The turnover of the domestic non-resource-based goods increased by 21.7% in the first half of 2023 (period-over-period) and reached $46.7 billion, while non-resource-based exports sore to $14.2 billion, and service exports increased by 16.7%, reaching $2.1 billion, QazMonitor reports citing the Ministry of Trade and Integration.
During a briefing at the Central Communications Service in Astana, Vice Minister of Trade and Integration Kairat Torebayev outlined the top three non-resource-based exports, which include copper and copper cathodes with a 12.9% share, ferroalloys with 10.2%, and uranium with 9.4%.
“We are also witnessing a qualitative improvement in the diversification of the market basket and an expansion of export destinations. The main markets traditionally remain Russia, China, Uzbekistan, Turkiye, and the Netherlands. However, there is also significant growth in supplies to the EU, China, and Central Asian countries,” said Torebayev.
He also highlighted legislative efforts to enhance the ecosystem to promote exports, including the creation of a dedicated institution based at KazakhExport.
The Ministry of Trade and Integration has developed a draft law addressing export credit agency issues. This bill aims to establish a special legal status for the export credit agency (ECA), which will consolidate all necessary tools for supporting and developing non-resource exports. The ECA will operate without the need for an insurance and reinsurance license.
Currently, KazakhExport is limited to insurance and reinsurance activities, while the international experience demonstrates that similar export credit agencies engage in insurance, reinsurance, guaranteeing, and financing of export operations.
Furthermore, five cross-border hubs are to be established for further trade development. These hubs include the Central Asia hub in the Turkistan region (Uzbekistan); the industrial trade and logistics facility in the Zhambyl region (the Kyrgyz Republic); the Eurasia cross-border trade center in the West Kazakhstan region (Russia); the Caspian container hub in the Mangystau region (the Caspian region); and lastly, the Khorgos Node cross-border hub in the Zhetysu region (China).
