Page 25 - GEORptMay21

Moreover, it highlighted structural reforms, including in the judiciary, as a path to improving the business environment and enhancing private sector-led growth.
Under the EFF arrangement, Georgia has so far received special drawing rights to foreign exchange reserve assets of some $585mn.
5.1.1 Import/export dynamics
Georgia’s domestic exports up 7.9% y/y in Jan-Feb
Georgia's exports decreased by 6.8% y/y in January-February to $494.7mn.
However, domestic exports (which exclude re-exported goods) increased by 7.9% y/y to $369.0mn. They amounted to 74.6% of total exports.
Georgia’s domestic exports expanded by 3.5% y/y in 2020 to more than $2.4bn, driven by exports of metal ores to China. The country’s direct exports have been on the rise for four years, moving up 50% since 2016.
The top destination for Georgia’s exports in January-February this year was Russia (at $64.9mn, 17.6% of the total), a period that saw a 20.4% y/y leap. China came the second ($50.9mn), but exports to this destination shrank by 15.3%. Turkey ($43.6mn, +37.1% y/y) ranked third, surpassing Bulgaria ($35.7mn, -29.4% y/y) .
Also in January-February, copper ores and concentrates reclaimed first place in the list of top export items at $94.5mn (25.6% of the total), despite a below-average annual rise of 6.1% y/y. The exports of ferroalloys totalled $52.1mn(+23.4% y/y), accounting for 14.1% of the total.
Exports of wine of fresh grapes contracted by 8.3% y/y, but they took third place at $25.9mn (7% of the total).
Notably, exports of hazelnuts more than doubled (+118% y/y) to $15.8mn and accounted for 4.3% of the total exports.
25 GEORGIA Country Report May 2021 www.intellinews.com