Page 17 - GEORptApr19

5.0 External Sector & Trade
5.1 Balance of payments, current account
Georgia - External Trade 2012 2013 2014 2015 2016 2017 2018* 2019* Jan-Feb
External trade turnover ($ mn)
10,433 10,933 11,463 9,505 9,408 10,675 12,476 1,739.8
Export (FOB) ($ mn)
2,377 2,910 2,861 2,205 2,113 2,735 3,355 505.0
Import (CIF) ($ mn)
8,056 8,023 8,602 7,300 7,295 7,939 9,121 1,234.8
Balance ($ mn)
-5,680 -5,112 -5,741 -5,096 -5,181 -5,204 -5,766 -729.8
Export excluding re-export ($ mn)
1,606 1,812 1,873 1,637 1,657 2,070 2,227 342.6
Current account BPM6 ($ mn)
-1,853.0 -934.7 -1,763.6 -1,684.3 -1,934.9 -1,311.1 / /
Current account to GDP (%)
-11.7% -5.8% -10.7% -12.2% -12.9% -8.8% -7.7% /
Source: Geostat
5.1.1 Import/export dynamics
Georgia’s substantial trade gap moderates further in February
Georgia’s trade deficit narrowed in y/y terms for the fourth month in a row, by 9.1% to $376.5mn in February.
In the rolling 12-month period, the trade gap ($5.70bn as of February) increased, but only by 8.1% y/y, accounting for more than one third of the country’s GDP. Indeed, the 12-month trade gap has narrowed from $5.88bn in October last year, although it remains at a very high level. The contraction was a result of imports stabilising and even easing over the past several months, while exports kept growing at robust rates.
Exports increased at the very strong rate of 19.1% y/y to $266mn in February, while exports in the rolling 12 months ending February advanced by nearly
17 GEORGIA Country Report April 2019 www.intellinews.com