ASTANA — Kazakhstan achieved solid trade growth and stabilized prices for essential goods in 2024 despite global challenges and geopolitical instability. Strategic measures, infrastructure improvements and economic diversification fueled these advancements, solidifying the country’s role as a reliable international trading partner.
Photo credit: e-cis.info
According to the Kazakh Ministry of Trade and Integration, the country’s index of physical volume increased by 8.2% from 2023, indicating expansion in Kazakhstan’s trade sector. Domestic trade turnover surged 13.4%, reaching 61 trillion tenge (US$116.4 billion). The foreign trade turnover also totaled $116 billion. Notably, e-commerce has increased fivefold since 2022, reaching 2.44 trillion tenge (US$4.7 billion) and comprising 14% of total retail trade in 2024.
A notable milestone was stabilizing prices for socially significant goods, limiting growth to 1% annually—the lowest rate in a decade. This was achieved through state support for domestic trade entities, including measures that ensure local producers secure up to 50% shelf space in retail outlets.
Trade’s contribution to GDP stood at 16.2%, underscoring its importance to the national economy. In his annual 2024 address, President Kassym-Jomart Tokayev set a task to strengthen economic stability through innovative trade policies. One notable achievement was adopting the law on stock trading, which aimed to eliminate unfair practices in trading platforms, promote transparency and strengthen market oversight by antimonopoly authorities.
Kazakhstan also established an Export Credit Agency to support non-commodity exports. Operating as a one-stop shop, the agency provided over 340 billion tenge (US$648.8 million) in financial assistance, including insurance, guarantees and trade financing, generating an economic effect of 1.7 trillion tenge (US$3.24 billion).
Efforts to integrate Kazakh products into international markets included opening trade offices and pavilions in strategic locations, such as China, the United Arab Emirates (UAE), Türkiye and Uzbekistan. For instance, the Qazaq Trade House in Dubai and partnerships in China’s Shandong province boosted non-primary exports by 10.4% to $32 billion in 2024.
In September, Kazakhstan presented its first Trade Policy Review (TRP) to the World Trade Organization, earning international recognition for economic diversification and transparent trade practices.
This year, the ministry plans to modernize trade platforms, enhance e-commerce and align domestic trade practices with international standards, continuing to solidify Kazakhstan’s position in global markets.
