The total value of Kazakhstan export commodities was $45.37 billion in 2015.
In 2019, total U.S.–Kazakhstan goods trade was USD 1.9 billion, with the United States holding a negative trade balance of USD 471 million. Kazakhstan’s economy was in a relatively favorable position prior to the COVID-19 pandemic, with low unemployment (4.9%), with real GDP rising (4.1%) and relatively low public debt. In 2019, the World Bank had put its forecast for Kazakhstan’s economy to grow by 3.7% in 2020. The GDP value of Kazakhstan represents 0.15 percent of the world economy.
The report includes country-specific three-year forecasts for major macroeconomic indicators, including commodity and financial markets. Its GDP based on PPP was ranked 43rd globally.
Moderate GDP recovery is projected by 2.5% in 2021, though uncertainties about the trajectory of the pandemic skew risks to the downside.
Relations with Russia will be of primary importance, but Kazakhstan will resist deeper integration and strengthen ties with China and the West. The economy of Kyrgyzstan is heavily dependent on the agricultural sector. The monetary value of its import was $ 31.63 billion in 2015. Most economies in eastern Europe are not adequately equipped to withstand a second coronavirus wave.
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The country has an abundance of natural resources - including oil, gas, coal, uranium and other mineral deposits - and has exploited these resources to build Central Asia’s leading economy.
In particular, the crisis has placed a renewed focus on logistics, digital technologies and the financial sector. In addition to oil, its main export commodities include ferrous metals, copper, aluminum, zinc and uranium.
The primary drivers of the country’s economy are ore, manganese, chromite, lead, and zinc among others. The country’s inflation rate is 5.2% while the percentage of the population below the poverty line was 2.9% in 2013.
Kazakhstan is also emerging as a major transport and logistics hub in the region, linking the large and fast-growing markets of China and South Asia to those of Russia and Western Europe by road, rail and a port on the Caspian Sea. Relations with Russia will be of primary importance, but Kazakhstan will resist deeper integration and strengthen ties with China and the West. Kazakhstani authorities have implemented 43 reforms acknowledged by the World Bank Doing Business Report since 2008. Central Downtown Astana (Nur-Sultan), the commercial hub of Kazakhstan. New Opportunities Revealed by the COVID-19 Pandemic, While upending the economy in 2020, the COVID-19 crisis has also revealed opportunities in Kazakhstan. The country also has a landscape that favors considerable agriculture such as livestock keeping and grain production. According to TI’s Global Corruption Barometer, 17% of public service users in Kazakhstan paid a bribe in the previous 12 months. By Joyce Chepkemoi on July 31 2019 in Economics. In addition to oil, its main export commodities include ferrous metals, copper, aluminum, zinc and uranium. Kazakhstan is the second-largest republic of the former Soviet Union, after Russia, and the ninth-largest country in the world in territory. The country mainly got metallic products, foodstuff, and machinery from other countries. Since independence from Soviet rule in 1991, Kazakhstan has received more than 30 bln. The main driver behind Kazakhstan's economic growth has been foreign investment, mainly in the country's booming oil and natural gas industries. The United States account for 1.6% of Kazakh exports.In 2019, total U.S.–Kazakhstan goods trade was USD 1.9 billion, with the United States holding a negative trade balance of USD 471 million. The COVID-19 pandemic, however, has given Kazakhstan the biggest shock to its economy in almost two decades and is already having a highly negative impact on growth. In addition, Kazakhstan boasts significant agricultural potential for both grain and livestock production and U.S. companies are well positioned to help Kazakhstan diversify across this segment of the economy. The government has also reduced VAT and other forms of levies.
