Kazakhstan Chamber of Commerce in the USA

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Kazakh enterprises ready to export goods to Russia

Posted on September 03, 2014 by KazCham

Business Intelligence from Colibri Law Firm: Issue #93

Kazakhstan’s trade turnover with the other member states of the Customs Union has decreased by 23% over the worsening economic situation in Russia.

“[In the H1 2014] the trade turnover with the Customs Union totaled around $9 billion, a fall over the economic slowdown in the neighboring Russia. The drop stands at 23% as compared to the first half of 2013”, Alikhan Samilov, Head of the Statistics Committee of the country’s National Economy Ministry told a briefing at the President’s Service for Public Communications.

According to him, in the period under review Kazakhstan’s exports to Russia fell by 22% due to the falling demand for Kazakhstan-made products. Following the 20% currency devaluation in Kazakhstan back in February, Russia’s imports to Kazakhstan decreased by 24%.

Mr. Smailov elaborated that Kazakhstan’s trade turnover with the other Customs Union member states stands at 15% of the country’s overall foreign trade. “There are 6 types of goods accounting for 91% of all the imports from the other Customs Union member states. These are foodstuffs, oil and petroleum products, chemicals industry products, timber products and paper, metals and metalware, vehicles. These are the types of products that have seen their imports decreased”, he said.

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