First half of the year trade deficit narrows 39% year on year

Georgia’s first half of 2009 mercantile trade deficit narrowed 38.5% year on year to US$ 1.5bn and turnover declined 37.2% year on year to US$ 2.5bn, the Department of Statistics has reported. Exports, led by ferroalloys, decreased 35.2% year on year to US$ 515.1mn, and imports, led by oil and related products, were down 37.7% year on year to US$ 2.0bn.

Trade with CIS countries accounted for 30.5% of Georgia’s total foreign trade turnover, reaching US$ 765.1mn (down 41.1% year on year). On a standalone basis, Turkey remained Georgia’s largest trading partner in the first half year with trade of US$ 497.5mn (down 12.6% year on year), or 18.7% of total turnover, followed by Azerbaijan and Ukraine. (Galt & Taggart Securities)