Georgia's foreign trade in first half up 21.3% y/y

Georgia's foreign trade in first half up 21.3% y/y
Georgia's foreign trade turnover recovered to pre-crisis levels in Jan-Jun this year, and its trade deficit was slightly smaller - yet some 15% of full year's GDP.
By bne IntelIiNews July 14, 2021

Georgia's foreign trade in the first six months of 2021 increased by over one-fifth year-on-year, Geostat reported on July 13.

Furthermore, it was 0.5% above the pre-coronavirus crisis trade turnover seen in H1 2019.

Compared to the first half of 2019, Georgia’s exports increased and imports decreased, resulting in a slightly smaller trade deficit - which has not improved significantly the country’s dependence on wage remittances and tourism revenues. The slight narrowing of the trade gap (goods) was no surprise given subdued domestic demand correlated with scarce revenues from pandemic-hit tourism. The central bank's defence of the exchange rate and steady wage remittances maintained net imports at high levels, though.

In January-June this year, the foreign trade turnover was $6.2bn – an increase of 21.3% compared to the same period of last year.

Exports increased by 25.5% y/y reaching $1.9bn (+5.5% versus H1, 2019), while imports increased by 19.5% y/y (-1.6% versus H1, 2019) to $4.3bn.

Meanwhile, the trade deficit widened by 15% y/y at $2.4bn and it was 6.5% smaller than in the same period of 2019. As a share of GDP, the trade gap already neared 15% in the first half of the year.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Content

Poland's first nuclear plant may carry €35bn price tag

Russia’s economy stabilising but growth to slow – CBR macro survey

Akbank launches spring syndicated loan renewals season for Turkish banks at better costs

Data

Ford drives hike in car production in Romania

Romania’s automobile production increased by 7% y/y to more than 150,000 units in Q1.

Akbank launches spring syndicated loan renewals season for Turkish banks at better costs

Benefits of Turkey’s so-called economic normalisation policy clearly observed in external debt rollovers.

Ukraine's birth rate plummets to 300-year low as country’s population collapses

Ukraine’s population collapsed to 29mn souls last year, according to Ukraine Business News, with just 187,000 births recorded (including in Russian-occupied territories). This is the lowest annual figure in recorded history over the last 300 years.

Russia’s $13.4bn current account surplus in March second highest since 2007

Russia posted a $13.4bn current account surplus in March, more than double February’s $5.5bn and the second highest level for a March since 2007.

Automotive sector output in Hungary edges up 1.6% y/y in February

Headline industrial output rose 1.8% in February, increasing for the first month in about a year.

Ford drives hike in car production in Romania
1 day ago
Akbank launches spring syndicated loan renewals season for Turkish banks at better costs
2 days ago
Ukraine's birth rate plummets to 300-year low as country’s population collapses
2 days ago
Russia’s $13.4bn current account surplus in March second highest since 2007
2 days ago
Automotive sector output in Hungary edges up 1.6% y/y in February
3 days ago

Follow Us On

Most Read

  1. Iran vs Israel: Who is better equipped for war?
    5 days ago
  2. Saudi Arabia to scale back plans for Neom city
    9 days ago
  3. BREAKING: Iraq, Syria and Jordan close airspace amid Iranian strike on Israel
    6 days ago
  4. PANNIER: Caspian military drills that exclude Russia and Iran have some people in Moscow asking questions
    7 days ago
  5. Oil continues to flow to Israel via Turkey despite Erdogan’s vehement speeches on plight of Gaza
    5 months ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    20 days ago
  2. Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
    24 days ago
  3. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  4. UBN: Russia could take the Baltic states in 48 hours
    29 days ago
  5. BRICS announce a blockchain-based payment system to create a common currency
    22 days ago

Reports

Dismiss