Foreign trade turnover - The Times Of Central Asia

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Economy

Kazakhstan’s Economy Posts Fastest Growth in 14 Years

Kazakhstan’s economy expanded by 6.2% in the first half of 2025, marking the country’s fastest growth rate since 2011. The data was announced by Deputy Prime Minister and Minister of National Economy Serik Zhumangarin during a government meeting. Zhumangarin noted that a similar level of growth was last recorded in the first half of 2011, when GDP increased by 7.1%, eventually reaching 7.5% for the full year. Since then, annual growth rates have rarely surpassed 6%. By comparison, the economy grew 4.8% in 2024. “The current figure is 0.2 percentage points higher than the growth recorded in the first five months of this year and is the highest in the last 14 years. For context, growth during the same period in 2024 was just 3.2%,” Zhumangarin said. He cited the real sector (+8%) and the services sector (+5.2%) as the primary drivers. Key Growth Sectors Transport (+22.7%) and construction (+18.4%) led the surge, driven in part by a 35.2% increase in grain and flour exports, which totaled 11.8 million tons. The mining industry also posted steady gains, with oil production rising 11.6% and coal production up 11.7%, contributing to overall mining growth of 8.4%. Manufacturing expanded by 5.5%, buoyed by strong performances in machinery (+11.1%), food production (+10%), oil refining (+9.6%), metal products (+14.6%), construction materials (+8.6%), and chemicals (+7%). Agricultural output rose by 3.7%. Trade and Investment Outlook From January to May 2025, Kazakhstan’s foreign trade turnover reached $53.5 billion. Exports stood at $29.8 billion, including $10.2 billion in high value-added products. Imports rose by 2.2% to $23.8 billion, resulting in a positive trade balance of $6 billion. Prime Minister Olzhas Bektenov reaffirmed the government’s ambition to double Kazakhstan’s GDP by 2029, a goal originally set in 2023. “Last year, our GDP was $286 billion. This year, we expect to surpass the $300 billion mark. If current growth rates hold, we are capable of reaching $450 billion by 2029,” Bektenov stated at a press briefing. He emphasized that the government is investing in industrial development, economic diversification, and high value-added production to ensure that the majority of national revenue and profits remain within Kazakhstan. Diverging Forecasts Earlier this year, the Eurasian Development Bank forecast Kazakhstan’s GDP growth at 5.5% for 2025, with similar rates expected for 2026 and 2027. However, the European Bank for Reconstruction and Development (EBRD) recently downgraded its 2025 forecast from 5.2% to 4.9%, citing potential risks to oil output.

Finance

Tajikistan Nears Full Transition to Ruble in Trade with Russia, As Bilateral Trade Surges

Tajikistan has nearly completed its transition to ruble payments in trade with Russia, with over 90% of transactions now conducted in Russian currency, according to Firdavs Tolibzoda, head of the National Bank of Tajikistan. This marks a significant shift from 2021, when trade between the two countries was evenly split between the ruble and the U.S. dollar. Tolibzoda highlighted that Tajik banks are working to minimize financial risks by primarily cooperating with Russian banks that are not subject to international sanctions. The shift away from the dollar in Tajik-Russian trade began after Western sanctions were imposed on Russia following its invasion of Ukraine. Over the past three years, Tajik exchange offices have no longer faced periodic shortages of U.S. currency, a problem that was common before the transition to ruble payments. In 2024, bilateral trade between Tajikistan and Russia is expected to reach $1.98 billion, reflecting a 15.6% increase from 2023. However, trade remains highly imbalanced. Russian imports account for 95.2% of total trade, with Tajikistan purchasing oil products and essential goods, while Tajikistan’s exports to Russia amounted to just $96 million, primarily consisting of vegetables, fruits, and mineral products such as ores and concentrates. Despite Russia’s dominant role as Tajikistan’s largest trading partner, China is rapidly catching up. In 2024, Russia accounted for 22.1% of Tajikistan’s total foreign trade turnover, while China’s share reached 21.8%. Trade with China grew by 30.1% over the past year, almost double the growth rate of trade with Russia, indicating a shifting dynamic in Tajikistan’s economic partnerships.

Trade

Iran’s Non-Oil Exports to Uzbekistan Rise by 18%

Iran’s non-oil exports to Uzbekistan increased by 18% in value and 14% in weight during the first nine months of the current Iranian year (March 20 - December 20, 2024), compared to the same period last year (March 21 - December 21, 2023), Trend reported, citing data from the Iranian Customs Administration. According to the report, Iran exported 414,000 tons of non-oil goods worth $292 million to Uzbekistan during this period. In the corresponding months of the previous Iranian year, exports totaled 364,000 tons, valued at approximately $248 million. Key Iranian Exports to Uzbekistan Iran’s main exports to Uzbekistan included: Milk and dairy products Petrochemicals Various types of pipes Glass containers Agricultural equipment Overall, Iran’s total trade turnover with Uzbekistan during the nine-month period reached 444,000 tons, valued at $358 million. Expanding Trade Ties with Kazakhstan In addition to strengthening economic relations with Uzbekistan, Iran is also deepening trade ties with Kazakhstan. As The Times of Central Asia reported, on January 30, Iranian Vice President Mohammad-Reza Aref met with Kazakh Prime Minister Olzhas Bektenov in Almaty to discuss trade and transport cooperation. Kazakhstan’s trade with Iran reached $296 million in 2024, an 8.1% increase from the previous year. Notably, Kazakhstan’s exports to Iran grew by 29.1%, reaching $100.6 million. Kazakhstan plans to expand exports of wheat and barley, while both sides discussed increasing cargo traffic and upgrading port terminals to facilitate trade.

