Kazakhstan increases export of goods

Business Materials 3 February 2018 16:19 (UTC +04:00)

Baku, Azerbaijan, Feb. 3

By Ali Mustafayev - Trend:

Export of Kazakh products in 2017 increased by 32.2 percent or $12 billion, and amounted to $49.3 billion, the press service of the National Bank of Kazakhstan said in a message.

Exports of oil and gas condensate increased by 37.8 percent, both due to higher prices and growth of supplies following the start of oil production at the Kashagan field.

"The export of ferrous and non-ferrous metals increased by 51.6 percent and 27.1 percent, respectively. Imports of goods amounted to $31.8 billion, increasing by 13.1 percent year-on-year. In the second half of 2017, the import growth slowed down. The increase in export earnings contributed to the growth in incomes of foreign direct investors in 2017 by 36.3 percent (to $15.7 billion)," the message said.

The inflow of capital of investments portfolio amounted to $5.5 billion due to the sale of foreign securities as well as the issue of Eurobonds in international capital markets by Kazakh enterprises and banks. The number of foreign assets also increased in the National Fund of Kazakhstan in the fourth quarter of 2017.

Reserve assets (excluding assets of Kazakhstan’s National Fund) were estimated at $30.7 billion as of Jan. 1, 2018 ($29.5 billion at the beginning of 2017).