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Astana, Kazakhstan • 09 December, 2022 | 13:17

Kazakhstan Increased Export to Russia by 15% in 2022

Imports from Russia still make up a large share of the mutual trade turnover

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Exports of goods from Kazakhstan to Russia increased by 15.1% for 2022, QazMonitor reports citing

From January to September this year, trade turnover between Kazakhstan and Russia (67.8%) equaled $18.4 billion, 5% more than the year before. Imports from Russia still make up a large share of the mutual trade turnover.

Since the beginning of the year, $12.4 billion worth of goods have been imported to Kazakhstan from Russia, but the growth compared to last year was only 0.8%.

Exports of goods from Kazakhstan to the neighboring country increased by 15.1% over the year to make up 32.2%, totaling $5.9 billion. Russia’s share in the total trade turnover of Kazakhstan amounted to 18.7% – with imports making up 36% and export making up 9.3% of the share.

The majority of the exports from Kazakhstan to Russia were metal and metal products ($1.5 billion), mineral products ($1.4 billion), chemical products ($1.3 billion), machinery and equipment ($1.2 billion) as well as agricultural products ($349.5 million).

The share of imports from Russia to Kazakhstan is almost the same. The most frequent supplies from Russia were machinery and equipment ($2.5 billion), metals and metal products ($2.3 billion), agro-industrial products and foodstuffs ($2.2 billion), chemical products ($2.1 billion), and mineral products ($1.5 billion).

By July 1, the volume of obligations of Kazakhstan’s residents to investors from Russia has increased by 70.5% to $22.4 billion. Most of the investment from Russia came from the manufacturing industry ($6.9 billion), which is a 72.4% increase from last year.

The financial and insurance industries ($5.5 billion), as well as trade and auto repair ($3.8 billion), accounted for a large share of investments.

The gross inflow of direct investments from Russia to Kazakhstan in the first half of this year amounted to $938 million, a 30% increase compared to 2021.

Recently, Kazakhstan and Russia discussed removing trade restrictions and implementing a uniform regulation of the mineral fertilizer market in the Eurasian Economic Union.

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