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Kazakhstan's foreign trade records growth

14 November 2017 19:00 (UTC+04:00)
Kazakhstan's foreign trade records growth

By Kamila Aliyeva

The volume of Kazakhstan's foreign trade turnover in January-September 2017 in monetary terms amounted to $55.4 billion, showing an increase of 25.7 percent compared to the same period in 2016, according to the Committee on Statistics of the Kazakh National Economy Ministry.

The volume of exports in the reporting period amounted to $34.4 billion (increased by 31.4 percent), while the volume of imports - $20.9 billion (+17.2 percent).

According to preliminary data, the volume of mutual trade turnover between Kazakhstan and the states of the Eurasian Economic Union (EAEU) in January-September 2017 in monetary terms amounted to $1.2 billion, which is 30 percent more than in the same period of last year.

The volume of exports to the EAEU countries in the reporting period amounted to $3.71 million (33.9 percent higher than in the same period last year), imports - $ 8.65 million (+ 28.4 percent).

In the total volume of foreign trade turnover of Kazakhstan with the countries of the EAEU, Russia accounts for 92 percent, Kyrgyzstan - 4.4 percent and Belarus - 3.6 percent.

In 2016, Kazakhstan exported $36.8 billion and imported $25.1 billion, resulting in a positive trade balance of $11.6 billion.

Kazakhstan is the 51st largest export economy in the world and the 48th most complex economy according to the Economic Complexity Index (ECI).

The country has an export-oriented economy which is highly dependent on shipments of oil and related products (73 percent of total exports). Other exports include ferrous metals, copper, aluminum, zinc and uranium.

Main imports are electronics, machinery and mechanical appliances (25 percent of total imports), mineral products (15 percent), transport equipment (12 percent) and base metals and related products (10 percent).

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Kamila Aliyeva is AzerNews’ staff journalist, follow her on Twitter: @Kami_Aliyeva

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