Page 24 - GEORptDec21

5.0 External Sector & Trade
5.1 Balance of payments, current account
Georgia - External Trade 2014 2015 2016 2017 2018 2019 2020* Jan-Oct 2021*
External trade turnover ($ mn)
11,463 9,505 9,459 10,802 12,741 13,318 11,396 11,352.4
Export (FOB) ($ mn)
2,861 2,205 2,117 2,746 3,380 3,798 3,343 3,392.5
Import (CIF) ($ mn)
8,602 7,304 7,342 8,057 9,362 9,519 8,053 7,959.9
Trade Balance ($ mn)
-5,741 -5,100 -5,225 -5,311 -5,982 -5,721 -4,709 -4,567.3
Export excluding re-export ($ mn) (Domestic export)
1,819 1,603 1,620 2,008 2,226 2,324 2,408 2,484.4
Source: Geostat
5.1.1 Import/export dynamics
Georgia’s exports hit new record in October after 32% y/y growth
Georgia’s exports surged by 32% y/y to $411mn in October, and the growth compared to October 2019 was equally impressive at 29%, according to data released by the statistics office Geostat.
In January-October, the country’s exports rose by 24.9% y/y (to $3.39bn) and by 11% compared to the same period of 2019.
The country’s Minister of Economy Natia Turnava praised the performance, arguing that this is the result of the government’s import substitution policies. Indeed the exports boast robust growth this year, but imports increased significantly as well in January-October: by 22.3% y/y (to $7.96bn, more than double the exports) and indeed by only 3% compared to the same period of 2019.
Detailed data available as of September reveals that even if the biggest contribution to the domestic exports in January-September (+26% y/y, to $2.17bn) was made by the ferro-alloys (+76% to $316mn) – which rose on higher prices – many other industries, mainly food processing and light industries, contributed as well.
Thus, the export of wine and fresh grapes rose by 16% y/y to $166mn, exports
24 GEORGIA Country Report December 2021 www.intellinews.com