ASTANA, Kazakhstan, March 25. Kazakhstan is prepared to raise exports of industrial and agricultural items worth more than $1 billion to China, said the Minister of Trade and Integration Arman Shakkaliyev, Trend reports.
He made the remark during a speech at the Forum of Trade and Economic Cooperation between Kazakhstan and China in the Chinese city of Chengdu.
"For us, the Chinese market is a consistent buyer of Kazakhstani goods. Domestic firms are prepared to provide Chinese buyers with a wide range of industrial and agricultural items over 135 additional product lines valued at over $1 billion," the minister said.
According to him, this line contains high-quality chilled meat, fish, poultry, and offal, as well as other high-margin items.
"The strategic character of our collaboration is maintained at the highest level. We hailed the start of a new golden era of bilateral relations and friendship. Kazakhstan-China bilateral trade has reached historic heights. We are tasked with bringing trade turnover to $40 billion," he said.
Shakkaliyev noted that at the end of 2023, exports of Kazakhstani products to China increased by 12.6 percent and amounted to $14.7 billion. Last year alone, the volume of imports increased by 50.5 percent and amounted to $16.8 billion.
"As statistics show, China is the main buyer of Kazakh rapeseed oil, accounting for from 74 percent to 98 percent in different years. Domestic factories are able to increase the supply of oil and fat products to the neighboring market, the potential of which is estimated at more than 250,000 tons," the minister added.
To note, China became Kazakhstan's largest trading partner in 2023. The volume of trade turnover between Kazakhstan and China amounted to $31.4 billion in 2023. The volume of trade turnover increased by 30 percent compared to the same period in 2022 ($24.2 billion).