Georgia increases trade, but still sees large trade deficit

TBILISI, DFWatch – In the first five months of 2012, Georgia increased its trade with other countries, but had a significant negative trade balance.

The trade deficit in the period January-May 2012 was USD 2 136 million. This is 53 percent of the foreign trade turnover, which totaled USD 4 059 million.

According to the International Monetary Fund, Georgia has a trade deficit around 12.7 percent of GDP (IMF World Economic Outlook 2012).

Foreign trade grew 19 percent compared to the same period last year.

Preliminary figures from Georgia’s National Statistics Department show that USD 961 million out of a total amount is export (12 percent more), while import is USD 3 097 million (21 percent more).

Georgia’s largest trade partner in this period was Turkey.

Precise data will be published June 25.