Kazakhstan’s exports have slanted towards low value-added commodities: Vice Minister of Economic Affairs and Budget Planning

With Kazakhstan entering the Customs Union [comprising Kazakhstan, Russia and Belarus], Kazakhstan’s exports have slanted towards low value-added commodities, Newskaz.ru reports, citing the country’s Vice Minister of Economic Affairs and Budget Planning Ms. Madina Abylkasymova as saying. “The share of minerals and metalware in the overall exports has grown from 52% to 57.8%, with the share of chemicals, animal produce and crop products being on the fall. Besides, exports of processing industries products have been also diminishing”, she said when speaking at the 6th Astana Economic Forum. “Kazakhstan shouldn’t ignore mistakes of unsuccessful trade unions wherein low value-added products dominated the trade turnover”, she said. Besides, she pointed out that in trade relations with the other Customs Union states Kazakhstan remains to be a net importer. “With the Customs Union launch, the negative balance of trade in trade ties with Russia in 2012 totaled $ 10.365 billion, 58.4% up against 2010; the negative balance of trade with Belarus in 2012 stood at $585 million, twice up against 2010”, she said. The Customs Union between Russia, Kazakhstan and Belarus came into existence on January 1, 2010 to boost trade and investment. According to the statement made at the press-conference in Minsk, the Customs Union was formed on the WTO principles.