Kazakhstan’s chemical exports reached $559.5 million in January-May this year
International Business News – In the framework of the Kazakhstan Industry Week International Manufacturing Exhibition, experts and manufacturing companies discussed the development of the chemical industry in Kazakhstan, according to the Khaata Meken Business Network.
From January to May 2022, the market size of chemical products in Kazakhstan will reach 804.2 billion tenge. The share of domestic producers rose to 9.3%, of which the share of imported products was 90.7%. According to 2022 data, the largest share of industry production comes from the “industrial chemicals” sector – 65.4%, agrochemicals – 22.1%, basic petrochemicals – 11.5%, and others – 0.9%. The chemical industry completed an output value of 400.2 billion tenge, an increase of 58.7% over the same period in 2021.
Despite the positive dynamics and growth of FDI, today exports are mainly raw materials and low-processed products, and imports are high value-added products. From January to May 2022, the export value of chemical products reached US$559.5 million, an increase of 47% over the same period in 2021, and the import value was US$1,620.8 million, an increase of 24.5% over the same period in 2021.
Industry insiders believe that in order to follow-up development, the financing problem of practitioners must be solved.
Ernar Dzhakashev, General Manager of the Manufacturing Division of Haatameken, noted that procurement regulation is an important tool to support suppliers, including domestic producers, who create jobs and directly affect the socio-economic development of the region.
Ernar Dzhakashev said that the 2021 plan target has been approved, in order to implement the national policy to increase the local executive agency’s share of domestic production in the procurement of chemicals, pharmaceuticals, and pulp and paper industries at a rate of 5% per year. In the chemical industry, the indicator is -36.2% in 2021, -41.2% in 2022 and -46.2% in 2023.