Page 27 - GEORptJun20

5.0​ External Sector & Trade
5.1​ Balance of payments, current account
Georgia - External Trade 2013 2014 2015 2016 2017 2018 2019 2020* (Jan-Apr)
External trade turnover ($ mn)
10,933 11,463 9,505 9,407 10,679 12,493 12,887 3,463
Export (FOB) ($ mn)
2,910 2,861 2,205 2,113 2,736 3,356 3,766 1,001
Import (CIF) ($ mn)
8,023 8,602 7,300 7,294 7,943 9,137 9,120 2,462
Balance ($ mn)
-5,112 -5,741 -5,096 -5,181 -5,207 -5,781 -5,354 -1,461
Export excluding re-export ($ mn)
1,812 1,819 1,604 1,621 2,010 2,226 2,332 713
Current account BPM6 ($ mn)
-955.5 -1,784.2 -1,767.0 -1,885.8 -1,307.5 -1,192.7 -900.5 /
Current account to GDP (%)
-5.8% -10.7% -12.2% -12.9% -8.8% -7.7% -5.1% /
Source: Geostat
5.1.1 ​Import/export dynamics
Georgia’s exports down 11.9% in Jan-Apr
Georgia’s trade gap narrows marginally in March
Georgia’s export volume dropped by 11.9% y/y to $1.0bn in January to April, according to national statistics office Geostat.
However, the “domestic exports” category (calculated by excluding goods re-exported) decreased by only 2.8% y/y, Geostat noted. The share of domestic exports in total exports constituted 71.2% and amounted to $713mn in value.
The top destination countries for Georgia’s exports were China ($131.5mn), Russia ($113.1mn) and Bulgaria ($111.3mn).
Also in January-April, copper ores and concentrates took first place in the list of top domestic export items, amounting to $215.7mn in value, or 30.2% of total exports. Exports of ferro-alloys totalled $91.7mn, with a share in total exports of 12.9%. Wine of fresh grape exports occupied third place, standing at $55.4mn and constituting 7.8% of total exports.
Exports of motor cars, not included in domestic exports (since they are re-exported), totalled $134.8mn with a total exports share of 13.5%. Georgia’s imports dropped by 11.8% y/y to $2.46bn in the first four months of the year.
The negative trade balance was $1,461mn in the period.
Georgia’s foreign trade data for March reveals lower exports but also reduced imports, with the trade gap narrowing marginally, by 6.8% y/y. The trend is expected to continue as the circumstances for foreign trade remain adverse. The environment for the exchange rate, flows of remittances and tourism revenues remains unfavourable given the upheaval caused by the coronavirus (COVID-19) pandemic.
27​ GEORGIA Country Report ​June 2020 ​ ​www.intellinews.com