January-May Export Increased by 24.5% in Georgia

The National Statistics Office of Georgia (Geostat) has published preliminary results, which reads that in January-May 2018, the external merchandise trade of Georgia amounted to $4.894.82 million, 24.5% higher than the data of the same period last year.

According to the data, the value of export increased by 28%, reaching $1.284.7 million, while import grew by 23.3% and amounted to $3.610.1 million.

The negative trade balance equaled $ 2.325.4 million and its share in trade turnover constituted 47.5%.

According to the report, in January-May 2018, the external trade turnover of Georgia with European Union countries amounted to $ 1 342.8 million, 23% more than the data of the previous year.

Exports to the EU amounted to $ 295.7 million (13.7% higher), while imports stood at $1.047.1 million (25.9% higher).

The share of EU countries in the external trade turnover of Georgia amounted to 27.4%: 23% in exports and 29% in imports.

In January-May 2018, the external trade turnover of Georgia with the CIS totaled $ 1.676.2 million, up 32.6% compared to y/y.

Exports to CIS countries stood at $ 584 million (52.3% higher), while imports equaled $ 1.092.3 million, 24% higher compared to the same period of 2017.

The share of CIS countries in the external trade turnover of Georgia constituted 34.2%. 45.5% in exports and 30.2% in imports. In January-May 2018, compared to the previous year, CIS countries accounted for 21.9% of the overall trade deficit.

Georgia’s top trading partners last 5 months were Turkey ($135.993.1 million), Russia ($171.005.9 million) and Azerbaijan ($162.743.6 million), followed by China ($58.813.5 10.118 mln), Ukraine ($61.316.9mln) and Armenia ($97.217.7mln).

As for Georgia's top exported commodities in January-May 2018, copper ores and concentrates took first place, equaling $ 181.6 million which is 14.1% of total exports. Exports of ferro-alloys totaled $ 151.8 million and its share in the total exports amounted to 11.8%. Motor cars were on third place at $ 124 million, 9.7% of the total exports.

The top import commodities in January 2018 were petroleum and petroleum oil, import of which amounted to $ 330.8million and 9.2% of total imports, followed by motor cars came third at $ 215.6 million (6%) and the petroleum gases commodity group with $150 million, or 4.2% of imports.