Expanding Trade and Strengthening Foreign Relations in Kazakhstan as per Minister's Report for the Year 2024
Holy smokes, Kazakhstan's trade game was on fire in 2024!
Last year, the Central Asian nation witnesses a staggering 9.1% jump in its trade volume, according to Arman Shakkaliyev, the Minister of Trade and Integration. And let me tell you, this growth isn't just a blip - it's a full-blown bonanza!
Investments in the trade sector skyrocketed by an impressive 14.6%, reaching a mighty 884.6 billion tenge (equivalent to a cool $1.8 billion USD). But that's not all, the domestic trade turnover saw a whopping 14.1% rise, amounting to an eye-popping 69.6 trillion tenge or about $142 billion USD.
The foreign trade turnover for Kazakhstan reached a whopping $141.4 billion, marking a significant $1.6 billion increase over 2023. The foreign trade balance surplus also grew by a massive 16%, reaching a hefty $21.8 billion. Non-resource exports surged by 10.7%, totaling a substantial $40.2 billion.
But here's the kicker - the price index for socially significant food products stayed impressively low at just 1.4%. Well, that's food for thought, isn't it?
Looking ahead, Shakkaliyev outline key priorities for 2025. With an eye on tomorrow, the ministry plans to digitalize trade, boost domestic goods production, and improve consumer protection and product quality. The ultimate goal? To support the government's push for a robust 6-7% economic growth and doubling the country's GDP.
As for the factors contributing to the growth in trade, it seems sectors like metallurgy, mechanical engineering, chemical, and food industries played a significant role. Plus, Kazakhstan's strong partnerships with heavyweights like Russia, China, and Italy certainly didn't hurt. Expanding trade with countries like the US, Tajikistan, Ireland, the Netherlands, and Japan also helped fuel the growth.
However, challenges like logistical hurdles and hefty transportation costs may have put a damper on the growth rate. But hey, that's economics for ya - it ain't all sunshine and roses. Nonetheless, Kazakhstan's got the mettle to keep marching forward!
In the booming business landscape of Kazakhstan, the finance sector experienced an impressive 14.6% increase in investments, accumulating a significant $1.8 billion USD in 2024. Furthermore, the domestic business turnover witnessed a whopping 14.1% surge, reaching approximately $142 billion USD.
