Kazakhstan-EAEU trade exceeds us $17 billion

The trade turnover between Kazakhstan and the Eurasian Economic Union (EAEU) member countries increased by seven per cent to exceed US$17 billion in the period from January until November 2018 compared to the same period in 2017. 

Meanwhile, the export value rose in the same period last year rose 10 per cent to reach over US$5 billion while imports were recorded at 4.6 per cent growth worth US$11.8 billion.

The Minister of National Economy of Kazakhstan, Timur Suleimenov said that the investments made by EAEU into Kazakhstan in the last three quarters in 2018 was recorded at US$1.2 billion, 31 per cent increase from US$941.5 million in the same period in 2017.

He also said that the number of joint enterprises between Kazakhstan and the EAEU increased by 70 per cent last year.

The large market of the EAEU countries, with a total population of 183 million, offers extensive business opportunities for both Kazakh entrepreneurs and foreign investors. The cumulative economy of all the EAEU member states totals about US$ 2 trillion.

The EAEU countries are also set to establish a single electricity market this year, whereas the single markets for gas, oil and petroleum products, as well as the financial market will be created by 2025.