Kazakhstan’s exports reach $48.5 bn in first half of 2026

In comparison, Kazakhstan posted a current account deficit of $3.6 billion in the first half of 2025. A year later, the situation improved significantly, with the surplus reaching $3.2 billion in the second quarter of 2026 alone, largely driven by stronger exports.

Export growth was recorded across more than 80% of product categories, supported by higher global prices for key commodities, including oil, uranium, metals, ores, and grain.

Imports rose 6.2% in the first half of the year to $32.3 billion, mainly due to increased purchases of intermediate and investment goods used to support ongoing projects and production.

Meanwhile, imports of non-food consumer goods fell 11.2%, driven largely by lower imports of cars, clothing, and footwear. The decline has continued since the fourth quarter of 2023.

Kazakhstan’s international investment position — the difference between its external assets and liabilities to non-residents — also continued to improve. In 2020, external liabilities exceeded assets by the equivalent of 42.1% of GDP, but by the end of the first half of 2026, the gap had narrowed to 11.3% of GDP, or $37.5 billion.

As of July 1, the public sector held around $130.8 billion in external assets, including the National Bank’s international reserves, while its external liabilities stood at $18.6 billion. As a result, external assets exceeded liabilities by $112.2 billion.

Kazakhstan’s external debt-to-GDP ratio also declined, falling 3.3 percentage points from the beginning of the year to 56.6%. This compares with 119.1% in 2016.

Earlier, Qazinform News Agency reported that Kazakhstan had imported 9,600 tons of children’s toys from January to July 2026, the lowest volume recorded for the same period since at least 2015.