BAKU, Azerbaijan, October 21. Trade between the United Kingdom and Kazakhstan continues to grow, with total trade in the four quarters leading up to Q1 2024 reaching 2.7 billion pounds, according to data released by UK Export Finance (UKEF), Trend reports.
This marks a 12.1-percent increase, or 296 million pounds, compared to the same period last year, cementing Kazakhstan as the UK’s 60th largest trading partner, accounting for 0.2 percent of total UK trade.
At the same time, UK exports to Kazakhstan saw a significant rise, with total exports reaching 2 billion pounds, an increase of 55.4 percent (715 million pounds) year-on-year. Services dominated the UK’s export profile, accounting for 1.6 billion pounds (82.1 percent of total exports), marking a remarkable 75.4 percent increase from the prior year.
Goods exports to Kazakhstan, which include machinery, pharmaceuticals, and industrial products, rose by 2 percent to 358 million pounds, representing 17.9 percent of total UK exports.
Kazakhstan is now ranked as the UK’s 68th largest goods trading partner, accounting for 0.1 percent of UK goods trade, and its 49th largest services trading partner, representing 0.3 percent of UK services trade.