Exports down 30.0% y/y; imports down 0.8% y/y in January 2015
Exports decreased 30.0% y/y reaching US$ 156.4mn, while imports were down 0.8% y/y at US$ 538.1mn in January 2015, according to foreign trade data released by GeoStat. As a result, trade deficit was US$ 381.6mn with 55% share in total trade turnover. Exports to EU increased by 35% as exports significantly grew to Germany (+123.1% y/y), Bulgaria (+40.8%y/y), and Italy (+33.1% y/y). However 51% y/y reduction in trade flows to CIS countries (Azerbaijan, Armenia, Russia and Ukraine) negatively weighed on exports. Car remained major exported commodity (14.2% of total) despite 48.8% y/y drop in car exports, followed by nuts (12.1%), copper (11.1%), ferro-alloys (6.9%) and mineral waters (4.5%). In January 2015, 39% of exports were directed to EU, 35% to CIS and 26% to other countries. In other countries Turkey (8.6%) and Canada (3.8%) were the largest trading partners.
In January 2015 gases (9.5%), cars (7.9%), petroleum (7.5%), pharmaceuticals (3.1%) and copper ores (3.0%) represented top 5 imported commodities. 22% of imports were originated from EU, 28% from CIS and 50% from other countries. In other countries Turkey (17.7%) and China (9.7%) were the largest trading partners.
Loan portfolio up 31.2% y/y and deposits up 26.1% y/y in January 2015
Loans and deposits continue growing according to NBG. Loan portfolio increased 31.2% y/y, reaching GEL 13.7bn (US$ 6.7bn) and deposits grew 26.1% y/y totaling GEL 11.9bn (US$ 5.8bn) in January 2015.
