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Kazakhstan's trade turnover with EAEU countries slows down

Business Materials 20 November 2019 13:17
Kazakhstan's trade turnover with EAEU countries slows down

BAKU, Azerbaijan, Nov. 20

By Fakhri Vakilov-Trend:

The growth rate of Kazakhstan's trade turnover with the EAEU countries (Russia, Belarus, Kyrgyzstan and Armenia) fell slightly and amounted to 5.5 percent, to $14.8 billion from January through September 2019, Trend reports citing Kazakh media.

For the same period a year earlier, annual growth was observed at 13 percent, before that - by 33.6 percent.

The share of trade with the EAEU countries for the year increased from 20.5 percent to 21 percent. In general, the volume of foreign trade in value terms over the year increased by 3.2 percent, to $70.4 billion from January through September 2019.

Exports from Kazakhstan exceed imports by more than one and a half times in value terms: $42.7 billion (−3.9 percent) versus $27.6 billion (+16.5 percent).

Moreover, in mutual trade with the EAEU countries, Kazakhstan is predominantly an importing country: import into Kazakhstan is 2.3 times higher than export to the EAEU countries. Kazakhstan's imports from the EAEU countries for the year grew by 7.1 percent and amounted to $10.3 billion at once; exports increased by only 2 percent, to just $4.4 billion.

In addition, the share of the EAEU in the volume of imports to Kazakhstan decreased from 40.6 percent to 37.3 percent, while the share of the EAEU countries in the volume of export, on the contrary, increased from 9.8 percent to 10.4 percent.

More than 92 percent of Kazakhstan's trade with the EAEU countries falls on Russia: $13.6 billion, an increase of 6 percent over the year. Imports from Russia amounted to $9.7 billion (+7.3 percent), exports to Russia - $4 billion (+3.1 percent).

The turnover with Belarus has also grown: by 5.6 percent, to $526.2 million. Exports increased by 11.1 percent, to $68 million, imports - by 4.8 percent, up to $458.2 million.

Commodity circulation with Armenia grew by 2.8 percent, to $9.5 million, however, if exports from Kazakhstan increased by 9 percent, to $5.3 million, then imports, on the contrary, decreased - by 4 percent, to $4.2 million.

The only country with which trade has declined is Kyrgyzstan: minus 5.5 percent, to $591.2 million. The reduction was due to a decrease in exports from Kazakhstan by 9.2 percent, to $410.5 million. Furthermore, imports to Kazakhstan from Kyrgyzstan grew by 4.2 percent, to $180.6 million.

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