Foreign trade turnover increased by 22.3%
By Natalia Kochiashvili
Tuesday, September 21
The National Statistics Office of Georgia (Geostat) released preliminary data, according to which, in January-August 2021, the foreign trade turnover of goods in Georgia (excluding undeclared trade) amounted to $8,683.5 million, which is 22.3% higher than the corresponding period of the previous year.
Of this the export was $2 610.8 million, an increase of 26 %, while imports amounted to $6 072.7 million, which is 20.7% more.
Georgia's negative trade balance in January-August 2021 amounted to $3,461.9 million, which is 39.9% of foreign trade turnover.
At the same time, in January-August of this year, the share of the 10 largest trading partners in the total foreign trade turnover of Georgia amounted to 70.1%. The largest trade partners of the country are Turkey - $1 286.9 million, Russia - $1 011.9 mln. and China - $941.3 mln.
In particular, the share of the 10 largest exporting countries in Georgia's total exports amounted to 77.7%. China ranks first in the top 3 largest exports with $421.8 million, Russia is in second place - $377.1 million, and Azerbaijan - $347.0 mln.
As for the share of the 10 largest import partner countries, the total import of Georgia amounted to 67.8%. Turkey is in the top 3 - $1 075.4 million, Russia - $634.8 million. and China - $519.5 mln.
According to preliminary data from Geostat, in January-August, copper ores and concentrates took the first place in the top ten exports of commodity groups with $517.9 million, accounting for 19.8% of total exports. The second place is taken by cars with $293.4 million, and in third place are ferroalloys with $265.5 million.
And, the largest import commodity group was presented in the form of passenger cars, whose imports amounted to $547.6 million and accounted for 9% of total imports. The second place was occupied by oil and oil products at $492.1 mln, while in third place were copper ores and concentrates with $445.9 mln.
According to Geostat, exports without re-exports accounted for 72.7% of total exports. This figure increased by 28.7% compared to the same period last year and amounted to $1,899.1 million.
In August 2021, the producer price index of industrial products increased by 1.2% compared to the previous month, while the index increased by 16.4% compared to the corresponding month of the previous year.
According to Geostat, compared to July of this year, prices increased by 0.3% for the mining and quarrying group, which had an impact of 0.02% points on the change in the total index. During the same period, prices increased by 0.9% for the group of products of the manufacturing industry, which contributed 0.74% points to the change in the overall index. Among the products included in the group, there is a 4.8% increase in prices for basic metals.
In addition, a 4.1% increase in prices was recorded for the group of electricity, gas, steam and air conditioning, which contributed 0.42% points to the change in the total monthly index. During the 12-month period, the formation of the index was mainly influenced by the change in prices for the following products: Mining and quarrying: Prices decreased by 1.1%, which was reflected in the change in the overall index by -0.16%. The group notes a -9.2% drop in prices for metal ores; Manufacturing Products: Prices rose 18.3%, boosting overall index growth by 14.61%. Prices increased in the following subgroups: food products (16.5%), other non-metallic mineral products (11.2%) and basic metals (47.3%); Electricity, gas, steam and air conditioning: Prices rose by 10.7%, impacting the annual change in the overall index by 1.12%; Water supply, sewerage, waste management and recycling services: prices rose by 30.1%, impacting the overall index by 0.83%.
