Trade deficit decreased 18.1% y/y in April 2015
In April 2015, exports decreased 21.4% y/y to US$ 186mn, imports fell 19.3% y/y to US$ 551.3mn, and trade deficit decreased 18.1% y/y to US$ 365.3mn, according to foreign trade data released by GeoStat. As a result, in 4M15 exports fell 26.1% y/y to US$ 689mn, imports decreased 7.6% to US$ 2.3bn, and trade deficit increased 3.3% y/y to US$ 1.6bn.
In 4M15, 30% of exports were directed to the EU (+6.4% y/y), 36% to CIS (-51.0% y/y), and 34% to other countries (+1.9% y/y), out of which Turkey (8.4% of total) and USA (6.0%) were the largest export destinations. 62.4% y/y drop in car exports (10.6% of total) had the largest negative impact. Nuts (+145.7% y/y), pharmaceuticals (+74.0% y/y), and gold (+80.4% y/y) were the major Georgian exports expanding significantly in 4M15.
In 4M15, petroleum (-23.5% y/y), gases (+14.0% y/y), cars (-12.2% y/y), pharmaceuticals (+4.3% y/y), and copper ores (+18.5% y/y), represented the top 5 imported commodities. In 4M15, 27% of imports were originated from the EU, 28% from CIS, and 45% from other countries, with Turkey (18.0% of total), and China (9.1%) being the largest trading partners.
Tax revenues increased 12.8% y/y in 4M15 and 17.2% y/y in April 2015
State budget tax revenues increased by 12.8% y/y (+17.2% y/y in April), reaching GEL 2.4bn in 4M15, according to Treasury Service. VAT receipts increased 10.4% y/y (accounting for 46.2% of total), personal income tax revenues by 11.4% y/y (25.9% of total), corporate income tax receipts by 34.7% y/y (17.2% of total), excise tax receipts by 2.5% y/y (9.5% of total); the rest – import tax and others – decreased, but they have a minor share in total tax revenues. Current spending reached GEL 2.5bn (+11.7% y/y), and capital spending reached GEL 146mn (+54.3% y/y). In 4M15, state budget operating balance and overall balance were in surplus and government deposits stood at GEL 555mn as of 1 May (accumulation of GEL 120mn since the beginning of the year).
