Key Market Indicators
Kazakhstan's nickel exports saw a steep decline in 2023, plummeting to approximately $6,300 from nearly $50,000 in 2022. This represents an 87.4% drop compared to the previous year. The country's nickel supply has been on a downward trend since 2007, with an average annual decrease of 47.3%. In 2023, Kazakhstan ranked 66th in nickel exports, with Brunei surpassing it at the same export value of $6,300. Leading the global rankings were Canada, Russia, and Malaysia, occupying the second, third, and fourth spots respectively. On the import front, Kazakhstan's nickel imports are projected to grow at an average annual rate of 1%, reaching around $40.8 million by 2028 from $38.3 million in 2023. However, since 2005, the country's demand for nickel has fallen by an average of 2.8% each year.
