Foreign trade of the Republic of Kazakhstan (January-May 2022)

The quarterly trade review: terms, indices, threats, risks, prospects and trends

Main conclusions


Kazakhstan’s trading volume turnover in January-May 2022 increased by 53.6% compared to the same period last year	Amid positive market conditions, export revenues from energy resources have been recovering since 2021. Thus, the price of Brent crude oil is more than $ 100 per barrel


Italy has become the leader in the import of Kazakhstan products, and its share in the export structure of Kazakhstan is 18.4%	In 5 months of 2022, Kazakhstan exported mineral resources worth $ 23.2 billion, which is 81.3% more than in 5 months of 2021 (12.8 billion)


Machinery, equipment, vehicles, and appliances were imported to Kazakhstan for a total of $5.1 billion (4.1 billion for 5 months of 2021)	By regions, the most was exported from Atyrau – 13.6 billion dollars, imported to Almaty – 5.1 billion


The Russian Federation remains the main trading partner of Kazakhstan: imports – 6.6 billion dollars, exports – 2.7 billion	The growth of world raw material prices are not able to compensate for the rise in the price of finished goods purchased by Kazakhstan


The change in the real exchange rate (REP) did not affect the trade turnover of Kazakhstan with Russia, while a sharp decline in the REEP may have a delayed effect on the trade volume and terms	Kazakhstan still has significant barriers to export, the basket is poorly diversified, and the structure of export products is dominated by goods of downstream activities


There is a threat of suspension of the main route of oil exports to Europe – the Caspian Pipeline Consortium	In the future China, India, Turkey, and Central Asian countries can become stable sources of imports and markets for the export of goods and services