Georgia’s foreign trade fell 10% Jan-Mar compared to ’14

12 % of Georgia’s export in the first quarter of 2015 was used cars. (Rustavi.ge)

TBILISI, DFWatch–Georgia’s foreign trade turnover in the first three months of 2015 was 10 percent less than in the same period last year.

The foreign trade turnover in January-March, 2015 was USD 2,279 million, according to the new report of Georgia’s National Statistics Department.

Export was USD 503 million, which is 28 percent less than last year, while import was USD 1,776 million, or three percent less than last year.

The negative trade balance was USD 1,273 million, which is 56 percent of the whole foreign trade turnover.

The turnover with the European Union in the three months that were measured was USD 637 million, which is 0.4 percent more than last year. Export was USD 170 million (21 percent more), while import was USD 467 million (5 percent less).

This is more than double the trade turnover Georgia had with members of the Eurasian Union, an economic bloc consisting of Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan which was established January 1 this year. Georgia’s trade turnover with these states was USD 287 million in January through March. Out of that, export was USD 75 million, and import was USD 212 million.

If most former Soviet states are taken together, Georgia did slightly more trade with those countries, which are united in the Commonwealth of Independent States (CIS), than with the European Union in the first quarter. Total trade turnover with CIS countries was USD 675 million, less than 25 percent compared to last year. Export was USD 175 million (55 percent less), while import was USD 500 million (2 percent less).

Georgia’s top trade partners in the first three months of 2015 were Turkey (15.8 percent of the turnover), Azerbaijan (9.4 percent), China (8.4 percent), Russia (7.5 percent) and Germany (6.0 percent). Among the top partners there are also Ukraine, US, Armenia, Bulgaria and Italy.

The top export products for Georgia in the beginning of the year were copper ores and concentrates with 12 percent of export, followed by used cars with 12 percent, while in third place nuts and walnuts with 10 percent of the whole export. Ferroalloys, which used to be at the top of the list of exported products, has moved to fourth place and accounted for only 9.6 percent.

The most imported products in January-March was oil and gaseous hydrocarbons (8 percent of import), followed by used cars 8 percent of import and oil and petroleum products (7 percent).