Share of exports in Kazakhstan's trade turnover amounts to 70.4%

Business Materials 11 April 2019 12:45 (UTC +04:00)

Baku, Azerbaijan, April 11

By Fakhri Vakilov –Trend:

The share of exports in the total volume of Kazakhstan's trade turnover in January of this year amounted to 70.4 percent, or $5.3 billion, having risen by 31 percent in a year, Trend reports via energyprom.kz.

On the other hand, imports fell by 9.3 percent and amounted to $2.2 billion.

In January 2019, Kazakhstan's trade turnover amounted to $7.6 billion, an increase of 15.8 percent year-on-year. In the same period of 2018, the amount of turnover was $6.6 billion, with an annual growth of 24.4 percent.

The main support to the exporters of the country is provided by JSC Export Insurance Company KazakhExport, a subsidiary of Baiterek NMH.

The company's activity is aimed at creating adequate mechanisms to support the entry of Kazakh products from the manufacturing sector to foreign markets.

In 2018, exporters received insurance support in the amount of 90.2 billion tenge, trade financing in the amount of 10.26 billion tenge and pre-export financing in the amount of 6.91 billion tenge.

Last year, 130 applications for insurance were sent through the Digital Baiterek portal only. Also, 30 services were automated on the Digital Baiterek portal.

Moreover, by the end of 2017, the amount of revenue of the companies that received support amounted to 1.3 trillion tenge, and in the first nine months of 2018, the volume of export earnings amounted to 203.3 billion tenge.

The effectiveness of promoting the export of Kazakh goods and services is limited by the presence of unreasonable obstacles and barriers that exporters face.

Such obstacles are the imperfection of export procedures, transport, logistics and trade infrastructure, the presence of external trade barriers, etc.

Doing Business 2019 report stated that in terms of the “International Trade” indicator, Kazakhstan ranks 102-nd, while it was forecasted the country would be 118-th.

Furthermore, in the international Logistics Performance Index (LPI) in 2018, Kazakhstan ranks 71-st, while the set goal was to be 50-th.

The index shows the efficiency of the customs authorities, the quality of the infrastructure, the ease of organizing international deliveries of goods, the competence and quality of logistics services, the ability to track goods, and the delivery times.

($1-378.87 tenge on April 11)


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