Foreign Capital Dominates Kazakhstan's Wholesale Trade as Retail Shifts

Kazakhstan's trade sector is exhibiting a sharp divide between the retail and wholesale segments, with foreign capital securing a dominant foothold in the latter. While retail remains largely in private local hands, the wholesale engine of the economy is increasingly driven by international players. The Wholesale Stronghold Wholesale trade volume reached 34.7 trillion tenge in the first eight months of 2026, a 6.7% increase in real terms. The most striking detail is the ownership structure: foreign companies now control 32.3% of the market, accounting for 11.2 trillion tenge. Private local ownership stands at 63.6%, while the state's presence has shrunk to 4.1%. This foreign concentration is not uniform across the country. In the Atyrau region, foreign companies control a staggering 88.3% of wholesale sales. Almaty follows with 41.9%, while the North Kazakhstan and Astana regions show lower concentrations at 19% and 15.6% respectively.