50%, while exports rose by 35.3%. Exports to Sichuan increased nearly tenfold,” a review from the Government reads.

According to the review, in the first half of the year, Kazakhstan ratified the Agreement with the Islamic Republic of Iran on free-trade zone and the Agreement with Singapore on trade in services, to make foreign markets more accessible for domestic producers.

It is reported that the negotiations with Indonesia, Mongolia  are at a final stage now. The issue of establishment of a free trade zone with the UAE is being negotiated as well.