BAKU, Azerbaijan, March 31. The current account of the balance of payments in Kazakhstan was formed with a surplus of $8.5 billion, Trend reports, citing the National Bank of Kazakhstan.
In comparison, a deficit of $2.6 billion was recorded in 2021.
The National Bank of Kazakhstan reveals that the transition from a deficit to a surplus was achieved as a consequence of an improved trade balance, which reached a surplus of $36.4 billion. This amounts to a staggering increase of $12.1 billion, equivalent to 50 percent, compared to a year prior.
Exports grew by 30.9 percent, reaching 86.1 billion in the process. Export growth was supported by stable external demand and high prices for natural resources.
Meanwhile, imports also grew by 19.7 percent to reach 49.8 billion due to the increased amount of purchased non-food products from external markets.
Incomes of foreign direct investors also increased by 10.8 percent, or $2.5 billion, and amounted to $25.3 billion.
Reserve assets amounted to $35.1 billion, which is sufficient to finance the import of goods and services for 7.1 months.