January-July exports up by 12.4%, imports down by 4.7%

Caption: In January-July 2019 the external merchandise trade of Georgia amounted to $7 065.3 million Caption: Geostat says exports with the EU countries increased by 20.6% Intro: Exports to CIS countries increased by 26.6 % in January-July Georgia’s National Statistics Office (Geostat) reports that in 7 months of 2019, exports increased by 12.4% while imports went down by 4.7%.

In particular, Geostat statistics read that in January-July 2019 the external merchandise trade of Georgia amounted to $7 065.3 million, 0.2 percent lower year-on-year.

The exports equaled $2 102.2 million (12.4 percent higher), while the imports amounted $ 4 963.1 million (4.7 percent lower).

“The negative trade balance was $2 860.9 million in January-July 2019 and its share in external trade turnover constituted 40.5 percent. The exports excluding re-exports amounted to $ 1 311.9 million, 1.6 percent higher year-on-year,” the agency reports.

Moreover, export to the European Union countries increased by 20.6% in 7 months of 2019. Exports from Georgia to the EU countries amounted to $503.5 million and constituted 24.0 % of total exports.

Imports from the EU countries amounted to $1 280.2 million (12.6 percent lower) with 25.8 % in total imports. The external trade turnover of Georgia with the EU countries amounted to $1 783.8 million, showing a 5.2 % decrease compared to the corresponding indicator of the previous year. The EU countries accounted for 27.2 % of the trade deficit.

As for the CIS countries, in January-July 2019 the exports stood at $1 105.8 million which is 26.6 % higher compared to January-July 2018. Exports reached 52.6 % of total exports, while the imports equaled $1 303.1 million (14.3 percent lower) with 26.3 % in total import. The trade turnover with the CIS countries totaled $ 2 408.9 million (0.7 % higher). The CIS countries accounted for 6.9 % of the overall trade deficit in the corresponding period.

In addition to this, in January-July 2019 the share of the top ten trading partners by exports amounted to 72.7 percent. The top 10 export partners in 9 months of 2019 were:

1. Russia -$303.8 million
2. Azerbaijan - $266.2 million
3. Armenia -$181.2 million
4. Bulgaria - $ 166.1 million
5. Ukraine - $ 148.5 million
6. Turkey - $ 135.1 million
7. Romania - $ 127.1 million
8. The US - $ 72.0 million
9. China - $ 66.4 million
10. Uzbekistan - $ 61.12 million

Copper ores and concentrates reclaimed the first place in the list of top export items, equaling $364.9 million or 17.4 % of total exports. The exports of motor cars totaled $ 317.3 million and their share in the total exports amounted to 15.1%. The ferro-alloy exports occupied the third place standing at $195.7 million and constituting 9.3% of the total exports.

As for the top trading partners in terms of imports, the list looks as follows:

1. Turkey - $864.5 million
2. China - $ 501.4 million
3. Russia - $486.3 million
4. Azerbaijan -$334.3 million
5. Germany - $ 248.6 million
6. The US - $ 229.9 million
7. Ukraine - $ 213.4 million
8. Armenia - $ 153.5 million
9. Italy - $ 129.7 million
10. Romania - $ 115.3 million

Petroleum and petroleum oils take first place in imports which amounted to $404.4 million (8.1 percent of the total imports). The motor cars followed in the list with $366.9 million, or 7.4 % of imports. The copper ores and concentrates took the third place in import commodity list with $ 330.1 million (6.7% of imports).

Geostat reports that in January-July 2019 the share of the top ten trading partners in the total external trade turnover of Georgia amounted to 66.7 percent. The top trading partners in terms of both - exports and imports- were Turkey (USD 999.6 million), Russia (USD 790.2 million) and Azerbaijan (USD 600.6 million).