The terms of foreign trade were favorable for Kazakhstan at the beginning of this year. Exports of goods in January-April increased by 60% yoy to $26.5bn, while imports grew by only 13.7% yoy to $13.2 bn. As a result, the foreign trade surplus for 4M2022 was at $13.2 bn, demonstrating the maximum figure since 2014. A significant surplus of foreign trade at the beginning of this year, along with the acceleration of economic growth, contributed to the strengthening of the national currency due to an increase in the inflow of foreign exchange earnings into the country. We expect that the strengthening of the tenge and further stabilization of the economy will stimulate an increase in imports and, as a result, will lead to a reduction in the trade surplus in the coming months of this year.
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