DBK develops tool to determine promising goods for export
The first tool to determine promising goods for export was developed in Kazakhstan. The unique program was worked out by the Development Bank of Kazakhstan that set a list of 50 goods, the production and sale of which can significantly affect the diversification of the country’s export basket. In other words, this algorithm helps find out which domestic goods are currently in demand in foreign markets.
“It can be a thing, the production of which in the country exists, but it is poorly developed or is absent at all. The gained result indicates that the most promising goods can be fittings, fasteners, plastic products, agricultural equipment for processing and cultivating soil, products made of cast iron and steel, and so on. The complete list of goods is available on our website,” said Rakhimzhan Satayev, Managing Director of the Development Bank Of Kazakhstan.
The list of goods identified with the help of special calculations also includes items made of iron, steel, products of the manufacturing industry, construction, chemical and mechanical engineering fields. According to experts, the list of commodity items can change sometimes, taking into account their demand abroad.
“I think that this will be helpful for entrepreneurs, because our platform provides detailed information, statistics on the export and import of Kazakhstan in the context of regions or goods. You can find a list of promising goods for the diversification of Kazakhstan’s export basket. You can find the information about competitive sales markets with the data on customs duties. Also, you can find the information about the product complexity of the export baskets of different countries,” Satayev added.
According to the Bank’s representatives, the algorithm was based on the analysis of export baskets of Kazakhstan and other 200 countries. In the future, analysts plan to explore a list of promising industries for each region of the country, identifying the production capabilities of Kazakhstan.
Translation by Saniya Sakenova
Editing by Galiya Khassenkhanova