Kazakhstan increased exports to China by 19.4% and to Russia by 5.7% in January - May compared to the same period of 2023. The relevant data were provided by the Institute for Economic Research under the Ministry of Economy of Kazakhstan.
„Among the key export partners of Kazakhstan are China, Italy and Russia. Shipments to China increased by 19.4%, reaching USD 6.8 billion. At the same time, exports to Italy decreased by 10.5% to USD 4.6 billion and to Russia [January-May exports] increased by 5.7% to USD 2.8 billion, it said. in the report. At the same time, imports from Russia during this period decreased by 10.1%. At the same time, the report notes that “Russia remains the largest supplier of goods to Kazakhstan, despite a decrease in supplies”.
Overall, according to the department, “in the first half of 2024, Kazakhstan faces a moderate decline in foreign trade turnover amounting to USD 55.3 billion”.
Despite the overall decline, the country's exports increased by 1.8% to reach USD 32.5 billion, while imports fell by 7.2% to USD 22.9 billion. According to the data, export growth was supported by increased supplies of oil, copper, radioactive elements and ferroalloys.
According to the Institute for Economic Research, oil, Kazakhstan's key export commodity, brought in USD 16.2 billion, almost half of total exports.