Kazakhstan Returns to Current Account Surplus as Exports Grow
Kazakhstan recorded a current account surplus of $2.4 billion in the first half of 2026, equivalent to 1.6% of gross domestic product (GDP), reversing a $3.6 billion deficit in the same period last year, according to the National Bank of Kazakhstan.
The improvement was driven primarily by export growth, which outpaced the increase in imports. The goods trade surplus more than doubled, rising from $7.7 billion to $16.2 billion, while goods exports increased 27.1% to $48.5 billion.
Exports of copper, copper ores, uranium, wheat and other commodities contributed to the growth. Non-commodity exports also expanded, rising 19.5% to $18.6 billion. Agricultural exports increased 34.8% to $5 billion, supported by higher shipments of wheat, sunflower oil, animal feed, flax seeds and flour.
Imports grew at a slower pace, increasing 6.2% to $32.3 billion under the National Bank’s balance-of-payments methodology. The rise was largely associated with production inputs and investment goods, including machinery and industrial equipment. Fixed-capital investment increased 9.6% in real terms to 9.5 trillion tenge ($21.2 billion), while investment in manufacturing rose 33.3%.
At the same time, consumer goods imports declined 10.5% to $8.3 billion. Passenger car imports fell 21.9%, while domestic passenger car production increased 37.2% to 88,886 units in the first half of the year, indicating partial substitution of imported vehicles with locally assembled cars.
The current account balance improved by nearly $6 billion year on year, with the second quarter recording a surplus of $3.2 billion. This marks a reversal from the $13.1 billion deficit recorded in 2025. Kazakhstan had registered current account deficits in nine of the 10 years from 2016 to 2025.
