Page 24 - GEORptNov18

5.0 External Sector & Trade
5.1 Balance of payments, current account
Georgia - External Trade 2011 2012 2013 2014 2015 2016 2017 Jan-Sep* ‘18
External trade turnover ($ mn)
9,259 10,433 10,933 11,463 9,505 9,408 10,675 9,125
Export (FOB) ($ mn)
2,186 2,377 2,910 2,861 2,205 2,113 2,735 2,446
Import (CIF) ($ mn)
7,072 8,056 8,023 8,602 7,300 7,295 7,939 6,677
Balance ($ mn)
-4,886 -5,680 -5,112 -5,741 -5,096 -5,181 -5,204 -4,229
Export excluding re-export ($ mn)
1,693 1,606 1,812 1,873 1,637 1,657 2,070 1,717
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 narrows in September as imports moderate
Georgia’s trade gap narrowed by 4.9% y/y to $410mn in September, after widening by 18% y/y to a monthly average of $476mn in January-August, according to bne IntelliNews calculations based on statistics office data.
Softer imports particularly contributed to the improvement of the external balance in September, but car exports have nearly doubled this year, contributing significantly as well, analysis indicates.
The positive developments in Georgia’s foreign trade need to be consolidated in coming months to reverse the negative medium-term trend toward deeper trade deficits. The country's external balance (with the current account having exceeded 10% of GDP in recent years) is a major macroeconomic issue. Georgia’s trade gap in the rolling 12 months ending September was still 12.6% up y/y at $5.76bn, a very high value compared to GDP heading towards $16bn
24 GEORGIA Country Report November 2018 www.intellinews.com