Volume of export of Kazakhstan increased by 10%
Almaty. September 18. Kazakhstan Today - The volume of export of Kazakhstan increased by 10% in the first half of the year comparing to the same period of the previous year.
"As a result of the first half of the year, export of Kazakhstan made USD 46.8 bln which a 10% increase comparing to the same period of the previous year," the Prime Minister's official website quotes the press service of "Kaznex Invest".
As "Kaznex Invest" JSC reports, the export of end products made 11.7 billion U.S. dollars over the first half of this year. This is 22% more than in the corresponding period of 2011. The share of non-primary export reached 25.05%.
In the context of regions, the share of export of processed goods to the European Union member states made 2.6 billion dollars, to China - 2.1 bln dollars, to Russia and Belarus - 1.8 billion dollars. Mostly, these products are ferroalloys, oil products, associated gas, refined cooper, uranium and zinc.
It should be noted that export of flour increased by 74% and made 317 mln US dollars. The increase is seen in traditional markets of Uzbekistan, Afghanistan and Tajikistan.
The volume of yellow phosphorus increased by 4%. The volume of export of this product reached USD 84.5 mln in the first six months of this year. As a result of 2011, Kazakhstan was the first in terms of the volume of export of yellow phosphorus.
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We on the part of the state provide comprehensive support in the implementation of projects important for the country's economy. At the same time, we expect you to increase the share of local content. For this purpose, it is necessary to determine the list of goods and equipment that will be mandatorily purchased from domestic producers. Special attention should be paid to training of Kazakhstani specialists and transfer of competences. It is important for us to maximise the attraction of local personnel, including for management positions in the project. We count on a similar approach in the implementation of other joint projects," Prime Minister emphasised.
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National Bank of Kazakhstan maintains base rate at 14.75%
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.
Pro-inflationary risks are conditioned by the continuation of reforms in the area of regulated prices, the consequences of abnormal floods in Kazakhstan, and the uncertainty associated with the volumes of budget expenditures needed for their elimination," the bank said.
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