BAKU, Azerbaijan, March 17
By Nargiz Sadikhova - Trend:
Kazakhstan’s revenue from oil export decreased by $744.1 million in January 2020, and by $134.6 million from gas export, Trend reports with reference to Financiers Association of Kazakhstan.
The association’s analysis said that country’s foreign turnover in Jan. 2020 amounted to $6.8 billion which is 11.3 percent less compared to the same month of 2019.
At the same time revenue from goods export decreased to $4.3 billion, whereas import expenditures increased to $2.4 billion. The trade balance surplus decreased to $1.9 billion compared to $3.1 in Jan. 2019, the analysis said.
“The main decrease of export revenue accounts for combustible minerals. Thus, revenue from oil export decreased by $744.1 million, of gas export by $134.6 million. Volume of export decreased by 13.2 percent and 18 percent respectively,” the analysis said.
Decrease of oil export observed to the following countries: France (by $339.3 million), Switzerland ($281 million) and Italy ($243 million).
At the same time decrease of Kazakh gas export was observed to China (by $128.6 million).
Increase of Kazakhstan’s import mainly is due to purchase of natural gas (increase by $113.3 million) and phones (by 46.2 million).
At the same time decrease of import of petroleum products (by $27.9 million) and passenger cars ($15.9 million) was also observed.
TOP-3 of Kazakh exporters were Russia, China and the US in Jan. 2020 for which 65.9 percent of the total country’s import accounts.
Russia’s export to Kazakhstan amounted to $941.1 million in Jan. 2020 which is 0.3 percent less than during the same months of 2019, $551.1 million accounted for China (increase by 5 percent), and $108.7 million for the US (decrease by 0.3 percent).
“Thus, sharp export decrease and significant import decrease affected country’s trade balance, which traditionally displayed surplus,” the analysis said.
Follow the author on twitter: @nargiz_sadikh