Kazakhstan Tops as Leading Trade Partner Among China's Central Asian Counterparts in the Year 2024
China-Central Asia Trade Reaches New Heights in 2024
In 2024, China's trade with Central Asia reached unprecedented levels, with the total turnover reaching an impressive $66.2 billion. This figure, provided by the Chinese General Administration of Customs, represents nearly triple the volume of trade in 2020.
China's Top Central Asian Trade Partners
Kazakhstan emerged as China's top trade partner among Central Asian countries, with a trade turnover of $43.82 billion. This accounted for 46% of China-Central Asia trade in 2024. Uzbekistan ranked third, with a trade turnover of $13.78 billion (27%), and Turkmenistan placed fourth, with a trade turnover of $10.65 billion (16%).
Kyrgyzstan was the second-ranked trade partner for China among Central Asian countries, with a trade turnover of $22.71 billion, while Tajikistan was fifth, with a trade turnover of $3.86 billion.
China's Trade Surplus and Dependence on Central Asian Trade
China approached a trade surplus of close to $1 trillion in 2024. The level of dependence on Chinese trade varies by country. Turkmenistan leads with 55% of its trade tied to China, followed by Kyrgyzstan (~35%), and Kazakhstan, Uzbekistan, and Tajikistan with about 20-22% each.
Untapped Trade Potential
There is significant untapped trade potential estimated at $39.3 billion. This potential includes $32 billion in possible Chinese exports to Central Asia (cars, electronics, consumer goods) and $7.3 billion in potential Central Asian exports to China (copper, gold, uranium).
Global Trade Volume
Globally, China's trade volume reached $6.16 trillion in 2024. China's trade with Central Asia in 2024 was $94.82 billion, an increase from $89.4 billion in 2023.
These insights provide a comprehensive picture of the growing trade relationship between China and Central Asia in 2024. The data used in this report was provided by the Chinese General Administration of Customs.
Businesses in various industries, such as automobile, electronics, and consumer goods, thrived in 2024 due to the increased demand from Central Asia, contributing significantly to China's finance sector and overall trade volume. The growing reliance on China for trade is evident in countries like Turkmenistan and Kyrgyzstan, where over half of their trade is tied to China.
