Kazakhstan’s exports to Customs Union states stands at $7 bln

Sep 21. Trend

Kazakhstan's exports to Customs Union states stands at $7 blnKazakhstan’s exports to Russia and Belarus has reached seven billion U.S. dollars in the first year of the Customs Union of the three states (from July 1, 2010 till July 1, 2011), or the biggest figure in trade with these countries in the past five years, the national export and investment agency, or Kaznex Invest, said in a statement on Wednesday, Itar-Tass reported.

According to the agency, until 2011 best performances in terms of exports to Russia and Belarus were reported in 2008, when Kazakhstan exports were 6.4 billion U.S. dollars.

“Over the past year, Kazakhstan’s trade turnover with the Customs Union member countries has also grown to 21.7 billion U.S. dollars, or by 43 percent on the year before the Customs Union was formed. Trade turnover in 2008 was 20.5 billion U.S. dollars,” the agency reported.

“The highest growth in exports of processed goods was registered in trade with the Customs Union countries (45.3 percent), while the shares of other states are diminishing. Positive impacts of the Customs Union on Kazakhstan also include the fact that Kazakhstan exports processed goods to Russia and Belarus at a faster pace than it imports such goods from these countries: 45.3 percent against 42.8 percent,” said Kaznex Invest deputy chairman Meirzhan Maikenov.

Basic Kazakhs exports to Russia and Belarus include coal, iron ore, chrome and copper concentrates, oil products and oil gases (58 percent, or four billion U.S. dollars); metals and metal products (28 percent, or 1.9 billion U.S. dollars); and chemical products (nine percent, or 618 million U.S. dollars).

Machines and equipment (ball and roller bearings, valves, pipe fixtures, electric storage batteries, and electrical equipment) account for 3.5 percent (247 million U.S. dollars) of Kazakhstan’s exports to the Customs Union countries. Exports of consumer goods to Russia and Belarus grew threefold, from 63 to 254 million U.S. dollars.