MINISTRY OF ECONOMY
AND SUSTAINABLE DEVELOPMENT
OF GEORGIA

In October 2019, export volume reached 316,5 million USD, which is by 4,5% higher indicator  compared to the previous year. According to the data released by the National Statistics Office, imports dropped 2.1 percent in October to 847.6 million. USA. It was equal to the dollar. Consequently, trade deficit in October was improved by 32.2 million USD and amounted to 531,1 million USD.

In January-October 2019, export volume was increased by 10,4%  and reached 3 035,7 million USD, while the import, compared to the January-October 2018, was decreased by 3,1% and amounted to 7 331,2 million USD.

According to GeoStat, trade deficit in January-October 2019 was decreased by 517,5 million USD and equaled to 4 295,5 million USD. In January-October, the trade deficit amounted to 41,4% percent of the foreign trade turnover – it was improved by 5,3 % compared to the same period of the previous years.

Exports to the EU countries in January-October 2019 is also increased by 14,2% reaching 685,2 million USD and equaling to 22,6% of the country’s total export volume.

It is noteworthy that in 2018, exports was increased by 22,7%  or by 3 355.7 million USD, while the imported was increased by 15% or 9136,0 million USD.

Ekaterine Mikabadze, the First Deputy Minister of Economy and Sustainable Development of Georgia, highlighted the importance to improve the trade deficit. As Mikabadze noted, Georgian Government is actively working on further growth and diversification of the export, which is clearly demonstrated by the current dynamics of exports. “Successfully completed negotiations on Free Trade Agreements are helping to expand the markets for Georgian products and create the potential for further growth in export. However, the steps taken by the Government of Georgia to improve the competitiveness of the private sector as well as to increase the access to finances, allows the business to benefit from the FTAs even more,” – Mikabadze noted.

In January-October 2019, the largest exports contributors were such sectors as copper ores and concentrates (+24,7%), motor vehicles (+65,4%), medicines (+23,7%), mineral and fresh water (+24,6%) and natural grapes (+12,7%). As for the imports during the same period, the greatest share falls on the copper ores and concentrates (+47,1%), motor vehicles (+5,1%), petroleum gases (+9,8%) and medicines (+7,0%).