In the first three months of 2018, the profits of foreign companies increased to $4.6 billion, the press service of the National Bank of Kazakhstan told Kapital.kz.
"Incomes of foreign direct investors increased by 6.7%, to $4.6 billion. More than half of non-residents' income from direct investments was directed to financing of Kazakh subsidiaries," the report said.
On the financial account, with the exception of operations with reserve assets of the National Bank, according to preliminary data, there was a net outflow of capital of $0.6 billion, secured by a decrease in the liabilities of residents against the background of a reduction in their assets.
Import of goods grew by 15.7% and amounted to 7.8 billion dollar. The growth of imports occurred across all groups of the main commodity nomenclature. The largest increase by 24.8% occurred on the import of investment goods, comprising 35.4% of total imports. The import of intermediate industrial consumption goods increased by 9.2%. Imports of consumer goods increased by 13.3%, of which import of food products by 16.1%, non-food products by 11.5%.
"The positive trade balance, according to preliminary data, amounted to 6.1 billion dollar, an increase of 41.7% compared with the I quarter of 2017. Export of goods increased by 25.9% and amounted to 13.8 billion dollar. The cost of export of oil and gas condensate, 60.3% of total exports, increased by 35.5% due to price increase and quantitative volumes. Exports of non-ferrous metals increased by 8.5%, exports of ferrous metals slightly decreased by 2.2%. Export of grain has almost doubled," the regulator said.
According to preliminary estimates, the current account in the first quarter of 2018 was formed with a small deficit of $95 million, compared with a deficit of $1.4 billion for the same period in 2017. The increase in the trade surplus against the backdrop of a recovery in energy prices was a key factor in the reduction of the current account deficit.
Reserve assets, excluding the assets of the National Fund of Kazakhstan, as of April 1, 2018 were estimated at $30.6 billion, which provides financing for 8.4 months of Kazakhstan's imports of goods and services.
Reported by Kapital (Kazakhstan)
