Kazakhstan's Trade Driven by Commodities, Investment Targets Diversification

Kazakhstan's trade and investment data reveal a diverging economic landscape, with commodities still driving exports while investment flows into diverse sectors. In the first four months of 2026, the country's foreign trade turnover climbed to $44.9 billion, marking a 7.9% rise compared to the same period in the previous year. Exports grew by 5% to $24.9 billion, while imports saw a more substantial increase of 11.3% to $20.8 billion.

Commodities remain the backbone of Kazakhstan's export economy. Crude oil and petroleum products alone constituted 44% of all exports during this period. Other significant exports included copper-related products (13.8% combined), ferroalloys (3.2%), and wheat (3%). China, Italy, and Russia were the primary destinations for these exports, reflecting established trade relationships.

In contrast to the export reliance on raw materials, investment statistics paint a different picture. From January to May, investments in fixed capital increased by 7% year-on-year, reaching 6.74 trillion tenge (US$13.8 billion). The industrial sector attracted the largest share, 42.9%, but within industry, investment is shifting. While mining and quarrying received 1.39 trillion tenge, the data suggests a broader trend of capital flowing into manufacturing, energy infrastructure, transport, and agriculture, signaling a push towards economic diversification.