BAKU, Azerbaijan, December 21. The National Bank of Kazakhstan expects the country's exports to reach $84.4 billion, a 39.9 percent increase compared to 2021, Akylzhan Baimagambetov, Deputy Governor of the National Bank of Kazakhstan, said, Trend reports, citing the press service of the National Bank.
Crude prices are expected to maintain the prevalent position in the export structure.
“The nominal volumes of exports and, as a result, foreign exchange earnings entering the country are highly correlated with world price quotations for commodities, which are inherently volatile,” Baimagambetov noted.
In the basic scenario, when oil prices are expected to be around the $102 level, the National Bank projects that the exports of the country in 2023 will be around $85 billion, which is a minor increase compared to the 2022 figures.
“Meanwhile, should the worst case scenario materialize and the crude oil price decrease to $50 level, then 2023 exports will account for $66.6 billion, a 20.6 percent decrease,” the deputy governor said.