Kazakhstan reports decline in exports amid falling global prices
Kazakhstan saw fall in earnings from exports of certain commodities in 2023 due to declining prices, Kazinform News Agency correspondent reports.
The major reason (for fall in earnings from exports) is declining prices, the QazTrade trade policy promotion center said. So, prices for unrefined sunflower oil have been down since October 2022, declining 31% in euros as of May last year.
According to the center, Kazakhstan has increased its flour export by 2% and sulpher by 13% despite lower export prices.
The country reduced its gas export amid the shortage in the domestic liquified gas market.
Kazakhstan saw decline in the export of raw aluminum to the EU by 30% due to the decrease in production in the Union amid growing electricity prices.
The export of ferroalloys is also on decline as the US, Japan, Indonesia and Russia reduce their imports.
The country also reported 37.1% reduction in monetary terms in the export of petroleum products to the Netherlands and Türkiye.
Declining global prices were also behind the decrease of Kazakhstan’s export of raw zinc by at least 10% in monetary terms, it was noted.