Page 22 - GEORptJun18

5.0 External Sector & Trade
5.1 Balance of payments, current account
Georgia - External Trade 2011 2012 2013 2014 2015 2016 2017 Jan-Apr* ‘18
External trade turnover ($ mn)
9,259 10,433 10,933 11,463 9,505 9,408 10,710 3,783.2
Export (FOB) ($ mn)
2,186 2,377 2,910 2,861 2,205 2,113 2,728 961.4
Import (CIF) ($ mn)
7,072 8,056 8,023 8,602 7,300 7,295 7,981 2,821.8
Balance ($ mn)
-4,886 -5,680 -5,112 -5,741 -5,096 -5,181 -5,253 -1,860.5
Export excluding re-export ($ mn)
1,693 1,606 1,812 1,873 1,637 1,657 2,063 705.6
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 foreign trade deficit increases by 17.5% y/y in Jan-Mar
Georgia launches €33.2mn PPP to promote agricultural exports to EU
Georgia's foreign trade deficit increased by 35.6% y/y in March to $543.7mn, according to national statistics agency Geostat. The deficit reached $1.34bn in January-March, up 17.5% y/y from $1.14bn in the same period last year.
A commodity importer, Georgia's foreign trade has sustained chronic deficits, despite the government's efforts to promote exports. In March, imports surged 34.7% to $837.7mn while exports rose 33.1% to $293.9mn.
Georgia is launching a GEL100mn (€33.2mn) public-private partnership to promote agricultural exports to the EU and other destinations, Georgia Today reported on March 8. The initiative, called the Imereti AgroZone
22 GEORGIA Country Report June 2018 www.intellinews.com