In the next few years, bilateral trade between Kazakhstan and China will exceed the total volume of the republic’s transactions with Russia. Thus, in the medium term, China will become the main trading partner of Astana instead of Moscow, opens The words of the Deputy Prime Minister of Kazakhstan Serik Zhumangarin Bloomberg agency.
For more than three decades after the collapse of the Soviet Union, Russia retained its status as Kazakhstan’s largest trading partner. However, in the near future, the alignment of powers in trade with the Central Asian republic may change in favor of China. He explained that one of the main reasons for such dynamics is the international sanctions against Moscow that cause trade flows to shift towards the PRC.
“Fiscal and economic sanctions that push Russia aside and redirect trade flows create opportunities for China. The growth of trade is due to China. By 2030, the volume of trade with China will dwarf Kazakhstan’s trade with the 27 countries of the European Union as a whole.
29 May, RBC online edition citing statistics from the European Commission (EC) and the International Trade Center (ITC) reportedHe said China’s trade with Central Asian countries jumped from $41.9 billion to $70.2 billion in 2022. At the same time, Russia increased its trade volume with these countries from $35.7 billion to $42 billion.