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Astana, Kazakhstan • 22 February 2023

Kazakhstan Recorded Largest Trade Turnover in 2022

Export and import growth was attributed to higher global prices for raw materials

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Pixabay
Pixabay

Kazakhstan’s foreign trade turnover reached $134.4 billion in 2022, setting a historic record in the country’s trade economy, QazMonitor reports.

The trade surplus was $34.3 billion. This is 82% larger than in 2021 and four times higher than in 2020. Export volumes were at $84.4 billion. Foreign sales increased by 40% compared to 2021 and by 78% since 2020.

Kazakhstan's success in foreign trade in 2022 can be attributed to high oil and metal prices. Despite the existing logistical problems caused by the current geopolitical situation, sales of Kazakhstan's goods showed a steadily high growth rate.

Exports of ferroalloys rose by 51% to $3.4 billion, uranium by 95% to $3.4 billion, copper by 15% to $3.7 billion, and copper ores by 51% to $2.4 billion. Along with oil products, coal, zinc, sulfur, and wheat exports showed high growth rates.

Import growth can also be attributed to the high global inflation recorded in 2022 due to higher prices for raw materials and covid restrictions, as well as to the implementation of foreign investment projects in Kazakhstan which require the purchase of raw materials and goods.

Despite the relatively modest growth rate, Kazakhstan's import volume reached the $50 billion mark for the first time, renewing the 2013 record of $48.8 billion.

Kazakhstan increased the imports of machinery goods by 11% increase to $13.2 billion, vehicles by 44% to $6.5 billion, and food industry by 19% to $4.4 billion, and chemicals by 27% to $4.1 billion.

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