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Kazakhstan’s main trade partners: Russia, EU and China

18 April 2017 [11:34] - TODAY.AZ

By Azernews


By Kamila Aliyeva

The European Union, Russia and China are the main trade partners of Kazakhstan, according to data from the Kazakh Statistics Committee.

In January-February 2017, as much as 22 percent of Kazakhstan’s foreign trade fell on Russia, 38.6 percent – on the EU, and 12 percent – on China.

The trade volume between Kazakhstan and Russia hit almost $2.425 billion, including $671.55 million of Kazakhstan’s exports and $1.754 billion of Kazakhstan’s imports.

The trade volume between Kazakhstan and the EU hit almost $4.227 billion in January-February 2017, including $3.527 billion of Kazakh exports and $700.028 million of Kazakh imports. The main trade partners among the EU countries are Italy ($1.596 billion of trade with Kazakhstan in the reporting period), the Netherlands ($724.498 million), France ($687.082 million) and Germany ($218.709 million).

The trade with China amounted to $1.313 billion in January- February 2017, including $717.553 million of Kazakhstan’s exports and $595.631 million of Kazakhstan’s imports.

The trade with the US accounted for 2.8 percent of Kazakhstan’s foreign trade in the reporting period and hit $302.224 million, including $51.211 million of Kazakhstan’s exports and $251.013 million of Kazakhstan’s imports.

The main importers of Kazakh products are the EU countries (51.1 percent of all export), China (10.4 percent) and Russia (9.7 percent).

Meanwhile, 43.4 percent of Kazakhstan’s imports fall on Russia, 14.7 percent – on China and 17.3 percent – on the EU countries.

Kazakhstan’s total trade turnover hit $10.947 billion in January-February 2017 as compared to $8.892 billion in the same period of 2016.

Kazakhstan is the 51st largest export economy in the world and the 48th most complex economy according to the Economic Complexity Index (ECI).

The country has an export-oriented economy which is highly dependent on shipments of oil and related products (73 percent of total exports). Other exports include ferrous metals, copper, aluminum, zinc and uranium. 

Main imports are electronics, machinery and mechanical appliances (25 percent of total imports), mineral products (15 percent), transport equipment (12 percent) and base metals and related products (10 percent). 

GDP growth of Kazakhstan slowed to 0.7 percent in 2016, despite continued public investment, budget relaxation and the stabilization of the tenge.

Analysts left the country’s 2017 GDP growth forecast unchanged from last month’s 2.1 percent and see the economy accelerating further to a 2.8 percent expansion in 2018. 

URL: http://www.today.az/news/regions/160326.html

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