Canada, Turkey and Russia – top trading partners
Thursday, December 22Georgia’s external trade has grown 22 percent in the first 11 months of the year to reach $10.83 billion, shows latest preliminary data from the National Statistics Office of Georgia (Geostat).
Between January and November 2016, the value of Georgia’s exports dropped five percent to $1.92 billion, while the value of imports increased 29 percent to $8.91 billion, said Geostat.
Georgia’s trade deficit equalled $6.99 billion in the first 11 months of 2016, which was a 65 percent share of the country's total trade turnover, showed the latest data by Geostat.
Trade deficit is an economic measure of a negative balance of trade in which a country's imports exceeds its exports.
Imports excluding Hepatitis C medicine were worth $6.51 billion - one percent less compared to the same period of 2015.
What are Georgia's main exports?
Georgia's top exported items in January-November were:
Copper ores and concentrates (worth $285 million or 15 percent of total exports)
Nuts (worth $168 million or nine percent of total exports)
Ferro-alloys (worth $154 million or eight percent of total exports)
What are Georgia's main imports?
Georgia's top imported items were:
Medicines (worth $2.64 billion or 30 percent of total imports)
Petroleum and petroleum oils (worth $529 million or six percent of total imports)
Motor cars (worth $414 million or five percent of total imports)
From the medicine imports, $2.39 billion of medicine was specifically Hepatitis C treatment for the country's Hepatitis C Elimination Program.
Georgia’s top trading partners in January-November 2016
Georgia’s top 10 trading partners in the first 11 months of 2016 made up 68 percent of Georgia’s total trade turnover, said the statistics agency.
In January-November, Georgia’s top three trading partners were:
Canada ($1.83 billion)
Turkey ($1.40 billion)
Russia ($781 million)
Trade with EU countries
In the first 11 months of 2016 the external trade turnover of Georgia with European Union (EU) countries increased by 11 percent y/y and amounted to $3.08 billion.
Exports were worth $513 million (14 percent lower), while imports reached $2.57 billion (17 percent higher).
Trade with CIS countries
In January-November 2016 the external trade turnover of Georgia with the Commonwealth of Independent States (CIS) countries totalled $2.42 million – a four percent reduction y/y.
Exports were worth $659 million (14 percent lower) while imports equalled $1.76 billion (one percent higher). (agenda.ge)