25.09.2023, 18:13 191146

Kazakhstan companies increased exports of services by 16.7% in 2023

Kazakhstan companies increased exports of services by 16.7% in 2023
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On the development of Kazakhstan's export potential told at a briefing in the Central Communications Service, Vice Minister of Trade and Integration Kairat Torebayev, press service of the Ministry of Trade and Integration reports.

According to the Vice Minister, the trade turnover of non-primary goods of Kazakhstan in January-July 2023 increased by 21.7% compared to the same period last year and reached 46.7 billion dollars. Exports of non-primary goods for 7 months of 2023 amounted to $ 14.2 billion. Exports of services increased by 16.7% compared to the same period of the previous year and reached $ 2.1 billion.

The top 3 non-resource exports include copper and copper cathodes (12.9% share), ferroalloys (10.2%), and uranium (9.4%).

We also observe a qualitative improvement in the diversification of the commodity basket, expansion of the export geography. The main markets traditionally remain Russia, China, Uzbekistan, Turkey and the Netherlands. At the same time, there is a significant growth of supplies to the EU, China and Central Asian countries", - said Kairat Torebayev.

The work on providing financial and non-financial support measures for exporters. To date, more than 100 companies have participated in international outbound trade events: these are trade and economic missions in 7 countries and an international exhibition in China. As a result of state support measures, export contracts worth more than 500 million dollars were concluded in the first half of 2023.

Separately, the Vice-Minister noted the legislative work to improve the export promotion ecosystem. He recalled that the Head of State in his Address emphasized the creation of a full-fledged export promotion institution with consolidation of all necessary tools on the basis of KazakhExport.

The Ministry of Trade and Integration has developed a draft law of the Republic of Kazakhstan on export credit agency issues. The bill is aimed at creating a special legal status of export credit agency, which will allow to unite the main measures of financial support and development of non-resource exports in the hands of ECA, which will act without a license for insurance and reinsurance", - said Kairat Torebayev at the briefing.

At present, KazakhExport, as an insurance organization, is not authorized to engage in any activities other than insurance and reinsurance. International experience shows that similar export credit agencies perform insurance, reinsurance, guaranteeing and financing of export operations.

In creating a Kazakhstani export credit agency, it is proposed that it be endowed with specific functions that will not overlap with the activities of other companies.

In addition, work is underway to create five cross-border hubs aimed at developing cross-border trade. These are the international center of industrial cooperation "Central Asia" in Turkestan region (Uzbekistan), the industrial trade and logistics complex in Zhambyl region (Kyrgyzstan), the center of cross-border trade "Eurasia" in the West Kazakhstan Region (Russia), the container hub "Caspian" in Mangystau region (countries of the Caspian region), the cross-border hub "Khorgos node" in Zhetysu region (China).

The creation of new production facilities on the basis of hubs together with border countries will contribute to the development of industrial cooperation and transport and logistics infrastructure. As a result, a significant increase in export supplies is expected, as well as the geography of sales markets for Kazakhstani goods will expand.

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