Trade deficit down 46.0% y/y in April 2020
In April 2020, exports decreased by 27.9% y/y to US$ 223.2mn, imports fell by 38.5% y/y to US$ 458.0mn. As a result, trade deficit narrowed by 46.0% y/y to US$ 234.8mn, according to Geostat.
In April 2020, copper (-5.2% y/y), ferro-alloys (+55.5% y/y), pharmaceuticals (-22.3% y/y), wine (-22.2% y/y) and mineral waters (-1.7% y/y) were the top 5 exported commodities. A 19.2% of exports was directed to the EU (-46.6% y/y), 41.8% to the CIS (-42.7% y/y) and 39.0% to other countries (+30.6% y/y).
Copper (-25.9% y/y), pharmaceuticals (+22.6% y/y), gases (-11.4% y/y), petroleum (-65.8% y/y) and wheat (-13.2% y/y) represented the top 5 imported commodities in April 2020.
Overall, in 4M20, trade deficit was down 11.8% to US$ 1.5bn as exports decreased by 11.9% y/y to US$ 1.0bn and imports decreased by 11.8% y/y to US$ 2.5bn.
Producer price index up 10.1% y/y in April 2020
Annual PPI for industrial goods was up 10.1% in April 2020 according to Geostat. Rising prices in manufacturing (+10.9% y/y) contributed the most to the overall index change.
NBG sold US$ 40.0mn
On 21 May 2020, the NBG intervened on the FX market and sold US$ 40.0mn to limit GEL volatility. This was fifth FX intervention YTD for a total sale of US$ 160.0mn through auction.
