Kazakhstan's External Trade: Top 5 Trends

Consecutive Record Trade Volumes: For the second consecutive year, Kazakhstan achieves a record-breaking foreign trade turnover reaching $125.9 billion in the first 11 months of 2023. Noteworthy is the 2.2% increase compared to the same period in 2022. This surge is primarily driven by a substantial 20.4% surge in imports, while exports experienced a modest decline of 8.5%.

Unprecedented Import Growth: Marking the fourth consecutive year, Kazakhstan's imports face unprecedented heights, hitting $54.6 billion in the first 11 months of 2023. The surge is attributed to increased shipments of automobiles and high-tech goods, showcasing the nation's appetite for cutting-edge foreign products.

Shift in Main Trade Partner: A geopolitical transformation in 2022 reshapes Kazakhstan's primary trade partnerships. While Russia had historically held this position, China has come out  as the new chief trade partner in 2023, claiming a 22% share compared to Russia's 19%.

Export Decline Tied to Oil Price Drop: The nation experiences an 8.5% dip in exports, amounting to $71.3 billion in the first 11 months of 2023. This decline is intricately linked to a 12.4% drop in oil revenues, falling from $38.3 billion. Despite this, the volume of Kazakhstan's oil exports witnesses a 7.2% increase from 60.5 to 64.9 million tons.

Non-Raw Commodity Export Slump: From January to November non-raw commodity exports from Kazakhstan witness a 4.5% decrease totaling $22.8 billion. This decline is primarily attributed to a 7.2% drop in the export of intermediate goods (semi-finished products), where overseas sales of key metals decrease by 9.3% to $12.4 billion, and petroleum processing exports fall by 34.2% to $1.5 billion.