Kazakhstan's Export Market Shifts With Stronger EU, China Ties, WB Data Shows

(MENAFN- Trend News Agency) BAKU, Azerbaijan, March 29. Kazakhstan's trade balance faced a setback in January, according to a recent report from the World Bank, with nominal goods exports falling by 13.4% year-on-year, Trend reports.

The drop was primarily driven by a 13.7% decrease in crude oil shipments and an 11.9% fall in oil prices. Oil continues to dominate the country's export sector, accounting for nearly 65% of total exports.

Imports also showed a decline, dropping by 5% year-on-year, with machinery and equipment imports, which make up 52.1% of total imports, decreasing by 10.5%. Despite these declines, Kazakhstan's trade balance remained positive, though it contracted by nearly 25%, reaching $1.6 billion in January.

The EU reinforced its position as Kazakhstan's top export destination, particularly for energy products. The share of Kazakhstan's exports to the EU rose from 40% in 2021 to 46.7% in 2024. At the same time, imports from the EU grew to 17.8%, up from 14.4%, indicating deepening economic ties between the two regions.

China also saw an increase in its share of Kazakhstan's exports, which grew from 16.2% in 2021 to 18.3% in 2024. Similarly, imports from China surged from 20% to 25%, reflecting growing bilateral trade between the two countries.

In contrast, while Russia's share of Kazakhstan's exports remained stable, imports from Russia experienced a significant decline, falling from 42.5% in 2021 to 30.5% in 2024. Despite this drop, Kazakhstan's trade ties within the Eurasian Economic Union (EAEU) remain strong, with food and machinery imports from Russia continuing.

MENAFN29032025000187011040ID1109370147