By Kamila Aliyeva
The volume of foreign trade turnover of Kazakhstan in January-October 2017 in monetary terms amounted to $69.4 billion, according to the Committee on Statistics under the Ministry of National Economy, Kazinform reported.
Foreign trade turnover during eleven months of the previous year increased by 25.1 percent compared to the same period in 2016.
The volume of exports in the reporting period amounted to $43.06 billion, thus registering a rise of 31.6 percent.
The volume of imports in January-October 2017 amounted to $26.3 billion, thus showing a 15.8 percent increase compared to 2016.
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).
Kazakhstan became a World Trade Organization (WTO) member on November 30, 2015.
The country officially entered into a Customs Union with Russia and Belarus on July 1, 2010. Since that time, Kazakhstan’s trade policy has been heavily influenced by regulations promulgated by the Customs Union and its governing body the Eurasian Economic Commission.
As a condition of membership in the Customs Union, Kazakhstan had to double its average import tariff and introduced annual tariff-rate quotas (TRQs) on trade apoultry, beef, and pork.
However, in accordance with its WTO commitments, Kazakhstan will now gradually lower 3,512 import tariff rates to an average of 6.1 percent by 2020. Starting from January 2016, Kazakhstan has applied a lower-than-Customs Union Tariff rate to food products, automobiles, airplanes, railway wagons, lumber, alcoholic beverages, pharmaceuticals, freezers, and jewelry.
On May 29, 2014 Kazakhstan and its Customs Union partners signed a treaty to create a common economic space known as the Eurasian Economic Union (EAEU). The EAEU is expected to further integrate their economies, and provide for the free movement of services, capital and labor within their common territory. The government of Kazakhstan has asserted that EAEU agreements comply with WTO standards.
Kazakhstan’s government is optimistic that further integration within the EAEU will make Kazakhstan more attractive for foreign investment by expanding market access to those countries.
Kazakhstan is a signatory of the Free Trade Agreement with CIS countries. In addition, as a member of the EAEU, Kazakhstan is party to the Free Trade Agreement between the EAEU and Vietnam.
Kamila Aliyeva is AzerNews’ staff journalist, follow her on Twitter: @Kami_Aliyeva
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