BAKU, Azerbaijan, October 22. Trade between the United Kingdom and Kazakhstan has continued its upward trajectory, 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.
According to UKEF, imports from Kazakhstan experienced a sharp decline. UK imports from Kazakhstan fell by 36.2 percent, totaling 739 million pounds. This reduction, amounting to 419 million pounds, places Kazakhstan as the UK’s 76th largest import partner. The most significant decrease was seen in goods imports, which dropped by 56.3 percent to 402 million pounds. The decline reflects a reduced UK reliance on traditional Kazakhstani exports, such as metals and oil.
In contrast, the import of services from Kazakhstan saw a notable rise, increasing by 41.6 percent to 337 million pounds. This growth highlights expanding cooperation in sectors such as information technology, business services, and logistics. Kazakhstan now ranks as the UK’s 49th largest services trading partner, accounting for 0.3 percent of the UK’s services trade.
Kazakhstan is also the UK’s 68th largest goods trading partner, reflecting a shifting dynamic in the trade relationship as the UK continues to diversify its economic engagements with the Central Asian nation.