Kazakhstan’s Export Down In 2016
Kazakhstan decreased export in monetary terms by 19.9 percent in 2016, Kazakh National Bank said in a message Feb.7.
The total volume of export hit $37.2 billion in 2016.
The average price for Brent oil, which is the main export product of Kazakhstan, decreased to $42.8 per barrel in 2016 compared to $50.8 per barrel in 2015.
The main export products of Kazakhstan are oil, gas, ore, metals, grain, etc.
Kazakhstan’s import amounted to $27.8 billion in 2016 compared to $33.8 billion in 2015. This 17.8 percent reduction in import in 2016 resulted from decline in import of nonfood products and investment goods.
Kazakhstan’s current account of balance of payments deficit amounted to $8.2 billion with a trade surplus of $9.4 billion in 2016. In 2015 the current account deficit amounted to $5.5 billion while trade surplus amounted to $12.7 billion.
The increase of current account deficit resulted from the growth in the volume of investments in oil and gas projects realized by foreign investors and reduction in export revenues.