BAKU, Azerbaijan, Dec.18
By Tamilla Mammadova – Trend:
Georgia’s exports experienced a slight 2.2-percent annual decline in October 2020, Trend reports referring to ISET-PI, a think-tank based at the International School of Economics of Tbilisi State University.
The report said the decline was mainly driven by decreased export/re-export of cars and trucks and alcohol spirits to Armenia; motor cars, tobacco, and carbon steel rods to Azerbaijan; motor cars, medicines, natural grape wines, and mineral waters to Kyrgyzstan; and ferro alloys and frozen lamb/goat meat to Iran.
"At the same time, Georgian exports to China (due to increased export/re-export of precious metals as well as copper ores and concentrates), and Saudi Arabia (due to increased export of living animals) increased substantially," the report said.
During this period, the import of goods decreased by 23.5 percent, driven by a reduction in petroleum and fuel product imports from Russia (mostly due to a significant annual reduction of crude oil prices on the international market).
Among other affected imports were: motor cars from the US; copper ores and concentrates from Brazil; oil coke-bitumen and paving slabs from Iran; and motor cars from Germany.
In contrast, Georgian imports of precious metals and concentrates from Armenia; oil and copper ores and concentrates from Azerbaijan experienced yearly growth.
Consequently, the trade deficit shrank dramatically by 34.8 percent yearly, and amounted to $393.5 million. Overall, trade-related variables had a positive contribution to the GDP growth forecast.
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