Why is this important
Exports growing faster than imports improves the country’s trade balance and reduces pressure on the foreign exchange market. The almost twofold increase in service exports ($6.8 billion) indicates the diversification of the economy through IT, logistics, and tourism.
What happened
- Foreign trade turnover reached $59.8 billion (+22.9% year-on-year);
- Exports grew by 33.3% to $26.7 billion, imports — by 15.6% to $33.1 billion;
- Trade deficit amounted to $6.4 billion against $7.8 billion a year earlier;
- In the structure of exports: goods — $19.9 billion, services — $6.8 billion;
- In the structure of imports: goods — $29.5 billion, services — $3.6 billion.
Trade structure by country
Main trading partners: EAEU ($14.3 billion), CIS ($19.3 billion), other countries ($40.4 billion), EU ($5 billion). Imports from the CIS increased by 22.9%, exports — by 33.3%.
Structure by product groups
Export:
- Other goods (including gold) — $9.9 billion;
- Services — $6.8 billion;
- Industrial goods — $2.9 billion;
- Food, beverages, tobacco — $2.2 billion.
Import:
- Machinery and equipment — $11.2 billion (20% of total imports);
- Industrial goods — $5.3 billion;
- Chemical substances — $4.1 billion;
- Food — $3.7 billion;
- Services — $3.6 billion.
Context
The 33% increase in exports is due to high gold prices, increased supply of industrial products and services. Gold exports traditionally account for a significant share of exports, and the growth of services reflects the development of the IT sector and transport and logistics operations.
Import of machinery and equipment ($11.2 billion) indicates the modernization of industry and infrastructure projects. Reducing the trade deficit from $7.8 billion to $6.4 billion reduces the burden on the foreign exchange market and strengthens the soum’s position.
