During B2B meetings in the Chinese city of Wuhan, Kazakh entrepreneurs signed contracts worth $28 million for the supply of flour, egg noodles, confectionery, vegetable oils, and fodder, QazMonitor reports citing the Ministry of Trade and Integration.
The capital city of Hubei Province hosted the Kazakh trade mission led by Vice Minister of Trade and Integration Kairat Torebayev. The minister noted the importance of trade and economic cooperation between Kazakhstan and China, and shared expectations that the volume of trade between the two countries may increase up to $40 billion in the coming years.
"The Chinese market represents a reliable and demanding consumer of our products. Kazakhstan is ready to offer a diverse range of industrial and agricultural goods worth over $1 billion per an additional list of 135 commodity items," noted Torebayev.
Since May, China has become our country's leading trading partner. In 2022, the mutual trade turnover reached a historic peak, exceeding $24 billion, while in the first seven months of 2023, this figure increased by 20.6% period-over-period, reaching $16.3 billion.
The Ministry plans to organize another trade mission in November, this time at the China International Import Expo in Shanghai.
Trade between Kazakhstan and Hubei Province for the first seven months of 2023 increased by 77%, totaling $94.3 million, with Kazakh exports amounting to $6.8 million and imports reaching $87.5 million.
