Kazakhstan sees $ 8.3B rise on exports
Baku, Azerbaijan, Nov. 2
By Nigar Guliyeva – Trend:
The export of Kazakh goods amounted to $35.1 billion in January-September, showing an increase of 31.1%, or $ 8.3 billion compared to the same period last year, the National Bank of Kazakhstan reported.
The value of export of oil and gas condensate increased by 36.6 percent, while export of ferrous and non-ferrous metals increased by 59.1 percent and 20.9 percent, respectively.
According to preliminary estimates, the current account of Kazakhstan in January-September 2017 was formed with a negative balance of $ 5 billion, which is 16.4 percent less than the current account deficit of the same period in 2016.
Imports of goods amounted to $23.1 billion, an increase of 15.6 percent. The increase in imports occurred across all groups of the main commodity nomenclature.
The trade surplus increased by 77 percent and amounted to $12 billion.
The negative balance of the investment income balance for January-September of 2017 was $12.3 billion, due to the growth of payments to foreign direct investors by 1.5 times.
More than half of these revenues were invested back by foreign direct investors in subsidiaries in Kazakhstan.
Net inflow of capital in the financial account (excluding operations with reserve assets of the National Bank of Kazakhstan), according to preliminary data, amounted to $ 6.6 billion.
As for foreign direct investments (FDI), the net inflow of capital was $ 3.3 billion. For portfolio investments, net inflow of capital amounted to $8.4 billion.
The outflow of financial resources from the country for other investments is mainly due to the growth of short-term assets of residents in foreign accounts. Reserve assets (excluding the assets of the National Fund of Kazakhstan) as of October 1, 2017 were estimated at $ 32.2 billion ($ 29.5 billion in early 2017), which provides financing for 9.1 months of Kazakh imports of goods and services.