Georgia's external trade increases by 16% this year

Georgia's external trade increases by 16% this year

Georgia's external merchandise trade amounted to $1 683.5 million in January-February 2018, excluding non-declared trade (16.3% higher year-on-year), according to GeoStat.

The exports equaled $446.4 million (25.5% higher), while the imports stood at $1 237.1 million (13.3% higher). 

The negative trade balance was $790.7 million in January-February 2018 and its share in external trade turnover constituted 47%. Export excluding re-export amounted to $335.7 million, 16.2% higher year-on-year, the Financial reported.

In January-February 2018 the external trade turnover of Georgia with the EU countries amounted to $446.5 million, grew by 10.8% compared to the corresponding indicator of the previous year. Exports amounted to $132.5 million (30.5% higher), while imports amounted to $314.0 million (4.2% higher). The share of these countries in the external trade turnover of Georgia amounted to 26.5%, 29.7% in exports and 25.4% in imports (in January-February 2017 27.8, 28.6 and 27.6% correspondingly). 23.0% of the trade deficit came to the EU countries (27.1% in January-February 2017).

In January-February 2018 the external trade turnover of Georgia with the CIS countries totaled $620.2 million (higher by 26.5% compared to the January-February 2017). Exports stood at $174.9 million (35.1% higher), while imports equaled $445.3 million (23.4% higher). The share of the CIS countries in the external trade turnover of Georgia constituted 36.8%, 39.2% in exports and 36.0% in imports (In January-February 2017 33.9, 36.4 and 33.1%, respectively). In January- February 2018 compared to previous year, CIS countries accounted for 34.2% of the overall trade deficit (31.4% in January-February 2017).

In January-February 2018 share of the top ten trading partners in the total external trade turnover of Georgia amounted to 68.8%. The top trading partners were Turkey ($242.8 million), Russia ($198.6 million) and Azerbaijan ($182.2 million).

The top import commodity in January-February 2018 were Petroleum and petroleum oils imports of which amounted to $109.0 million and 8.8% of the total imports. Petroleum gases commodity group followed in the list with $95.8 million, or 7.7% of imports. Motor cars came third with $66.9 million (5.4% of imports).

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