BAKU, Azerbaijan, Feb.24
By Nargiz Sadikhova - Trend:
Kazakhstan’s revenue from export decreased by $3.4 billion in 2019 amounting to $57.7 billion, whereas import expenditures increase amounted to $4.7 billion having equaled $38.4 billion, Trend reports with reference to Kazakhstan’s Financiers Association.
Kazakhstan’s foreign trade turnover amounted to $96.1 billion in 2019, which is 1.4 percent more than in 2018. The country’s trade balance surplus decreased to $19.4 billion compared to $27.5 billion in 2018 (decrease by $8.1 billion).
The association noted that the changes in oil export were the main factor to affect the overall export dynamics.
Thus, the revenue value from oil export decreased to $33.6 billion in 2019 compared to $37.8 billion. At the same time due to the fact that the exported volume almost equaled volume exported in 2019 the revenue decrease was due to oil prices changes. Oil share in Kazakhstan’s total export value decreased from 61.9 percent in 2018 to 58.1 percent in 2019.
Italy remained key purchaser of Kazakhstan’s oil during the reporting year having imported $8.2 billion worth of Kazakhstan’s oil compared to $11.5 billion in 2018. Italy’s share in Kazakhstan’s oil export structure decreased from 30.3 percent to 24.4 percent.
Italy is followed by the Netherlands and France the value of oil export to which amounted to $3.6 billion and $3.4 billion respectively (shares equaling 10.7 percent and 10.2 percent).
Talking Kazakhstan’s import association noted implementation of major construction and maintenance work carried out in 2019.
The largest share of country’s import in 2019 accounts for industrial processing equipment ($539.4 million increase), liquid pumps ($464.7 million increase), air and vacuum pumps ($439.7 million increase). The largest value of import accounted for ferrous metals pipes import ($1.1 billion) in 2019, whereas in 2018 the position accounted for natural gas ($1 billion).
The greatest share of Kazakhstan’s import accounted for import from Russia ($14.1 billion, 36.7 percent of total). Russia is followed by China ($6.6 billion, 17.1 percent) and South Korea ($3.4 billion, 8.9 percent).
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