Kazakhstan Fosters Trade Expansion, Maintains Price Consistency in 2024
Kazakhstan Strengthens Economic Stability Through Innovative Trade Policies
In a bid to bolster economic stability, President Kassym-Jomart Tokayev set a task to modernize trade policies in his 2024 address. This ambitious goal has since been put into action, with significant strides made in various areas.
One of the key initiatives has been Kazakhstan's first Trade Policy Review (TRP) presentation to the World Trade Organization in September 2024. This move signified a commitment to transparency and adherence to international trade standards.
To further cement this commitment, Kazakhstan has opened trade offices and pavilions in strategic locations such as China, the UAE, Türkiye, and Uzbekistan. These establishments aim to foster stronger trade relationships and promote Kazakhstan's non-primary exports.
The efforts have borne fruit, with the Qazaq Trade House in Dubai and partnerships in China's Shandong province boosting non-primary exports by 10.4% to $32 billion in 2024. This significant increase in exports has contributed to a total foreign trade turnover of $116 billion in the same year.
The domestic trade turnover also saw a substantial increase, reaching 61 trillion tenge (US$116.4 billion) in 2024. This growth can be attributed in part to state support for domestic trade entities, ensuring local producers secure up to 50% shelf space in retail outlets.
Kazakhstan's focus on economic diversification has also been recognised internationally. The country's efforts to eliminate unfair practices, promote transparency, and strengthen market oversight, as demonstrated by the adoption of the law on stock trading in 2024, have been commended.
E-commerce has also seen a boom in Kazakhstan, increasing fivefold since 2022, reaching 2.44 trillion tenge (US$4.7 billion) in 2024. E-commerce now comprises 14% of total retail trade in the country.
The ministry is planning to modernize trade platforms, enhance e-commerce, and align domestic trade practices with international standards in 2025. These measures aim to further boost Kazakhstan's economic growth and global competitiveness.
In addition to these initiatives, the establishment of an Export Credit Agency has provided over 340 billion tenge (US$648.8 million) in financial assistance in 2024. This agency, set up to support non-commodity exports, has contributed to the economic effect of 1.7 trillion tenge (US$3.24 billion) in 2024.
Price growth for socially significant goods in Kazakhstan was limited to 1% annually in 2024, the lowest rate in a decade. This achievement underscores the government's success in maintaining stable essential goods prices.
In conclusion, President Tokayev's vision for a more stable and innovative economy is being realised through a series of strategic initiatives. The future looks promising for Kazakhstan's continued economic growth and global standing.
