Exports of goods in the reporting period reduced by 19.7% compared to 2019 to $46.7 billion. The decrease in exports is mainly due to a drop in exports of oil and gas condensate. Imports of goods fell by 9.6% to $36.2 billion, due to a decrease in import of investment and intermediate goods. As a result, the surplus of trade balance decreased by 42.1% to $10.5 billion.
At the end of 2020, revenues payable to foreign direct investors dropped by 34.6%, to $13.9 billion, influenced by the decline in oil prices and the COVID-19 pandemic.
Net capital inflow on the financial account (excluding operations with reserve assets of the National Bank) as of 2020 amounted to $15.3 billion, the net outflow in 2019 was $1.6 billion. The inflow was mainly provided by further funding of the future expansion project of Tengizchevroil LLP, placement of sovereign bonds by the Ministry of Finance of the Republic of Kazakhstan, attraction of the government loan from the Asian Development Bank and operations of the National Fund of the Republic of Kazakhstan.
As of January 1, 2021, the reserve assets (excluding assets of the National Fund of the Republic of Kazakhstan) were estimated at $35.6 billion, which covered the funding needs of 9.7 months of Kazakhstani import of goods and services.
Photos are from open sources.
