ASTANA — Kazakhstan’s exports rose 27.1% year on year to $48.5 billion in the first half of 2026, helping the country’s current account move into a $2.4 billion surplus, according to the National Bank of Kazakhstan’s Sept. 30 report.
Photo credit: The National Bank.
The current account recorded a $3.2 billion surplus in the second quarter alone, compared with a $3.6 billion deficit in the first half of 2025. The improvement was driven primarily by stronger exports, with positive dynamics recorded across more than 80% of commodity categories.
According to the National Bank, higher global prices for oil, uranium, metals, ores and grain contributed to the increase in export revenues. At the same time, imports rose 6.2% to $32.3 billion during the first six months of the year. The increase was mainly driven by purchases of intermediate and investment goods used for projects and production development.
Imports of non-food consumer goods, however, declined by 11.2%, with car, clothing and footwear imports recording the largest decreases. The National Bank said this trend has continued since the fourth quarter of 2023.
External position strengthens
Kazakhstan’s international investment position also improved during the period, with the gap between the country’s external assets and liabilities narrowing. External liabilities exceeded assets by the equivalent of 42.1% of GDP in 2020. By the end of the first half of 2026, the gap had declined to 11.3% of GDP, or $37.5 billion.
As of July 1, the government sector’s external assets, including the National Bank’s international reserves, stood at nearly $130.8 billion, while external liabilities amounted to $18.6 billion. This left the sector with assets exceeding liabilities by $112.2 billion.
Kazakhstan’s external debt-to-GDP ratio also declined by 3.3% since the beginning of the year, reaching 56.6%. In 2016, the ratio stood at 119.1%, according to the National Bank.
