Page 23 - GEORptOct19

5.0​ External Sector & Trade
5.1​ Balance of payments, current account
Georgia - External Trade 2012 2013 2014 2015 2016 2017 2018 2019* Jan-Aug
External trade turnover ($ mn)
10,433 10,933 11,463 9,505 9,407 10,679 12,492 8,126
Export (FOB) ($ mn)
2,377 2,910 2,861 2,205 2,113 2,736 3,356 2,412
Import (CIF) ($ mn)
8,056 8,023 8,602 7,300 7,294 7,943 9,137 5,715
Balance ($ mn)
-5,680 -5,112 -5,741 -5,096 -5,181 -5,207 -5,781 -3,303
Export excluding re-export ($ mn)
1,606 1,812 1,819 1,604 1,621 2,010 2,226 1,495
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 trade gap narrows for ninth month in row
Georgia’s foreign trade deficit narrowed in annual terms for the ninth month in a row, clocking a gain of 15.9% y/y in July, according to data published by statistics office Geostat.
The weakening of the country’s local currency, visible since the second half of last year, partly contributed to an improvement in the external balance that still accounts for some one-third of Georgia’s GDP. Wage remittances and revenues from tourism will, meanwhile, at least stagnate over coming quarters, acting as automatic stabilisers on net imports of goods with the Georgian lari exchange rate adding more pressure toward more sustainable development.
Exports rose by 17.4% y/y to $323mn in July, while imports, although contracting by 4.3% y/y, stood at more than twice that, namely $762mn.
23​ GEORGIA Country Report​ October 2019 ​ ​www.intellinews.com