The FINANCIAL –Georgia’s foreign trade turnover in the first half of 2016 declined by 11% year-on-year to USD 4.22 billion, excluding one-off import of USD 1.48 billion worth donated C hepatitis medicines, according to the figures released by the state statistics office, Geostat, on Tuesday.
Exports fell by 12.3% y/y in January-June, 2016 to USD 948 million and imports were down by 10.6% y/y to USD 3.27 billion, excluding one-offs, with trade deficit declining by about 10% y/y to USD 2.32 billion.
Georgia’s trade turnover with the EU-member states declined by 9.3% y/y to USD 1.16 billion in the first half of this year.
Georgian exports to the EU stood at USD 226 million, a 22% decline compared to the same period of last year, and imports from the EU were down by more than 4% y/y in the first half of 2016 to slightly over USD 1 billion (excluding one-off import of medicines).
There was a 15% y/y decline in trade turnover with the Commonwealth of Independent States (CIS) in the first half of 2016 to USD 1.15 billion.
Exports to CIS member states was down by 29% y/y to USD 294 million and imports declined by 8% y/y to USD 859 million in the first six months of this year.
One-off import of C hepatitis medicines worth USD 1.26 billion pushed Canada on top of Georgia’s trading partners, but after excluding these one-off imports, Turkey remains Georgia’s largest trading partner with USD 777.9 million in the first half of 2016, a 3% increase over the same period of last year.
Georgia’s exports to Turkey declined by 3.7% y/y to USD 105.5 million and imports increased 5% y/y to USD 672.4 million.
Russia was Georgia’s the second-largest trading partner in the first half of 2016 with the turnover of USD 390.3 million, 16% y/y increase.
Georgia’s exports to Russia increased 16.4% y/y to USD 82.2 million and imports from Russia were up by 16.5% y/y to USD 308 million in the first six months of this year.
Russia is followed by China with total trade turnover of USD 348.4 million; exports to China increased 61.1% y/y to USD 89.4 million and imports were down by 17.6% y/y to USD 259 million in the first half of 2016.
Azerbaijan was Georgia’s fourth-largest trading partner with turnover of USD 264.3 million in the first half of 2016, a 35.3% decline over the same period of last year. Georgia’s exports to Azerbaijan decreased more than three-fold to USD 40.7 million and imports were down by 19.2% y/y to USD 223.5 million in January-June, 2016.
Copper ores and concentrates were on top of the list of exports in the first six months of 2016 with USD 147.8 million, a 14% y/y increase; followed by re-export of vehicles with USD 75 million (24.5% y/y decline); ferroalloys – USD 74.48 million (32.5% y/y decline); Georgia exported hazelnut worth of USD 69.6 million (5.5% y/y decline); medicines – USD 48.79 million (24.3% y/y decline); wine – USD 46.2 million (16% increase); nitrogen fertilizers – USD 42 million (16.5% y/y decline); mineral waters – USD 40.7 million (10.6% y/y decline); raw or semi-processed gold – USD 40 million (39.1% y/y increase); non-denatured ethyl alcohol and spirits – USD 39.4 million (50.6% y/y increase).
Oil products were on top of the list of imports in the first half of 2016 with USD 243.1 million, followed by vehicles – USD 219.1 million; hydrocarbons – USD 157.5 million; medicines – USD 127.58 million (the figure does not include donated C hepatitis medicines); copper ores and concentrates – USD 111.9 million; mobile and other wireless phones – USD 64.58 million; cigarettes – USD 47.9 million; structures and parts of structures of iron – USD 47.5 million; insulated wire and cable – USD 33.1 million; bars and rods of iron – USD 32 million.