Page 18 - GEORptFeb19

5.0 External Sector & Trade
5.1 Balance of payments, current account
Georgia - External Trade 2011 2012 2013 2014 2015 2016 2017 2018*
External trade turnover ($ mn)
9,259 10,433 10,933 11,463 9,505 9,408 10,675 12,484.4
Export (FOB) ($ mn)
2,186 2,377 2,910 2,861 2,205 2,113 2,735 3,362.1
Import (CIF) ($ mn)
7,072 8,056 8,023 8,602 7,300 7,295 7,939 9,122.3
Balance ($ mn)
-4,886 -5,680 -5,112 -5,741 -5,096 -5,181 -5,204 -5,760.2
Export excluding re-export ($ mn)
1,693 1,606 1,812 1,873 1,637 1,657 2,070 2,297.1
Current account BPM6 ($ mn)
-1,842.2 -1,853.0 -934.7 -1,763.6 -1,684.3 -1,934.9 -1,311.1 /
Current account to GDP (%)
-12.8% -11.7% -5.8% -10.7% -12.2% -12.9% -8.8% /
Source: Geostat
5.1.1 Import/export dynamics
Georgia’s trade gap widens 10% y/y in 2018
Georgia’s external merchandise trade (excluding non-declared trade) amounted to $12.48bn in 2018, 17.0% higher year on year, statistics office Geostat said.
The country’s trade gap widened by 10% y/y despite exports rising at a robust rate, above that of imports. Exports rose by 22.9% y/y to $3.36bn while imports advanced by 14.9% y/y to $9.12bn in the year.
The negative trade balance was $5.76bn in 2018. Its share in external trade turnover constituted 46.1%, Geostat reported. Exports excluding re-exports amounted to $2.30bn, higher by 11.0% y/y.
In 2018 copper ores and concentrates reclaimed first place on the list of the top export items, at $504.1mn, or 15.0% of total exports. Exports of motor cars totalled $408.9mn and their share in total exports amounted to 12.2%. Ferro-alloys exports occupied third place, standing at $352.6mn and constituting 10.5% of total exports.
The top import commodities in 2018 were petroleum and petroleum oils at $863.9mn, or 9.5% of total imports. Motor cars followed with $598.2mn, or 6.6% of imports. Copper ores and concentrates were third with $396.7mn, or 4.3% of imports.
18 GEORGIA Country Report February 2019 www.intellinews.com