Trade deficit down 9.6% y/y in 10M15, excluding c-hepatitis medicine imports
In October 2015, exports decreased 31.1% y/y to US$ 187.7mn, imports fell 21.4% y/y to US$ 614.8mn, and the trade deficit shrank 16.3% y/y to US$ 427.1mn, according to foreign trade data released by GeoStat. The major drag on exports came from re-exports (mainly cars) decreasing 58.2% y/y, while Georgia originated exports decreased 18.1% y/y. Exports to the EU were up 4.2% y/y, while exports to the CIS markets were down 43.6% y/y. In October 2015, intermediate goods and consumption goods imports decreased 8.4% y/y and 32.3% y/y, respectively. 
In 10M15, exports decreased 24.5% y/y to US$ 1.8bn, imports fell 14.8% y/y to US$ 6.0bn, excluding c-hepatitis medicine imports, and trade deficit contracted 9.6% y/y to US$ 4.1bn (in unadjusted terms, trade deficit decreased 2.7% y/y). 29% of exports were directed to the EU (+2.3% y/y), 38% to the CIS (-44.1% y/y), and 33% to other countries (-7.8% y/y), out of which Turkey (8.8% of total) and China (5.3% of total) were the largest export destinations. A 66.1% y/y drop in car exports (8.4% of total) had the largest negative impact. Nuts (+5.7% y/y), pharmaceuticals (+49.0% y/y), and crude oil (+212.2% y/y) were the major Georgian exports increasing in 10M15.
In 10M15, petroleum (-27.8% y/y), pharmaceuticals (+117.5% y/y), cars (-36.8% y/y), gases (+19.0% y/y), and copper ores (+14.4% y/y) represented the top 5 imported commodities. 32% of imports originated from the EU (+4.2% y/y), 25% from the CIS (-7.7% y/y), and 43% from other countries (-19.9% y/y), with Turkey (17.3% of total) and China (7.9% of total) being the largest trading partners.

NPLs in comfortable territory
In October 2015, the loan portfolio grew 10.9% y/y, excluding the exchange rate effect (+34.0% y/y and +0.4% m/m in unadjusted terms), to GEL 15.7bn (US$ 6.6bn). Deposits grew 5.5% y/y, excluding the exchange rate effect (+29.5% y/y and +0.4% m/m in unadjusted terms), reaching GEL 13.9bn (US$ 5.8bn). NPLs remain under control at 3.1% in October 2015, up 0.2ppts m/m and down 0.4ppts y/y. 

NBG sold US$ 20mn
NBG sold US$ 20mn on the FX market to support the lari on November 25, 2015. It was NBG’s 8th intervention this year, with total net sales of US$ 267mn. Lari strengthened 0.5% d/d against the dollar on November 26, 2015.