Trade turnover among Central Asian countries increased by $11 bln over 5 years

246 views Economy 0

The volume of trade between the regions of Central Asia has increased by $11 billion over the past five years, stated the Minister of Trade and Integration of Kazakhstan, Arman Shakkaliev, at the Second Central Asian Trade Policy Forum.

The forum was organized with the support of the World Trade Organization (WTO) Secretariat, the Asian Development Bank (ADB), the International Trade Centre (ITC), and the Government of Kazakhstan.

First Vice Minister of Trade of Kazakhstan, Aizhan Bizhanova, noted that over the past twenty years, the region's GDP has shown stable annual growth of 6.2%, exceeding $350 billion.

Kazakhstan's share in trade with Central Asian countries is about 70%. Kazakhstan's exports to neighboring countries amount to $5.5 billion.

Bizhanova emphasized the importance of WTO membership for strengthening Kazakhstan's reputation as a reliable partner in global trade and increasing the country's attractiveness to investors.

Kazakhstan's Export and Import with Central Asian Countries

Kazakhstan's export and import with Central Asian countries are significant components of its foreign economic relations in the region. Interaction in this area includes various goods and services that contribute to strengthening economic ties between countries.

*Exports from Kazakhstan to Central Asian countries:
- Energy resources:** Kazakhstan exports oil, natural gas, and electricity to Central Asian countries.
- Food products:** The export of agricultural products, including grain, meat, and dairy products, also takes place.
- Industrial goods:** Kazakhstan exports various industrial goods, including metallurgical products, chemical products, and building materials.

Imports to Kazakhstan from Central Asian countries:
- Food products:** Kazakhstan imports certain types of food products, such as fruits, vegetables, and other agricultural goods, from Central Asian countries.
- Industrial goods:** Imports include various industrial goods, such as textiles, building materials, and light industry products.
- Energy resources:** Kazakhstan may also import certain types of energy resources, such as electricity, from neighboring Central Asian countries.

Export-import relations between Kazakhstan and Central Asian countries play an important role in the development of the region's economy and ensuring mutual benefits for the participating countries.

June 4, 2024