Kazakhstan’s Trade Surplus Reaches $20.1 Billion in 2024
Kazakhstan achieved a $20.1 billion trade surplus from January to October 2024, marking a 33.4% increase compared to $15 billion in 2023, according to Halyk Finance. This is the highest surplus in four years, excluding 2022's re-export surge to Russia.
Exports grew by 5.1% year-over-year (y/y) to $68.5 billion, driven by high oil prices, which averaged $81 per barrel, contributing $37.2 billion (+6.5% y/y). Metal (+13.4%) and chemical exports (+18%) also supported the growth. Imports fell by 3.3% y/y to $48.4 billion due to an 8.7% drop in machinery and equipment imports, despite increased food (+7.3%) and chemical imports (+2.4%).
Over 80% of Kazakhstan’s exports are raw materials. Analysts stress the need for government measures to promote non-raw material exports, particularly in medium and high-tech goods, to reduce dependence on global commodity price fluctuations.
Halyk Finance projects minimal trade changes for 2024, citing limited oil production and falling prices. The trade balance improvement may reduce the current account deficit to 1.3% of GDP.
Photo credit: kapital.kz.
