Kazakhstan records 36.4 percent fall in trade turnover
By Vusala Abbasova
Kazakhstan has recorded a significant reduction of 36.4 percent in its trade turnover during the January-September 2015 period due to the current global economic instability.
Kazakhstan's exports of its goods were recorded at $36.4 billion, a considerable reduction during the reported period, according to the country's national bank.
As compared to the corresponding period last year, Kazakhstan's exports amounted to $62.7 billion.
An economic slowdown in Kazakhstan is linked to the Russian recession coupled with the weak oil and other commodity prices.
As Kazakhstan's economy is largely dependent on the export of its natural resources, the fluctuating global oil prices have had a significant impact on its exports.
The country, which is the second-largest oil producer after Russia among the former Soviet Union countries, with production reaching some 1.6 million barrels per day, has lost 40 percent of its budget revenues as a result of the falling global prices of hydrocarbons.
Kazakhstan has also reduced its imports from a value of $32.1 billion during the January-September 2014 period to $25.7 billion to date.
During the first nine months of 2015, Kazakhstan's current account surplus amounted to $10.7 billion, which is a 65 percent decline compared with the $30.6 billion recorded during the same period last year.
Kazakhstan's current account deficit for the first nine months of 2015 amounted to $4 billion. In the same period last year, the figure was $6.1 billion.
Kazakhstan's negative income balance amounted to $10.9 billion compared to the $19.9 billion noted in the same period last year. Deficit reduction was the result of declining revenues of exporters and accordingly, non-resident income from direct investment.
The negative balance of international operations amounted to $3.8 billion.
For the first nine months of 2015, net inflow on the financial account, excluding errors and omissions, amounted to $8.4 billion.
Net inflow of direct investment transactions in Kazakhstan for the period amounted to $3.6 billion.
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