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External trade down by 12% in February 2021

By Natalia Kochiashvili
Tuesday, March 16
The National Statistics Office of Georgia (Geostat) released its February 2021 Foreign Trade Report preliminary data. According to the document, exports from Georgia increased by $ 270.3 million last month, which is $ 7.7 million or 2.93% more than in the same period of 2020.

As for import volume, it decreased by $ 85.9 million or 12.2% in February and amounted to $ 618.2 million. The main reason for the decline in imports is the economic crisis in the country, due to which the demand of the local economy for imported goods is reduced.

Georgiaís external trade turnover amounted to $1.65 billion in January-February 2021, which is 12% lower compared to the same period of the last year.

Overall, Georgia's exports in January-February were $ 494.7 million, which is 6.8% less than in 2020. Imports were $ 1.16 billion, down 14.1% from 2020.

The negative trade balance in the first 2 months of 2021 was $ 664.6 million and accounted for 40.2% of foreign trade turnover.

In February 2021, the volume of remittances to the country amounted to $ 161.4 million), which is 17.5% more than in February 2020, says the National Bank of Georgia.

Italy ($28.55 million), Greece ($19.71 million), and Russia ($25.14 million) were the largest remittance senders in February 2021.

According to the data published by the NBG, 94.8% of remittances to Georgia come from the 19 largest countries, of which the volume of such remittances exceeded $ 1 million in February.

According to the NBG, a total of $ 71.07 million of the $ 161.38 million transferred came from EU countries and $ 90.31 million from other countries.

In February 2021, $21 million was sent abroad from Georgia, which is 3.4% less than the same indicator in February 2020.

According to a report released by Geostat, compared to January, the subsistence level increased in February.

As the new calculation reads, the one-month subsistence level for able-bodied men has increased by GEL1.7, reaching 197.2. On an annual basis, this figure is reduced by GEL1.6.

As for the subsistence level of the "average consumer", it is GEL174.7 GEL - is an increase of GEL1.5 compared to the previous month. On an annual basis, it was reduced by GEL1.4.

Note that by the new law, the subsistence level is calculated through a special food basket, which was determined by the order of the Minister of Health on May 8, 2003. Moreover, the subsistence level is the only indicator of the value of food. The subsistence minimum does not include the cost of utility bills, transportation costs, and other costs that every citizen is obliged to pay. The current system is based solely on the cost of food.