Kazakhstan – EAEU Trade Up 5% 2022 YTD
The mutual trade between Kazakhstan and the Eurasian Economic Union (EAEU) countries grew 5% in the first eight months of 2022, according to Kazakhstan’s Prime Minister Alikhan Smailov. The EAEU comprises Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia, with the latter the dominant trade partner.
Kazakhstan’s trade with the EAEU exceeded US$17 billion, up by 5%. This indicates that the annual 2022 trade volume between Kazakhstan and the EAEU is likely to be about US$25.5 billion. Kazakhstan has benefited from the Ukraine conflict, as many Central Asian nations have, in fulfilling market gaps left by Western companies exiting the Russian market, hosting migrating Russian businesses who have evaded sanctions by trading from Kazakhstan instead of Russia, and by getting involved in parallel import trade, where foreign goods are exported to Russia instead of from the West. Kazakhstan warehouses are reportedly full of Western goods being shipped to Russian markets.
Smailov noted that active work within the EAEU allows the consistent and systematic expansion of mutual trade and industrial cooperation, developing new transport logistics models and other pressing issues related to the shifting of Eurasian supply chains.
Since the establishment of the EAEU in 2015, Kazakhstan’s exports of processed products to other EAEU member countries has increased by 64%, with continuing development over time in favour of finished goods.
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