Kyrgyzstan’s economic dependence on China is continuing to grow. Not only is Bishkek’s trade deficit with China burgeoning, but Beijing is also cementing its position as Kyrgyzstan’s main creditor.

Statistics compiled by China’s General Administration of Customs show that bilateral trade turnover during the January-July period of 2024 amounted to $10.95 billion, marking a roughly 12 percent increase in trade volume during the same period the previous year. Alarmingly from Bishkek’s viewpoint, Kyrgyzstan’s exports to China accounted for a mere $226 million of that total, or roughly 2 percent of overall turnover.

The Chinese figures contrast sharply with official Kyrgyz statistics, raising questions about potential smuggling of goods via Kyrgyzstan to third countries, such as Russia. Data released by the Kyrgyz government covering the first six months of 2024 pegged Kyrgyz-Chinese trade turnover at $3.18 billion. As with the Chinese figures, however, the official numbers compiled by Bishkek showed Kyrgyzstan running a large deficit.

Meanwhile, Kyrgyzstan’s foreign debt keeps rising. As of June 30, Bishkek’s total public debt to foreign creditors amounted to just over $4.5 billion, the Kaktus news outlet reported, citing Finance Ministry figures. The single largest foreign creditor is the Export-Import Bank of China, which is owed $1.66 billion by Bishkek.