Kazakhstan’s balance of payments surplus amounted to almost $8 ban

The National Bank of Kazakhstan has formed a preliminary assessment of the country’s balance of payments based on the results of 9 months of 2022. It formed with a surplus of $7.9 billion, Zakon.kz reports.

The transition of the current account from a negative balance to a positive zone is associated with an improvement in the state of the trade balance, the surplus of which reached $29.3 billion, explained Azat Uskenbayev, director of the National Bank’s Balance of Payments Department.

The balance improved significantly compared to the value for the comparable period last year by $15.9 billion (2.2 times). The growth of the surplus is ensured by the outstripping growth rate of exports of goods over imports.

Export of goods increased by 47.9% compared to the same period last year and reached $63.9 billion, Uskenbayev said.

He noted that the export of goods was supported by stable external demand and high world prices for raw materials, in particular oil.

Thus, the export of oil and gas condensate increased by 63.4% and amounted to $36.4 billion. Imports of goods, in turn, increased by 16.4% to $34.6 billion.

This is due to an increase in imports of intermediate (by 21.6%, or $3.1 billion) and non-food consumer goods (by 23.2%, or $1.5 billion), the head of the department said.

Nov. 3, 2022