Imports from the Persian Gulf to Central Asia reach higher volumes

Central Asian countries have increased the volume of goods imported from the Persian Gulf, according to data from the Eurasian Development Bank.

Last year, trade between the region and the Persian Gulf countries reached $3.3 billion. Compared to 2020, trade between the five Central Asian states and Kuwait, Bahrain, Qatar, the UAE, Oman, and Saudi Arabia grew 4.2 times.

The highest growth rates were recorded in Turkmenistan (9.9 times), Kyrgyzstan (9.5 times), and Uzbekistan (8.1 times). Among the Gulf states, the UAE remains the undisputed leader, accounting for 97 percent of trade with the region.

In terms of major trade partners, Turkmenistan ranks first with $2 billion (61 percent of total trade), followed by Uzbekistan with $740 million (23 percent), and Kazakhstan with $302 million (9 percent).

"The experts note that the growth of mutual trade is expected to continue. The untapped potential is estimated at $4.9 billion, which would represent an additional 150 percent of the current trade turnover", the report stated.

Of this, $4.4 billion accounts for the Persian Gulf countries’ potential exports, primarily automobiles, electronics, and jewelry, while $500 million reflects Central Asia’s potential exports, including precious and non-ferrous metals as well as agricultural products.

It is worth noting that earlier, Kazakhstan’s deputy Prime Minister and Minister of National Economy, Serik Zhumangarin, announced at the second meeting of the “Central Asia–China” business council held in Astana that China’s trade turnover with Central Asia had reached $95 billion.