Kazakhstan strengthens position in commodity markets amid rising metal prices

According to the National Statistics Bureau, the export price index in February stood at 100.6% of the January 2026 level. However, compared to February 2025, the figure dropped to 98.1%. Overall, for January–February 2026, export prices were 2.6% lower than the same period last year.

Import dynamics followed the opposite trend. The import price index in February was 99.5% compared to January, but in year-on-year terms, a significant increase of 106.8% was observed versus February 2025.

Exports: Metals up, agricultural and fuel prices down

Export structures saw varying shifts in February. Among food products, price decreases were noted: wheat fell to 97.7%, barley to 99.7%, and flour to 94.6%.

In the mineral products group, a modest 100.7% increase was recorded. While iron ores and concentrates decreased to 98.3% and manganese to 98.9%, zinc ores rose to 103.0%. The overall growth in the ores and ash segment reached 109.6%.

The most notable gains occurred in the metallurgical sector. Base metal prices climbed to 103.4%, with copper rising to 108.2%, zinc to 101.3%, and ferroalloys to 101.8%.

Imports: Annual growth despite monthly dip

While import prices fell slightly compared to January, they remain high year-on-year. According to the National Statistics Bureau, energy imports saw a downward trend: oil and refined products fell to 97.1%, coal to 96.8%, and natural gas to 97.2%.

Food imports also saw reductions: vegetables (96.9%), dairy products (96.8%), fish (99.8%), and meat (99.0%).

Meanwhile, growth was seen in fertilizers (105.7%) and base metals (102.6%).

EAEU trade: Slight export decline and stable imports

In mutual trade with member states of the Eurasian Economic Union (EAEU), Kazakhstan's exports in February dipped to 99.0% compared to January. This was driven primarily by mineral products (97.0%) and base metals (98.7%).

Imports from the EAEU remained nearly stable at 99.9% of January's level. Notable increases were seen in base metals (104.2%) and sugar (100.3%), whereas machinery and equipment (99.6%) and textiles (99.4%) declined.

Overall, the statistics point to mixed dynamics in Kazakhstan's foreign trade: export prices are falling year-on-year, while imports continue to rise.

This trend could put pressure on the trade balance, especially amid volatile commodity markets and fluctuating prices for metals and energy resources.

Earlier, the Energy Ministry reported that fuel prices in Kazakhstan remain stable.