Kazakhstan's exports to Azerbaijan increased 3.4 times

According to QazTrade, the trade turnover between Kazakhstan and Azerbaijan in January-May 2022 amounted to $161.4 million, which is 3.4 times higher than in the same period of the previous year ($48.1 million). The increase was provided by an increase in both exports ($125.5 million versus $37.1 million) and imports ($35.8 million versus $11 million).

The increase in exports to Azerbaijan is justified by an increase in the supply of such goods as wheat, oil and petroleum products, electric railway locomotives, rails, flat rolled products made of non-alloy steel, clad, etc.

At the same time, there is a decrease in export supplies of such goods as: shaving products, deodorants, bath compounds, road and construction equipment, fittings for pipelines, etc.

The increase in imports from Azerbaijan is justified by an increase in the import of such goods as: special purpose floating vehicles, ethylene polymers, water, including mineral and carbonated, with sugar, seamless pipes, tubes and profiles made of ferrous metals, cruise excursion vessels, ferries and other means for transporting passengers, nuts, etc..

There is a decrease in imports of goods such as tomatoes, insulated wires, cables, products made of cement, concrete or artificial stone, etc.

The trade turnover between Kazakhstan and Azerbaijan by the end of 2021 amounted to $332.2 million, which is 3 times higher than in 2020 ($109.2 million). At the same time, Kazakhstan's exports to Azerbaijan increased 3.4 times last year and amounted to $287.9 million, while imports increased by 77.3% and amounted to $44.4 million.

Kazakhstan uses more than 20 different instruments of financial and non-financial support for exporters.

The operators of state support are JSC "QazTrade" (financial and non-financial measures) and JSC "Export Insurance Company "KazakhExport".

JSC "QazTrade" is a "single window" for exporters and provides Kazakhstani companies conducting foreign trade activities or only intending to export a wide range of services in such areas as: training in export activities and export acceleration, analysis and review of goods markets and countries, the withdrawal of Kazakhstani goods to international electronic platforms, assistance promotion of Kazakhstani products to foreign markets, organization of trade and economic missions and participation of enterprises in thematic trade exhibitions, reimbursement of exporters' costs, etc.

KazakhExport Export Insurance Company JSC is the only organization in the Kazakhstan insurance market that provides exporting enterprises and financial institutions with a full range of insurance services to protect against financial risks at all stages of economic activity.