Significant Increase in Early 2024 Exports

In the first five months of 2024, Kazakh processors exported 456,000 tons of oil products, marking a 39% increase compared to the same period last year. According to the National Association of Oilseed Processors of Kazakhstan (NAPMK), the country is on track to export a record-breaking 1 million tons of solid and liquid oil products this year, a historic achievement for the republic.

Main Export Markets

Currently, the primary markets for Kazakhstan’s solid and liquid oil products are China, Central Asia, and Europe.

1. In the first five months of 2024, exports to China exceeded $90 million, reflecting a 29% increase from the same period in 2023. By the end of the year, foreign exchange earnings from these exports are expected to surpass $200 million.
2. Uzbekistan, which imported $177 million worth of vegetable products and meal/cake last year, ranks second with $164 million (32% market share) in the first five months of 2024.
3. Tajikistan follows with $82 million (16% market share).

NAPMK also noted the development of other sales markets, including Europe, which accounted for $47 million (9%) in exports in 2023. The main European destinations were Latvia, Sweden, Italy, Denmark, and Germany.

2023 Export Growth

By the end of 2023, Kazakhstan’s total export of solid and liquid oil products reached 869,000 tons, a 48% increase from 2022. The leading 12 companies in the oil and solid fats industry exported over 520,000 tons, representing 60% of the country’s total exports in this segment. Two major exporters reinvested their revenues to develop deep processing capabilities and plan to start refined oil production in 2025, with investments exceeding 18 billion tenge (34.790.450,65€)

Government Projections and Investments

Earlier, the Ministry of Trade and Integration of Kazakhstan forecasted record export volumes, expecting a 6% increase in non-resource goods and services exports, from $35.6 billion to $37.7 billion. The ministry also anticipated a 30% increase in the export of oil and solid oil products by the end of the year.

Kazakhstan’s impressive growth in the export of solid and liquid oil products highlights the country's expanding influence in global markets. As Kazakhstan continues to develop its processing capabilities and explore new markets, the potential for sustained economic growth in this sector looks promising. This record achievement not only strengthens Kazakhstan’s export portfolio but also underscores the importance of strategic investments in enhancing production and processing infrastructure.