Georgia sees slight increase in export of precious metals - ISET-PI

Business Materials 27 January 2021 17:13 (UTC +04:00)

BAKU, Azerbaijan, Jan.27

By Tamilla Mammadova – Trend:

In the face of the harsh measures that governments in different countries have taken to overcome the second outbreak of the COVID-19 pandemic, trade in all commodities, except very few sectors, is declining since the beginning of the healthcare crisis, Trend reports via the ISET-PI, a think-tank based at the International School of Economics of Tbilisi State University.

In November, Georgia’s exports experienced a 13.4 percent annual decline.

This drop was driven by a reduction in the re-export of motor cars and trucks from Armenia, alongside the declining re-export of motor cars from Azerbaijan; export/re-export of motor cars, medicines, natural grape wines, and mineral waters to the Kyrgyz Republic; and export of copper ores and concentrates to Romania and China.

There was, however, a slight increase in the export of precious metals, and copper ores and concentrates to the US and Spain; and the export of nuts and walnuts to Germany.

During this period, the import of goods decreased by 12.1 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) and imports of motor cars from Turkey.

Among other affected imports were: motor cars from the US; copper ores and concentrates from Chile; oil coke-bitumen and paving slabs from Iran; and motor cars from Germany. In contrast, Georgian imports of copper ores and concentrates from Brazil and Peru; and imports of oil and petroleum products from Azerbaijan experienced yearly growth.

Consequently, the trade deficit shrank dramatically by 11.3 percent yearly and amounted to $417.8 million. Overall, trade-related variables had a positive contribution to the GDP growth forecast.


Follow the author on Twitter: @Mila61979356