11M14 exports up 0.5% y/y; imports up 9.3% y/y
11M14 exports increased 0.5% y/y at US$ 2.6bn, while imports were up 9.3% y/y at US$ 7.7bn, according to foreign trade data released by GeoStat. As a result, trade deficit was US$ 5.1bn with 49% share in total trade turnover. During this period, export growth to Turkey (+56.8%), USA (+55.9%), Russia (+28.9%), and Bulgaria (+8.7%) was more than sufficient to outweigh reduction of exports (re-export of cars) to Azerbaijan and Ukraine. Export structure remains diversified with cars (18.7%), ferro-alloys (9.9 %), copper (8.7%), wine (6.3%) and nuts (6.1%) representing top 5 export commodities. In 11M14, 21% of exports were directed to EU, 52% to CIS and 27% to other countries. In other countries Turkey (8.3%) and USA (7.2%) were the largest trading partners.
Increased economic activity supported import growth in 11M14, with petroleum (10.8%), cars (8.5%), gas (4.1%), pharmaceuticals (3.6%) and phones (2.2%) representing top 5 imported commodities. In 11M14, 28% of imports were originated from EU, 24% from CIS and 48% from other countries. In other countries Turkey (20.1%) and China (8.7%) were the largest trading partners.
Loan portfolio up 25.0% y/y and deposits up 20.0% y/y in November 2014
Loans and deposits continue robust growth according to NBG. Loan portfolio increased 25.0% y/y, reaching GEL 12.3bn (US$ 6.7bn) and deposits grew 20.0% y/y totaling GEL 11.2bn (US$ 6.1bn) as of November 2014.
