Kazakhstan boosts exports to Russia

Kazakhstan ramped up its exports to Russia by 5.7% year on year in January-May 2024 and to China - by 19.4%, the Economic Research Institute of the Kazakh Ministry of Economy reported.

"China, Italy, and Russia stand out among key export partners of Kazakhstan. Supplies to China surged by 19.4%, having reached $6.8 bln. At the same time, exports to Italy dropped by 10.5% to $4.6 bln and to Russia gained 5.7% to $2.8 bln," the institute said.

Imports from Russia fell by 10.1% over that period.

"Russia remains the top supplier of goods to Kazakhstan, despite the decline in supplies," the statement reads.

Overall, "Kazakhstan faced a moderate contraction of the foreign trade turnover that totaled $55.3 bln in the first half of 2024," the institute noted.

Country’s exports added 1.8% at the same time to $32.5 bln. Imports lost 7.2% to $22.9 bln in the reporting period. The rise in exports was supported by increased deliveries of oil, copper, radioactive elements and ferroalloys.