Page 18 - bne IntelliNews Georgia country report November 2017

5.0 External Sector & Trade
5.1 Balance of payments, current account
Georgia - External Trade 2011 2012 2013 2014 2015 2016 Jan-Sept 2017(e)
External trade turnover ($ mn)
9,259 10,433 10,933 11,463 9,505 9,407 7,568
Export (FOB) ($ mn)
2,186 2,377 2,910 2,861 2,205 2,113 1,940
Import (CIF) ($ mn)
7,072 8,056 8,023 8,602 7,300 7,294 5,627
Balance ($ mn)
-4,886 -5,680 -5,112 -5,741 -5,096 -5,181 -3,687
Export excluding re-export ($ mn)
1,693 1,606 1,812 1,873 1,637 1,657 1,515
Current account BPM6 ($ mn)
-1,842.23 -1,852.96 -934.7 -1,763.62 -1,684.3 -1,934.88 -372.72* (1Q17)
Current account to GDP (%)
-12.8% -11.7% -5.8% -10.7% -12% -13.3% /
Source: Geostat, CEIC
5.1.1 Import/export dynamics
Georgia’s foreign trade deficit remains stubbornly high despite export growth in Jan-Sept
Georgia's foreign trade deficit decreased marginally - by 1% y/y to $3.68bn - in the first nine months of the year, national statistics agency Geostat reported on October 13.
Georgia has made progress in promoting exports, which increased by 28.3% y/y to $1.94bn in January-September compared to the smaller increase in imports - 7.4% y/y to $5.62bn. However, imports are a much more significant part of foreign trade, therefore even high relative increases in exports fail to
18 GEORGIA Country Report November 2017 www.intellinews.com