Kazakhstan's revenue from oil, gas export down

Oil&Gas Materials 17 March 2020 19:18 (UTC +04:00)

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.


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