The foreign trade turnover for the first ten months of the current year amounted to 116.9 billion dollars, reports Primeminister.kz.
According to the review, Kazakhstan's goods exports increased by 5.1%, reaching a monetary equivalent of 68.5 billion dollars. Notably, the export of processed goods rose by 10.2%, totaling 23.3 billion dollars. The steady growth of non-raw material exports is largely attributed to increased shipments of Kazakh goods to China and Turkey, as well as an expanded presence in European markets.
“Thus, the export volume to China grew by 5.3% to 12.3 billion dollars. This was facilitated by active collaboration between the government and businesses. To enhance the recognition of domestic products among Chinese consumers, participation of Kazakh companies in major and popular exhibitions such as CIFTIS, CIIE, Digital Expo, and others was ensured. Efforts to promote goods on electronic platforms through national pavilions on jd.com, Doiyin, Alibaba, where streaming events were also organized, have been intensified,” the final report states.
As noted by the government press service, the increase in export flows to EU countries such as Ireland, Switzerland, and France indicates diversification. At the same time, the growth of non-raw material exports to neighboring countries like Kyrgyzstan and Tajikistan highlights the importance of the Central Asian region for Kazakhstan's trade,” the review points out.
The export of services has also increased by 10.5% this year, reaching 8.4 billion dollars. The driving sectors in this area include transportation, IT, financial, and other business services.
Meanwhile, imports during the reporting period decreased by 3.3%. The result of increased export volumes, accompanied by reduced imports, was a 33.4% rise in the positive trade balance of the economy. This figure stood at 20.1 billion dollars.
Inflation has decreased this year, reaching 8.4% year-on-year in November. In the corresponding period of 2023, inflation was at 10.3%.