Kazakhstan trade turnover increased by 30% due to Customs Union
Almaty. July 10. Kazakhstan Today - The Customs Union helped to increase the trade turnover of Kazakhstan by 30%, Kazakhstan Today reports.
The mining and metallurgy sector takes an essential share in the trade turnover, President of Russia Commodity Producers Association Oleg Soskovets said in an interview to the Prime Minister's official website.
"With the establishment of the Customs Union the trade turnover of Russia and Kazakhstan increased by 25-30%. Metallurgy is the main sector which ensures such an increase of the trade turnover," he said.
According to the President of the Russian Commodity Producers Association, the Customs Union and the Single Economic Space will allow to increase the trade turnover to 400 billion U.S. dollars by 2015.
He also noted that the mining and metallurgy sector was the basic for the economy of Kazakhstan.
"The mining and metallurgy sector is the basic sector forming the economy of a country along with the other sectors. It also provides an advantage for trade turnover increase," Soskovets said.
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Annual inflation in February and March continued to decrease, albeit at a slower pace. Inflation expectations have slightly decreased but remain at a relatively high level. The external inflation background continues to be neutral with the ongoing trend of declining grain prices in global markets. Within the domestic economy, inflationary pressure persists due to robust internal demand and unanchored inflation expectations," reads the bank’s official statement.
In the current circumstances, there is still limited room for easing monetary policy. This space will begin to form with the stable reduction of the stable part of inflation," it said.
Monthly inflation slowed down in March to 0.7% after a spike in the previous month (1.1%), forming above the average historical values (0.6%). A similar dynamic is observed for the indicators of core and seasonally adjusted inflation - a significant reduction in March after a sharp acceleration in February," said the bank.
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In the European Union, the trend towards slowing inflation continues against the backdrop of the European Central Bank's restrictive policy. Despite expectations of weaker economic growth indicators this year, the ECB remains committed to returning inflation to its target value and intends to maintain restrictive monetary and credit conditions for this purpose," said National Bank Governor Timur Suleimenov in an April 12 statement.
The Federal Reserve notes that inflation in the United States still remains high. In March, the annual inflation rate increased to 3.5%, accelerating for the second consecutive month. According to the Fed's rhetoric, the current monetary and credit conditions will continue going forward. In Russia - a key trading partner of Kazakhstan, inflation in March remained at 7.7%. According to the statement from the Russian regulator, achieving the inflation target involves a prolonged period of maintaining tight monetary and credit conditions," said Suleimenov.
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