IMF publishes Turkmen foreign trade forecast

Business Materials 18 November 2019 09:30 (UTC +04:00)
IMF publishes Turkmen foreign trade forecast

ASHGABAT, Turkmenistan, Nov. 18

By Huseyn Hasanov – Trend:

Turkmenistan’s foreign trade in 2019 may reach $17.9 billion, including export - $12.5 billion, import - $5.4 billion, Trend reports referring to the International Monetary Fund (IMF) report published following the November mission in Ashgabat.

In 2018, Turkmenistan’s foreign trade amounted to $16.9 billion, including export - $11.6 billion, import - $5.3 billion.

It was earlier reported that Turkmenistan has foreign trade relations with 107 countries, the main of which are China, Italy, Turkey, Russia, the UAE and Afghanistan.

Turkmenistan, according to the British Petroleum report, ranks fourth in terms of natural gas reserves in the world and currently exports it to China and Russia.

Ashgabat is looking for new gas export routes; at the same time, it is conducting large-scale diversification of the economy.

Presently, the textile and oil products industries have advanced, the oil and gas chemical industries and the building materials industry are actively developing.

At the same time, the value of exports of cement produced in Turkmenistan grew 20.2 times, carpets and rugs - 5.5 times, products of vegetables and fruits processing - 3.5 times, wool - 36.1 percent, textile materials – 22.9 percent, mineral fertilizers - 18.1 percent.