Georgian trade deficit up by over 6%

Finance Materials 22 October 2019 12:35 (UTC +04:00)

BAKU, Azerbaijan, October 22

By Tamilla Mammadova – Trend:

Imports increased by 4 percent year-on-year to $748.6 million in Georgia, while the trade deficit increased 6.6 percent year-on-year to $446 million in September 2019, Trend reports referring to the Georgian investment company Galt & Taggart.

Meanwhile, exports were up 0.5 percent year-on-year to $302.6 million in September 2019, the report said.

From January through September 2019, Georgia's trade deficit was down by 11.6 percent to $3.8 billion, while exports increased by 11.1 percent year-on-year to $2.7 billion and imports decreased by 3.3 percent year-on-year to $6.5 billion.

In September 2019, money transfers in Georgia increased by 13.9 percent year-on-year to $149.8 million, after growing 7.8 percent year-on-year in August 2019.

From major remitting countries, money transfers were up from Italy (+27.2 percent year-on-year, 14.1 percent of total), Greece (+12.3 percent year-on-year, 10.6 percent of total), US (+8.4 percent year-on-year, 10.3 percent of total), Israel (+8.4 percent year-on-year, 9 percent of total) and Turkey (+13.2 percent year-on-year, 5.5 percent of total).

Meanwhile, remittances continued to decrease from Russia (-3.7 percent year-on-year, 24.2 percent of total). Overall, in nine month of 2019 money transfers were up 8.5 percent year-on-year to $1.3 billion.

International reserves up 14.3 percent year-on-year and down 2.5 percent month-on-month in September 2019. Gross international reserves were up 14.3 percent year-on-year to $3.6 billion. On a monthly basis, the reserves decreased by 2.5 percent, partly affected by $40 million sale by National Bank of Georgia to curb lari depreciation.


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