Page 22 - GEORptJul18

5.0 External Sector & Trade
5.1 Balance of payments, current account
Georgia - External Trade 2011 2012 2013 2014 2015 2016 2017 Jan-May* ‘18
External trade turnover ($ mn)
9,259 10,433 10,933 11,463 9,505 9,408 10,687 4,895.6
Export (FOB) ($ mn)
2,186 2,377 2,910 2,861 2,205 2,113 2,728 1,284.7
Import (CIF) ($ mn)
7,072 8,056 8,023 8,602 7,300 7,295 7,981 3,610.9
Balance ($ mn)
-4,886 -5,680 -5,112 -5,741 -5,096 -5,181 -5,253 -2,326.2
Export excluding re-export ($ mn)
1,693 1,606 1,812 1,873 1,637 1,657 2,063 924.8
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'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.
22 GEORGIA Country Report July 2018 www.intellinews.com