Page 28 - GEORptNov21

The exports of copper ore and concentrates (27% of exports in 2021) increased by 20.5% over the two-year period, visibly helped by the higher prices of the commodities. The ferro-alloys, 14% of Georgia’s exports in 2021, increased by 28.7% y/y over the two-year period.
The domestic exports of food products also increased significantly, yet with a smaller impact on the total figure. Thus, the exports of hazelnuts (2.3% of total) and apricots, cherries, peaches, plums and sloes (fresh, 1.5% of total) surged by 130% over the two-year period.
5.1.2 Current account dynamics
Georgia’s foreign trade up 22% in January-September
Georgia’s current account deficit reduced to 8% of GDP in 2Q21
Georgia’s foreign trade turnover in January-September increased by 22.3% year-on-year, reaching $10.01bn, according to express data published by the National Statistics Office (Geostat) on October 13.
Exports increased by 24% y/y, reaching $2.98bn, while imports grew by 21.6%, to $7.03bn. Meanwhile, the trade deficit stood at $4.05bn, constituting 40.4% of the trade turnover in January-September.
The current account deficit reduced by 8.4% y/y to 8.0% of GDP in 2Q21, down from 11.8% of GDP in 2Q20, according to NBG. The improvement in the CA balance was supported by a surge in transfers, up 58.7% y/y to $537.9mn (11.2% of GDP), followed by a recovery in service balance
28 GEORGIA Country Report November 2021 www.intellinews.com