ASTANA — Kazakhstan’s latest trade and investment data from the Bureau of National Statistics reveal a notable contrast. While crude oil and other commodity products continue to dominate exports and drive external earnings, investment is increasingly flowing into manufacturing, energy infrastructure, transport, and agriculture.
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Trade still speaks the language of commodities
According to data released by the Bureau of National Statistics on June 15, Kazakhstan’s foreign trade turnover reached $44.9 billion in January-April 2026, up 7.9% compared to the same period last year. Exports reached $24.9 billion, increasing by 5%, while imports rose by 11.3% to $20.8 billion.
The composition of exports underscores the continued role of commodities in Kazakhstan’s external trade performance. Crude oil and petroleum products accounted for 44% of all exports during the reporting period, remaining the country’s largest export category by a considerable margin.
Copper-related products also featured prominently. Refined copper and unwrought copper alloys represented 7.5% of exports, while copper ores and concentrates accounted for another 6.3%.
Ferroalloys made up 3.2%, and wheat contributed 3%. Taken together, these categories accounted for a significant share of Kazakhstan’s exports in the first four months of the year.
The geography of exports reflected Kazakhstan’s established trading relationships. China remained the country’s largest export destination, accounting for 20.3% of total exports. Italy followed with 16.5%, while Russia represented 8.4%. Türkiye accounted for 7.3%, Uzbekistan for 6%, and the Netherlands for 5.9%.
Imports continued to expand at a faster pace than exports
Russia remained Kazakhstan’s largest source of imports, supplying 31.8% of imported goods, followed closely by China at 28.6%. Germany accounted for 4.8%, the United States for 4.4%, South Korea for 2.5%, and Türkiye for 2.2%.
Among imported products, passenger vehicles represented 3.1% of total imports. Petroleum gases accounted for 2.7%, pharmaceutical products for 2.6%, while telephone equipment and electric generating sets each contributed approximately 2.5%. Overall, the trade figures show continued growth in external commerce, with exports remaining heavily concentrated in oil and other commodity products.
Investment is moving in a different direction
While trade data highlight the dominance of commodities in Kazakhstan’s export basket, investment statistics from the Bureau of National Statistics point to a different pattern. In January-May, investments in fixed capital reached 6.74 trillion tenge (US$13.8 billion), an increase of 7% compared to the same period in 2025. Industry remained the largest recipient of investment, attracting 2.89 trillion tenge (US$6 billion), or 42.9% of total capital investment. Within the industry, however, growth rates varied substantially.
Investment in mining and quarrying totaled 1.39 trillion tenge (US$2.8 billion), or 20.6% of all investments. At the same time, the sector received 9.5% less investment than during the same period last year. By contrast, manufacturing attracted 818.2 billion tenge (US$1.6 billion), with investment increasing by 29.2%. Investment in electricity, gas, steam, and air-conditioning supply rose even more sharply, increasing by 83.4% to 412.7 billion tenge (US$846 million).
Outside the industry, transport and storage remained one of the largest destinations for capital. The sector attracted 1.08 trillion tenge, accounting for 16% of total investment and posting 25.6% year-on-year growth.
Agriculture also recorded strong growth. Investments reached 369.7 billion tenge (US$758.4 million), up 36.4% from the first five months of 2025. The figures indicate that some of the strongest investment growth occurred in sectors outside mining, including manufacturing, utilities, transport, and agriculture.
Viewed together, the trade and investment data reveal a notable contrast. Crude oil and petroleum products continued to account for nearly half of Kazakhstan’s exports, while some of the strongest investment growth was recorded in manufacturing, electricity and utility infrastructure, transport, and agriculture. At the same time, investment in mining and quarrying declined compared to the previous year.
