It is being reported that in 2016 Kazakhstan’s trade with its partners in the Eurasian Economic Union dropped by 23.5 percent compared to 2015. This drop is reflective of the devaluation of the Kazakhstani tenge and the rapidly depreciating value of exports. The prices least effected by the fall have been finished goods which only dropped by 1 percent compared to the 8 percent for raw materials. Hopes are that the devaluation will provide an opportunity for Kazakhstan’s producers who will be able to compete with cheap imports. However, in the short-term Kazakhstan’s economy will suffer until the economy is less reliant on raw materials.
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