Oil price decline in Kazakhstan decreases export earnings
Astana, Kazakhstan, May 19
By Daniyar Mukhtarov - Trend:
The decline in price of Kazakh oil led to a $ 1.2 billion decrease in export revenues in 2013, Director General of "Trade Policy Development Center" of the Kazakh Ministry of Economy and Budget Planning Ruslan Sultanov said at a press conference in Astana on May 19.
"If we consider the dynamics of exports and imports as of 2013, we observe a slight decrease in exports compared to 2012," he added. The reason is that the price on exported Kazakh oil decreased by 2 percent. Taking into account the fact that the volume of oil and gas exports is 70 percent of Kazakhstan's total exports, this is a big part. A 2 percent decline resulted in a total drop in export earnings by $ 1.2 billion."
"If we consider the dynamics of trade among Kazakhstan and the Customs Union partner countries, the export of Kazakh products increased by 63 percent for 2009-2014," he said.
"At the same time, we started exporting more processed products, rather than raw materials," he said. "The growth was 44 percent in 2009 to 54 percent in 2013."
The list of Kazakh export products include: pipe and flat-rolled products, vehicles, and confectionery.
Edited by CN