BAKU, Azerbaijan, April 13. Kazakhstan’s total trade turnover amounted to $134.4 billion in 2022, which is a 32.1 percent increase compared to 2021, Serik Zhumangarin, Minister of Trade and Integration of Kazakhstan, said, Trend reports, citing the press service of the Kazakh President.
The statement was made during Zhumangarin’s meeting with the President of Kazakhstan, Kassym-Jomart Tokayev.
The minister noted that trade turnover in the services sector grew by 26.3 percent, reaching $12.3 billion in the process. The growth of trade turnover was recorded with all the main trading partners of Kazakhstan.
Exports of processed products amounted to $26.5 billion, setting a new record. Zhumangarin noted that this achievement was made possible as a result of Kazakh exports reaching new markets.
The trade and integration minister also revealed that Kazakhstan can fully satisfy domestic demand in 10 out of 19 categories of food products. In the other six categories, Kazakhstan can cover domestic demand up to 98 percent, while in the remaining three categories demand can be satisfied only partially, from 50 to 68 percent.
Zhumangarin concluded by saying that the ministry is working on import substitution by forming a pool of promising projects, in a bid to decrease the level of dependence on imported products.