Baku, Azerbaijan, Feb. 1
By Ali Mustafayev – Trend:
In 11 months of 2017, Kazakhstan's foreign trade turnover reached $69.5 billion (25.1 percent more than in the same period in 2016), of which 28.4 percent accounted for CIS countries, and 22.5 percent ($15.6 billion) to the countries of the EEU (Eurasian Economic Union).
Trade turnover between Russia and Kazakhstan amounted to $14.4 billion, Energy Prom reported.
The dominant role of Russia among Kazakhstan’s foreign trade partners is also confirmed by the currency matter. Thus, according to the Center for Integration Studies under the Eurasian Development Bank, over the past three years, the share of national currencies of the EEU countries in foreign trade settlements within the association has grown from 62.7 percent to 75.3 percent.
The share of the Russian ruble in the currency structure of payments within EEU has increased over the past six years from 56 percent to 75 percent. The share of the US dollar for the same period decreased from 35 percent to 19 percent. At the same time, the US dollar remains the dominant currency when paying for goods and services between the EEU states, excluding Russia. Depending on the direction of payments, it accounts for 50-80 percent.
Import from the EEU countries to Kazakhstan amounts to $11 billion in the mentioned period, which is 41.7 percent more than the same period of 2016. Export from Kazakhstan to the EEU countries, in turn, amounted to $4.6 billion, 31.3 percent more year over year.