Kazakhstan’s Central Bank forecasts Kazakhstan’s total exports to reach $81.6 billion this year

International Business News – Akylzhan Baimagambetov, deputy governor of the Central Bank of Kazakhstan, explained that according to the balance of payments calculation method, Kazakhstan’s exports will grow significantly by 35.2% in 2022, reaching $81.6 billion, according to Atameken Business Network. Exports of oil and non-oil products (ferrous and non-ferrous metals, uranium and agricultural crops such as grain) will show growth. At the same time, oil will undoubtedly make the main contribution to export growth. According to historical data, oil accounts for 60% of Kazakhstan’s total exports.

Akylzhan Baimagambetov said that the gradual recovery of global economic activity and the ensuing geopolitical crisis in the post-epidemic era have supported the rise in commodity prices, which has affected the expected growth in export turnover this year.

Exports in the baseline scenario will also be high by 2023 – expected to grow to $83.3 billion, Akylzhan Baimagambetov described. Due to the high base this year, the growth itself will not be large, at about 2.2%. This figure will be achieved through the increase in oil production forecasted by the Ministry of Energy of Kazakhstan – from 85.7 million tons in 2022 to 92.6 million tons. Prices have slightly decreased due to price adjustments in previous years.