Kyrgyzstan’s imports surged sixfold over exports in Q1 2024, driven by car and dishwasher purchases, while gold remained the key export commodity.
In the first quarter of 2024, Kyrgyzstan’s foreign trade dynamics showcased a significant imbalance between imports and exports, with imports surpassing exports by a factor of six. According to the National Statistical Committee, this period saw the country’s foreign trade turnover reach $3.7239 billion, reflecting a 29.8% increase compared to the same timeframe in 2023. The total exports amounted to $510.9 million, marking a 12.8% growth, whereas imports skyrocketed to $3.213 billion, a 33% increase from the previous year.
Export Trends: Gold at the Forefront
Gold continues to be the cornerstone of Kyrgyzstan’s export economy. In the first quarter of 2024, gold constituted 27.3% of the total export volume, with approximately 2.1 tons of the precious metal exported. A notable shift in the export market saw Hong Kong (China) replacing Switzerland as the primary destination for Kyrgyz gold.
The top five export commodities for Kyrgyzstan have remained consistent over the past two years, including:
- Gold
- Ores and concentrates of precious metals
- Petroleum products
- Copper waste and scrap
- Communications equipment
While the export of cars, which was significant throughout 2023, has diminished, Kyrgyzstan has diversified its export portfolio, introducing products such as curtains, drapes, and even vacuum cleaners. Surprisingly, the country has also started exporting bananas, amounting to $18,600 in the first three months of 2024.
Kyrgyzstan’s primary export partners include Russia, which has emerged as the main trade partner in 2024, with Switzerland dropping to fourth place. Despite focusing on nearby neighbors, Kyrgyzstan maintains trade relations with distant countries such as Australia, Peru, Jordan, Libya, and Kenya.
Import Trends: Dominance of Cars and Dishwashers
Passenger cars remain the leading import commodity for Kyrgyzstan, accounting for 28.3% of the total import volume in value terms. From January to March 2024, Kyrgyzstan imported at least 50,400 cars worth $911 million, with China supplying 63.7% of these vehicles. Car imports from China increased dramatically, rising 13.6 times compared to the same period in 2023. Additionally, 8,000 cars valued at $66.5 million were imported from South Korea.
Dishwashers also represent a significant portion of imports, continuing a trend that began three years ago. In the first quarter of 2024, Kyrgyzstan imported 52,600 dishwashers worth $509.4 million.
Other prominent import items include oil products and medicines. The import volumes of sewing machines and communication equipment also remain high, suggesting potential re-export activities. China dominates as the primary source of imports, accounting for more than half of the total imported goods.
In the first three months of 2024, Kyrgyzstan imported goods from 128 countries, including distant nations such as Sierra Leone, Panama, San Marino, Honduras, and Ethiopia.
Bashkiria’s Trade Relations with Kyrgyzstan
Parallel to Kyrgyzstan’s trade activities, Bashkiria has seen a substantial increase in its export volume to Kyrgyzstan. From January to May 2024, exports from Bashkiria to Kyrgyzstan rose by 22.8% compared to the same period in 2023. Bashkiria’s exports mainly comprised mineral products, metals and metal products, chemical industry products, rubber, wood and pulp, paper products, food products, and raw materials like sugar and grain. Additionally, Bashkiria exported mechanical engineering products, textiles, footwear, medicinal plants, and straw to Kyrgyzstan.
Bashkiria’s exports constituted 99% of the total trade turnover with Kyrgyzstan, with the mutual trade turnover increasing by 21.8% in the first five months of 2024 compared to the previous year. In 2023, Kyrgyzstan ranked eighth among Bashkiria’s foreign trade partners, accounting for 3% of the trade turnover.
Entrepreneurs from Bashkortostan have been invited to participate in the upcoming VI Kyrgyz-Russian Economic Forum, scheduled for September 12-14, 2024, in Issyk-Kul. The forum will focus on enhancing trade, economic, and investment cooperation in various sectors, including energy, mining, tourism, and agro-industrial complex, emphasizing agricultural processing, equipment, packaging, feed, and fertilizers.
Conclusion Kyrgyzstan’s trade landscape in early 2024 highlights a significant disparity between its import and export activities, underscored by a heavy reliance on gold exports and a surge in car and dishwasher imports. The dynamic trade relations with Bashkiria further illustrate the interconnected nature of regional economies and the potential for increased cooperation and economic growth.
Author: Sana Mubashar
Sana Mubashar is a seasoned content writer and blogger with over 5 years of global experience. She has been actively serving clients worldwide through platforms like Fiverr and Upwork. Her expertise lies in various areas including website landing page development, copywriting, blog post writing, affiliate writing, product reviews, press releases, and other types of writing. Sana excels in crafting unique content and implementing effective strategies to enhance online presence and engage target audiences.
