In 2022, the trade turnover between Kazakhstan and China reached $24.1 billion, a 34.1 percent rise from the year before, reported Energyprom.kz on March 6, citing the data of the Bureau of National statistics.
The Kazakh government is set to increase mutual trade with China by up to $35 billion by 2030 following the task agreed on by the leaders of the two countries, said Prime Minister Alikhan Smailov at a March 1 meeting with Chinese Ambassador to Kazakhstan Zhang Xiao, according to the Prime Minister’s press service.
Smailov highlighted that China is one of the largest trading partners, accounting for 18 percent of total trade turnover.
Kazakhstan exports crude oil and petrochemicals, refined copper and copper alloys, natural gas, inorganic chemicals, and ferroalloys to China. China provides the country with cell phones, computing machinery, apparel, tires, and spare parts.
China is also one of the five biggest investors in Kazakhstan’s economy. The inflow of Chinese direct investment between January and September last year made almost $1 billion.
In 2021, it reached $1.5 billion in three quarters. Chinese investors mainly invest in transport and warehousing, manufacturing, and construction.
Kazakhstan and China are ready to deepen their partnership by restarting the Khorgos International Center for Cross-Border Cooperation (ICBC), opening a third railway crossing near the Bakhty-Pokitu checkpoint, developing the Trans-Caspian International Transport Route, constructing major highways and establishing new mechanical engineering production facilities.