BAKU, Azerbaijan, January 31. The current account of the balance of payments reached a surplus of $6.3 billion in 2022, Trend reports, citing the press service of the National Bank of Kazakhstan.
In comparison, a deficit of $7.9 billion was recorded in 2021.
The transition of the current account from the negative to the positive zone is associated with a dramatic improvement in the trade balance, which reached a surplus of $35.1 billion in 2022. This constitutes an increase of 87.3 percent compared to the 2021 result of 16.4 billion.
Exports of goods and services increased by 40.7 percent compared to 2021 and reached $84.8 billion. Export was sustained by increased demand and the increased price of energy resources. Specifically, the export of oil and gas condensate increased by 50.9 percent and reached $46.9 billion.
Meanwhile, the imports level increased as well. A 19.6 percent increase was recorded in 2022, and the overall volume of imports reached $49.7 billion. The largest increase was recorded for non-food products, which equaled 33 percent.
The National Bank is the central bank of the Republic of Kazakhstan. The objective of the institution is to ensure price stability in Kazakhstan, in addition to regulating fiscal and monetary policy.
