Minister of Economy & Budget Planning: Kazakhstan's foreign trade turnover increased by 3.7% in 2014

"An investment activity in Kazakhstan is slow. It has increased by 2,9 percent. Herewith, notwithstanding the index decline in metal prices by 10 percent, the adjustment of tenge exchange rate had a positive impact on Kazakhstan's foreign trade. The average price of Brent crude oil in January-May this year amounted to 108.2 dollars per barrel,” Yerbolat Dossyaev informed.

As the Minister noted slowing of the economic growth’s pace and weakening of Chinese manufacturing activity caused fall in metal prices.

"Exports of goods amounted to 22.6 billion dollars and increased by 11 percent in the first quarter of this year against the decrease of its volume by 1.6 percent in the same period in 2013. The export of goods in the Customs Union countries amounted to 1.2 billion dollars and has decrease by 27.9 percent," he added.

Besides, the head of the Ministry noted that import from the Customs Union countries fell by 19.8 percent (2.9 billion dollars). Imports from other countries decreased by 2.7 percent (5 billion dollars.)

It should be noted changing of exchange rate policy allowed for an increase in gross international reserves. 

As of June 1 of the current year, they have increased by 8.2 percent and amounted to 103.4 billion dollars; the National Fund assets have increased by 7.1 percent (75.8 billion dollars), gold reserves have increased by 11.7 percent ( 27.6 billion dollars).

Madina Nurbekova