Page 24 - GEORptMay20

5.0​ External Sector & Trade
5.1​ Balance of payments, current account
Georgia - External Trade 2013 2014 2015 2016 2017 2018 2019 2020 (Jan-Mar)
External trade turnover ($ mn)
10,933 11,463 9,505 9,407 10,679 12,493 12,862 2,773.9
Export (FOB) ($ mn)
2,910 2,861 2,205 2,113 2,736 3,356 3,764 778.2
Import (CIF) ($ mn)
8,023 8,602 7,300 7,294 7,943 9,137 9,097 1,995.8
Balance ($ mn)
-5,112 -5,741 -5,096 -5,181 -5,207 -5,781 -5,333 -1,217.6
Export excluding re-export ($ mn)
1,812 1,819 1,604 1,621 2,010 2,226 2,332 539.5
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 trade gap narrows marginally in March
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.
Georgia’s exports decreased by 22% y/y to $252mn in March, national statistics office Geostat said, giving a preliminary estimate. Imports fell 13% y/y to $655mn. The trade deficit shrank to $403mn.
Across the first quarter, the trade deficit continued to increase. Total exports contracted by 5.9% y/y to $778mn while imports fell slightly by 1.4% to nearly
24​ GEORGIA Country Report ​May 2020 ​​www.intellinews.com