Trade mission of Kazakhstani commodity producers is held in Chinese Wuhan for the first time

Kazakhstan's business delegation to China was led by Vice Minister of Trade and Integration of Kazakhstan Kairat Torebayev. At a meeting with the business community in the city of Wuhan, he noted the positive development of trade between our countries.

Since May of this year, China has been the leading trade partner of Kazakhstan. Only at the end of 2022, the mutual trade turnover between Kazakhstan and China reached a historical maximum of more than 24 billion dollars. For 7 months of 2023, the volume of trade between Kazakhstan and China increased by 20.6% compared to the same period last year and amounted to $16.3 billion.

«The Chinese market represents a stable and demanding consumer of our products. Kazakhstan is ready to offer a rich assortment of industrial and agricultural goods worth more than $1 billion in additional 135 commodity items», - Kairat Torebayev said at the business forum.

Our country pays special attention to trade and economic cooperation with China. According to the assessment of the heads of state of the Republic of Kazakhstan and the People's Republic of China, the volume of mutual trade between our countries may increase to $40 billion in the coming years.

Chinese buyers were able to fully appreciate the high quality of Kazakh agricultural products. The greatest demand in the Chinese market is for food products. This is confirmed by the results of the trade mission. As a result of business meetings, entrepreneurs signed contracts for the supply of flour, egg noodles, confectionery, vegetable oils and fodder worth $28 million.

«The trade mission to the city of Wuhan provides an excellent opportunity for companies to demonstrate their export potential and will also open up Kazakh goods to Hubei Province», - the vice minister said.

The current business mission of domestic producers to China is the second one this year. In May, the Ministry of Trade and Integration of the Republic of Kazakhstan together with the operator of state export support measures QazTrade organized a business trip for 37 entrepreneurs to Xi'an. A showroom of Kazakhstani goods was opened at the Consulate General of Kazakhstan in Xi'an.

In August, Kazakhstani companies participated in the international exhibition «China - Eurasia: Goods and Trade»: in Urumqi, Xinjiang Uygur Autonomous Region of the PRC. The national stand of Kazakhstan became one of the best at the exhibition among 40 countries and regions. As a result of the past events, agreements were reached on export supplies of goods totaling about $203.4 million. And in November Kazakhstan will present its products at the Shanghai Import Expo.

Synopsis:

Kazakhstan's trade with Hubei Province for the first 7 months of 2023 increased by 77% to $94.3 million, with exports of Kazakhstani goods totaling $6.8 million and imports $87.5 million.