The main U.S. exports to Kazakhstan in 2019 were heavy machinery (29%), aerospace equipment (26%) and electrical machinery (6%). The United States is among the largest investors in Kazakhstan, with the bulk of investment directed in the oil & gas industry.Launched in 2018, the Astana International Financing Center offers special tax, visa and employment regimes for companies looking to invest in this middle-income market. In 2015, its economy grew by 1.2%. This would be down from the slightly over 4% Kazakhstan logged in 2019. In some cases, consumers are willing to pay more for imported goods and services that offer higher quality and innovation. It counts Italy, China, Netherlands, Russia and France as its main export destinations. These measures are aimed at attracting foreign investors to boost the economic growth of Kazakhstan. The country has made recent significant improvements in starting a business, dealing with construction permits, registering property, getting credit and resolving insolvency, according to the Report.The country remains the world’s largest producer of uranium and possesses enormous deposits of a wide range of metals, including gold, iron, chrome, copper, zinc, vanadium and rare earths. Customer service in Kazakhstan is sometimes lacking; providing customers with after-sales service could give businesses an edge in the market.New Opportunities Revealed by the COVID-19 PandemicWhile upending the economy in 2020, the COVID-19 crisis has also revealed opportunities in Kazakhstan. In 2015 the country ranked 13 out of 30 in Global Retail Development Index. Kazakhstan’s vibrant service industries are related to technology and retail. The main imports from Kazakhstan in 2019 were mineral fuel, oil (63%), iron and steel (13%) and inorganic chemicals (11%). Inexpensive Russian and Chinese goods flow across Kazakhstan’s borders, but Western goods and expertise are also in demand. However, the country still lags in transparency and other metrics critical to investors, ranking a mere 113 out of 180 countries in Transparency International’s (TI). The government of Kazakhstan realizes the need to implement transformative economic reforms to boost productivity and growth.
In 2020, Kazakhstan further improved its standing in the, World Bank’s Ease of Doing Business Report. Others include Switzerland, Ukraine and Canada. However, structural challenges may constrain the government’s ability to respond to the crisis.
A growing middle class and a rise in real incomes have increased demand for quality products and brand names. Kazakhstan is the biggest economy in Central Asia and is reliant on massive deposits of natural resources such as oil, gas, and other minerals.
The main imports from Kazakhstan in 2019 were mineral fuel, oil (63%), iron and steel (13%) and inorganic chemicals (11%). This would be down from the slightly over 4% Kazakhstan logged in 2019. Kazakhstan presents a trade gateway to a market of about 150 million consumers in Caspian Sea countries, 50 million in Central Asia and 300 million in Western China. The market forces in the international arena determine the prices which have hampered its ability to plan financially. Its nominal GDP in 2015 was $271 billion while basing on the Purchasing Power Parity (PPP) was $429 billion in the same year. Nevertheless, Kazakhstan’s fast-growing agriculture sector and potential as a key transit hub in the region will help as the country works to regain its economic footing.Key Economic Indicators and Trade StatisticsKazakhstan has an export-oriented economy, highly dependent on shipments of oil and related products (73% of total exports).
The COVID-19 pandemic, however, has given Kazakhstan the biggest shock to its economy in almost two decades and is already having a highly negative impact on growth. The country’s industrial sector is reliant on the extraction and manufacture of the minerals and also the production of heavy machinery. By Joyce Chepkemoi on July 31 2019 in Economics. Kazakhstan is the second-largest republic of the former Soviet Union, after Russia, and the ninth-largest country in the world in territory. Implementation of reforms has been uneven, however, and challenges remain in addressing problems related to the country’s competitiveness and economic diversification, its over-reliance on the extractive sector, continued corruption, inefficient bureaucracy, criminal liability for unintended tax infractions and arbitrary law enforcement, especially at the regional and municipal levels. The Economy Of Kazakhstan. The United States account for 1.6% of Kazakh exports. It also produces uranium accounting for 35% of the global production and the second uranium reserves deposits after Australia. It counts Italy, China, Netherlands, Russia and France as its main export destinations. The country has an abundance of natural resources - including oil, gas, coal, uranium and other mineral deposits - and has exploited these resources to build Central Asia’s leading economy. The country also produces and exports oil and gas in hundreds of thousands of metric tons. Kazakhstan Global Economic Prospects examines trends for the world economy and how they affect developing countries. However, structural challenges may constrain the government’s ability to respond to the crisis.
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