Kazakhstan-Eurasian Economic Union Trade Up 29% In January

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Kazakhstan’s bilateral trade with other member countries of the Eurasian Economic Union (EAEU) – Armenia, Belarus, Kyrgyzstan, and Russia reached US$1.7 billion in January 2022, which is 29% higher than the same period last year, according to Kazakhstan’s Statistics Committee.

US$592.4 million of this were Kazakh exports (+34.4 percent), and US$1.1 billion imports (+26.3 percent). Russia led in trade value with Kazakhstan accounting for 93.8 percent of the total. The balance was shared with neighboring Kyrgyzstan at 3.5 percent and Belarus with 2.7 percent.

14.8 percent of Kazakhstan’s import volumes were mineral products, 21.4 percent machinery, equipment, vehicles, and tools, 19 percent for animal and vegetable products, including prepared food items. while 18.3 percent accounted for metals and metal goods, and 13.8 percent for chemicals and related products. 12.7 percent account for other imports.

40 percent of Kazakhstan’s exports were metals and related finished products, 35.4 percent were for mineral products, 9.2 percent products of chemical and related industries, 7.3 percent animal and vegetable products, including prepared food items, 6.6 percent for machinery, equipment, vehicles, and tools, and 1.5 percent account for other goods and products.

Although the rise in bilateral trade is indicative of increasing intra-EAEU trade, February saw the build-up of tensions between Russia and Ukraine. It will be interesting data for February and March in relation to Russian trade with the EAEU during this time. With sanctions being imposed on many Western products, it is possible that Russian imports of EAEU sourced products will increase, a welcome addition for the Eurasian trade bloc that will longer term be of benefit to its future strategic development.

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Russia Briefing is written by Dezan Shira & Associates. The firm has 28 offices throughout Eurasia, including China, Russia, India, and the ASEAN nations, assisting foreign investors into the Eurasian region. Please contact Maria Kotova at russia@dezshira.com for Russian investment advisory or assistance with market intelligence, legal, tax and compliance issues throughout Asia.

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