Discover Qazaqstan via News and Inspiring Stories
QazMonitor Logo
Facebook Qazmonitor iconInstagram Qazmonitor iconTiktok Qazmonitor iconTwitter Qazmonitor iconTelegram Qazmonitor iconYoutube Qazmonitor icon
  1. Main Page
  2. News
  3. Kazakhstan Increased Export to Russia by 15% in 2022
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

QazMonitor Logo
Unsplash
Unsplash

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

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%.

Finprom.kz
Finprom.kz

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).

Finprom.kz
Finprom.kz

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.

Only 30% of an article published on The Qazaqstan Monitor website may be used with a mandatory hyperlink provided to indicate the original source. To re-publish the full article, written permission from the editorial is required.