Dynamic growth in prices in 1Q2022 for the main goods of Kazakhstani exports against the backdrop of restrained growth in imports led to the highest foreign trade surplus since 2014 at $9.6 billion. Exports of goods in January-March increased by 65.8% yoy to $19.1 billion, while import volumes grew only by 16.5% yoy to $9.5 bn.
We expect a significant trade surplus to remain in the near term, however, the projected economic growth against the backdrop of a strengthening national currency will stimulate the expansion of imports of goods and services, which will lead to the reduction of surplus in the second half of this year.
