According to trade ministry estimates, the Foreign trade balance in 2000 is 15.7 billion US dollars, an increase of 35 percent from the previous year. Exports were valued at 8.9 billion US dollars, while imports were estimated at 6.8 billion.
The float of the local currency in April 1999 and improved global economic conditions increased the competitiveness of Kazakhstan’s exports in 2000 and the share of oil and natural gas in exports is 43%, while the share of metallic minerals is 10%.
Kazakhstan is one of the most important producers of cereals, meat and wool. The areas of pasture and farms occupy the equivalent of 220 million acres, while the cultivated areas of cereals occupy the equivalent of 13-14 million acres. Agricultural areas occupy approximately 74% of the total area.
Kazakhstan has a strong financial position:
- Due to the high export potential of natural resources and the floating exchange rate system.
- Financing of foreign direct investment and official lenders in Kazakhstan for financial needs.
- Political stability through the economic reforms undertaken by the State.
- Low debt levels and improved fiscal deficits.
Kazakhstan’s trade balance registered a significant growth during 2002, with exports amounting to 8.988 billion dollars, while imports amounted to 6.398 billion dollars, which means a surplus of trade balance is being achieved in favor of Kazakstan.
Exports of Kazakhstan:
Oil and its products occupy the first place in the list of exports of Kazakhstan to the countries of the world, where exports of oil and its products are 58% of the value of total exports in 2002, the percentage of exports of ferrous metals is 24%, the proportion of exports of chemicals 5%, and the proportion of exports of the state Machinery and Equipment 3%, the remainder is occupied by exports of grains, wool, meat and Coal (2001).
The foreign trade liberalization policy was initially not conducive to an improvement in the level or growth of exports in 1993. The value of exports at that time was only US $1.5 million, i.e., it remained at 1992 rates. However, the geographical transformation of Kazakhstan’s later exports, as a result of the redirection of exports to developed industrial countries, has led to the growth of exports of raw materials and the reduction of exports of machinery, equipment, passenger cars and transport. While exports of fuel, energy and metallurgy rose by 80%.
Russia 20.2%, Bermuda 14.1%, Italy 11.2%, China, Germany according to 2001 estimates.
Imports of Kazakhstan
The value of Kazakhstan’s imports from the world in 2002 amounts to 9.6 billion dollars. The most important commodities to be imported are: machinery, equipment and devices (41%) And metal Products (28%), food (8%) And textiles.
Russia 45.4%, Germany 7.4%, United States 5.4% according to general estimates (2001)