Kazakhstan could boost finished goods exports to China 2.5-fold to $12.5 bln by 2029

ASTANA. May 21 (Interfax) - Kazakhstan plans to increase exports of finished products to China 2.5-fold from $5 billion to $12.5 billion in the medium term, Kazakh Trade and Integration Minister of Arman Shakkaliyev said.

"In order to meet the [export] target of $45 billion by 2029, a number of key directions have been identified to boost exports with a focus China, in the first place. Our goal is to boost exports of finished products in the medium term by 150% to $12.5 billion," Shakkaliyev said at a Tuesday meeting of the government.

Kazakhstan's non-resource exports to China totaled $5 billion in 2023.

The minister said that measures were being taken, including the creation of necessary infrastructure on the border, to increase trade turnover with the EAEU and Central Asian states.

"We are working towards increasing exports of high-margin goods, such as chilled lamb, poultry and offal, which are in high demand in the Middle East countries," Shakkaliyev said.

The European Union is also an attractive destination for Kazakh exports, for the European countries are ready to buy food and organic products from Kazakhstan, the minister said.

In 2023, the list of Kazakhstan's export goods increased by 278 items to 6,010 and the number countries buying them to 135 from 129 in 2022; exports of finished goods to China grew by 8%, South Korea by 26% and Vietnam by 46%, according to the Trade and Integration Ministry.