Foreign trade turnover

Uzbekistan’s Foreign Trade Turnover Grows by 3.8% in 2024

Uzbekistan’s foreign trade turnover (FTT) reached $65.9 billion in 2024, reflecting an increase of $2.4 billion, or 3.8%, compared to the previous year, according to the Statistics Agency under the President of the Republic of Uzbekistan. Exports totaled $26.95 billion, an 8.4% increase year-on-year, while imports amounted to $38.99 billion, representing a modest rise of 0.8%. China and Russia remain Uzbekistan’s top trading partners, with Kazakhstan emerging as a key partner in third place. Uzbekistan conducts trade with 198 countries, with China accounting for 18.9% of its FTT, followed by Russia (17.6%), Kazakhstan (6.5%), Turkey (4.5%), and South Korea (3.0%). Trade with state members of the Eurasian Economic Union (EAEU) reached $17.5 billion in 2024. Of this, $5.83 billion came from exports, while imports amounted to $11.66 billion. In 2024, natural gas trade played a significant role in Uzbekistan’s foreign trade activities. The country exported $628 million worth of gas but imported $1.68 billion worth, more than 2.5 times the value of its exports. Gas imports rose sharply, increasing 2.4 times compared to 2023. Purchases of natural gas from Turkmenistan and Russia surged from $694.9 million in 2023 to $1.68 billion in 2024.

Trade

‘Made in Kyrgyzstan’ Program Aims to Boost Exports and Strengthen Global Presence

Kyrgyzstan’s Ministry of Economy and Commerce has launched the National Export Program "Made in Kyrgyzstan" for 2025-2028. Coordinated by the Kyrgyz Export Center, the initiative aims to help domestic producers access international markets, enhance the country’s export potential, and establish the “Made in Kyrgyzstan” brand as a recognizable symbol abroad. Program Goals and Priorities The program focuses on increasing Kyrgyzstan’s export volumes and foreign trade revenues by strengthening the position of Kyrgyz-made goods in global markets. It prioritizes key industries, including textiles, food, jewelry, and halal products, with the goal of making Kyrgyz exports more competitive internationally. To achieve these objectives, the program will: Support local entrepreneurs by promoting participation in international exhibitions and trade fairs. Facilitate access to financing and preferential loans for exporters. Streamline bureaucratic processes to expedite export procedures. Ensure domestic products meet international quality standards and certification requirements. Additionally, the program emphasizes increasing the export of high value-added goods and diversifying Kyrgyzstan’s export portfolio to reduce its negative foreign trade balance. Foreign Trade Trends According to the National Statistical Committee, Kyrgyzstan’s foreign trade turnover for January - October 2024 totaled $13.4 billion, marking a 6.4% increase compared to the same period in 2023. However, the trade balance remained negative, with exports accounting for 23.3% and imports for 76.7% of the total turnover. Key highlights include: Exports: Grew by 25.2% to $3.1 billion, largely driven by gold exports, which made up 34.1% of the total. Excluding gold, exports reached $2.1 billion, an increase of 21.9%. Imports: Rose by 1.8%, amounting to $10.3 billion. Trade with member states of the Eurasian Economic Union (EAEU) - Armenia, Belarus, Kazakhstan, and Russia - amounted to $4.2 billion, a 13.7% increase. Russia (71.8%) and Kazakhstan (26.4%) remained Kyrgyzstan’s largest trading partners within the EAEU. Meanwhile, trade with countries outside the EAEU reached $9.2 billion during the same period. Strengthening Export Potential The "Made in Kyrgyzstan" program aspires to boost exports of diversified, high-quality products while addressing the country’s trade deficit. By empowering local businesses, improving export infrastructure, and fostering global competitiveness, the initiative represents a significant step forward for Kyrgyzstan’s economic growth and international trade ambitions.

Trade

Uzbekistan’s Foreign Trade Turnover Reaches $59.4 Billion in 2024

From January to November 2024, Uzbekistan’s foreign trade turnover (FTT) reached $59.4 billion, marking an increase of $2.1 billion or 3.6% compared to the same period in 2023, according to the Uzbek Statistical Agency. The volume of exports rose to $24.2 billion, a 4.4% increase compared to January-November 2023. Imports totaled $35.1 billion, growing by 3.0% over the same period. Kazakhstan emerged as one of Uzbekistan’s largest economic partners, following China and Russia. Factors contributing to this include a shared border, trade liberalization, and economic collaboration within the CIS free trade zone. Uzbekistan currently conducts trade with 195 countries, with significant FTT shares attributed to: China: 19.0% Russia: 18.0% Kazakhstan: 6.5% Turkey: 4.4% South Korea: 3.0% The Commonwealth of Independent States (CIS) countries accounted for 35.4% of Uzbekistan’s FTT during this period, reflecting a 3.0% increase from 2023. The growing economies of Uzbekistan’s trading partners in the CIS suggest a potential for increased demand for Uzbek exports. However, trade with non-CIS countries saw a decline. Uzbekistan’s trade share with other foreign nations dropped by 3.0% compared to the same period in 2023, comprising 64.6% of the total FTT.