Georgia’s exports worth $443m in January-March 2016

The value of Georgia’s exports and imports (External Merchandise Trade) has decreased year-on-year (y/y) claims the National Statistics Office of Georgia (Geostat).

Preliminary data published today showed Georgia’s External Merchandise Trade (excluding non-organised trade) amounted to $2.14 billion in January-March (Q1) 2016. This was a seven percent drop compared to the same period of 2015.

Furthermore Geostat said the value of the country’s exports decreased 12 percent to $443 million, while imports decreased five percent to $1.7 billion in Q1 2016.

Georgia’s trade deficit equalled $1.26 million, which made up 59 percent of total trade turnover.

Trade with EU countries

Georgia increased external trade turnover with European Union (EU) countries by 11 percent y/y.

Geostat said in Q1 2016 Georgia’s external trade turnover with EU countries amounted to $712 million USD.

Exports were worth $111 million USD (35 percent lower), while imports were worth $601 million USD (28 percent higher).

The share of these countries in the external trade turnover of Georgia amounted to 33 percent; 25 percent in exports and 35 percent in imports.

Geostat said 39 percent of the trade deficit came from EU countries.

Trade with CIS countries

While Georgia experienced increased trade turnover with EU countries, its role as an important trade partner for countries in the Commonwealth of Independent States (CIS) was weakening.

In January-March 2016 the external trade turnover of Georgia with CIS countries totalled $574 million USD – a 15 percent drop y/y.

Geostat said exports stood at $129 million USD (26 percent lower) while imports equalled $445 million USD (11 percent lower). The share of the CIS countries in the external trade turnover of Georgia constituted 27 percent; 29 percent in exports and 26 percent in imports.

In Q1 2016 CIS countries accounted for 25 percent of the overall trade deficit.

Georgia’s top trading partners in January-March 2016

In January-March 2016 Georgia’s top 10 trading partners made up 68 percent of Georgia’s total trade turnover.

Georgia’s top trading partners were:

• Turkey ($342 million);
• Ireland ($210million);
• Russia ($185 million); and
• China ($169 million).

What commodities does Georgia export/import?

Copper ores and concentrates were the top items Georgia exported, worth $84 million or 19 percent of total exports in Q1 2016.

The next largest exported commodity was motor cars, the value of which was worth $38 million or nine percent of the total exports, said Geostat.

Nuts (fresh or dried) were the third most exported item. Exports of this commodity group stood at $33 million and made up seven percent of total exports.

Meanwhile Geostat revealed the top imported commodity in Q1 2016 were medicaments. In the first three months of this year Georgia imported medicaments worth $260 million, which was 15 percent of all imported goods.

The group covering petroleum gases and other gases were the second most imported commodity. In Q1 2016 Georgia imported $124 million worth of these products, which was seven percent of all imports.

Motor cars were the third most imported commodity, worth $99 million USD or six percent of imports.