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on the list at $325.1mn or 6.6% of imports. Copper ores and concentrates were third at $312.1mn or 6.3% of imports.
Other important import items were packaged medicines – $205.2mn; natural gas – $178.8mn; phones – $101.8mn; wheat and meslin – $68.8mn; motor vehicles for the transport of goods – $44mn; cigars and cigarettes – $43.5mn; and meat and edible offal of poultry – $42.2mn.
5.1.2 Current account dynamics
Georgia’s current account gap doubles in Q2
Georgia’s current account gap widened by 97% y/y to $337.1mn in the second quarter, while the gap-to-GDP ratio, taking the quarter’s economic output, soared from 3.9% to 9.4%, the National Bank of Georgia (NBG) has reported.
The balance of goods is the major contributor to the current account and its negative contribution eased in coronavirus (COVID-19) pandemic-afflicted Q2. The deficit decreased by 39.8% y/y to $530.1mn. Imports plunged by 30% y/y.
The positive balance of services, mostly due to exports of travel services, typically offsets the biggest part of the negative balance of goods. Q2 exports of services, however, decreased by 77.7% y/y. The export of travel services
23 GEORGIA Country Report December 2020 www.intellinews.com
