In 2024, Kyrgyzstan's foreign trade turnover reached $16 billion, marking a 0.9% increase compared to the previous year, Eurasiatoday.ru analysed Kyrgyz economy.
Trade Balance Dynamics: Moderate Growth
Preliminary data from the National Statistical Committee of Kyrgyzstan indicate moderate growth in the trade balance, driven by increased exports and expanded imports.
Export Growth: New Opportunities for Kyrgyz Producers
Kyrgyzstan’s exports in 2024 amounted to $3.8 billion, an increase of 13.1% from 2023. The key export categories included:
- Gold,
- Textiles,
- Agricultural products,
- Energy resources.
The growth in exports was driven by:
- Increased gold exports, which remain a key sector of the country's economy.
- Expanding markets for Kyrgyz textiles and clothing.
- Higher export volumes of agricultural products, including fruits and nuts, to CIS and EAEU countries.
- Strengthened trade ties with new partners outside the EAEU.
Imports: Stabilization and Diversification
Kyrgyzstan’s imports in 2024 totaled $12 billion, rising by 2.4% compared to the previous year.
Key import categories included:
- Vehicles and spare parts,
- Industrial equipment and electronics,
- Petroleum products and gas,
- Consumer goods and food products.
Diversification of imports has helped reduce dependence on specific markets and ensured the stability of essential goods supplies.
Trade with the EAEU: Strengthening Economic Integration
Kyrgyzstan continues to develop economic cooperation within the Eurasian Economic Union (EAEU). In 2024, trade with EAEU countries accounted for 31.1% of total trade turnover:
- Exports to the EAEU made up 38.6% of total exports.
- Imports from the EAEU constituted 28.8% of total imports.
Kyrgyzstan’s main EAEU trade partners remain Russia, Kazakhstan, and Belarus, with key trade items including agricultural products, textiles, petroleum products, and industrial goods.
Trade with Third Countries: Expanding Export Geography
Kyrgyzstan’s foreign trade extends beyond the EAEU, covering a wide range of countries. In 2024:
- Trade with non-EAEU countries accounted for 68.9% of total trade.
- Exports to these countries made up 61.4%.
- Imports from these countries accounted for 71.2%.
Key foreign trade partners include China, Turkey, the UAE, and the European Union. China remains a major source of imports, particularly in industrial goods, electronics, and textiles.
Prospects for Kyrgyzstan’s Foreign Trade
Amid rising global commodity prices and the rapid development of logistics corridors, Kyrgyzstan's foreign trade sector continues to adapt to new economic realities. In the coming years, further developments are expected, including:
- Stronger trade ties with China and Turkey.
- Expanded export opportunities through new investment programs.
- Further digitalization and simplification of customs procedures.
CentralasianLIGHT.org
February 17, 2025