Georgia’s Foreign Trade in Q1’14
Georgia’s foreign trade increased 18% year-to-year in the first three months of 2014 to USD 2.52 billion with the trade gap increasing 11.5% y/y to USD 1.13 billion, according to the state statistics office Geostat.
Exports increased 23% y/y to USD 696 million in January-March, 2014 and imports increased 16% y/y to USD 1.82 billion.
Turkey remains Georgia’s largest trading partner with turnover reaching USD 368.4 million in the first quarter of 2014, followed by Azerbaijan – USD 319.7 million.
Russia, which was Georgia’s fifth largest trading partner in the first quarter of 2013, is now the third one with up to USD 190.3 million in January-March, 2014, 56.8% y/y increase. That increase is caused mostly by exports of Georgian wines and mineral waters to Russia, which was banned by Russia up until late spring, 2013.
Value of Georgian wines exported to Russia in the first quarter of 2014 stood at USD 33.1 million, accounting up to 70% of total Georgian wine exports in January-March, according to Geostat figures.
Value of mineral waters exported from Georgia into Russia in the same period stood at USD 16.65 million, accounting 48.4% of total exports of the Georgian mineral waters in the first quarter of 2014.
Ukraine is Georgia’s fourth largest trading partner with USD 167.9 million turnover in January-March, 2014, followed by China – USD 165.8 million; Armenia – USD 122.4 million; Germany – USD 115.5 million; the United States – USD 108.7 million; Bulgaria – USD 89.2 million; Japan – USD 79.2 million.
Georgia’s trade turnover with the EU increased 15% y/y in the first quarter to USD 635 million; export stood at USD 141 million, up by 45% from the same period of last year, and import was USD 495 million, a 9% y/y increase.
Georgia’s trade with Commonwealth of Independent States (CIS) stood at USD 893 million in January-March, a 24% y/y increase, with exports increasing 31% y/y to 391 million and imports going up by 20% to USD 501 million.
Re-export of cars still leads the pack in Georgia’s total exports with USD 152 million, followed by ferroalloys – USD 69.8 million; copper ores and concentrates – USD 51.2 million; wine – USD 47.4 million; nitrogen fertilizers – USD 45.6 million; mineral waters – USD 34.4 million; non-denatured ethyl alcohol and spirits – USD 24 million; railway locomotives – USD 22 million; hazelnut – USD 21.6 million; bars and rods of iron and steel – USD 16.6 million.
Oil products topped the list of imports in the first three months of 2014 with USD 189.7 million, followed by cars with USD 149.7 million; hydrocarbons – USD 127.9 million; medicines – USD 63.2 million; mobile and other wireless phones – USD 36 million; copper ores and concentrates – USD 35.3 million; wheat – USD 28.7 million; computers – USD 21.3 million; metal construction materials – USD 19.3 million; cigarettes – USD 18.9 million.