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Trade between Russia and Kazakhstan hits record-breaking highs

Kazakhstan Materials 25 September 2023 18:30 (UTC +04:00)

ASTANA, Kazakhstan, September 25. Russia's trade turnover with Kazakhstan reached record levels last year, said Prime Minister of Russia Mikhail Mishustin, Trend reports.

"Russia is open to expanding interaction with all partners in the Eurasian Economic Union. And of course, with Kazakhstan, relations are based on the principles of friendship, strategic alliance, and partnership. Trade turnover with Kazakhstan last year reached record levels—almost 2 trillion rubles (about $20.8 billion). This year continues to show positive dynamics. In the first seven months alone, it grew by more than 10 percent and today exceeded 1.5 trillion rubles (about $15.6 billion)," he said at the plenary session of the International Industrial Exhibition "INNOPROM Kazakhstan" in Astana.

According to him, enterprises from the two countries have traditionally built close cooperative ties, and tens of thousands of companies with Russian capital are represented directly on the Kazakh market.

"Joint work is carried out in a variety of branches of mechanical engineering—heavy, special, and agricultural—as well as in the aircraft manufacturing complex and the automobile industry. And in many other significant areas, including the chemical industry and light industry. We saw many such examples today, including at the exhibition," he said.

As he added, holding INNOPROM in Kazakhstan opens up excellent opportunities for deepening integration in the Eurasian Economic Union and will be very useful for the partners of the union and the states of Eurasia.

From January through May 2023, Kazakhstan exported goods to Russia totaling $4.04 billion, which is 45 percent more than in the same period last year ($2.79 billion). The total trade turnover of Kazakhstan with Russia from January through May 2023 amounted to $10.5 billion. For the same period last year, it amounted to $9.59 billion. The share of the Russian Federation in Kazakhstan’s trade turnover increased during the reporting period from 18.6 to 18.8 percent.

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