Kazakhstan raises estimate 2011 exports

Kazakhstan’s Ministry of Economy Development and Trade has raised estimated 2011 exports, including through growing prices for oil, Minister Kelimbetov announced September 13. “2011 exports will make up $76.3 billion, $17.2 billon up against the earlier estimate”, Mr. Kelimbetov said. According to him, the growth is propelled by higher prices for major exports. “We are expecting higher prices for energy, agricultural produce and metals at global markets as compared to 2010. The actual price for Brent oil in January – August made up $111.6 per barrel. Estimated 2011 oil price has been raised from $65 to $90 per barrel (…) This estimate takes into account possible risks of oil price drops before the end of the year”, according to the Minister. Estimated imports stand at $38.4 billion, $4.6 billion up against the earlier estimate. Inflation is expected within the range of 6-8%. Anticipated industrial production output stands at 6%, 1.2% up against the earlier estimate.