Trade deficit down 11.1% y/y (excluding one-offs) in 11M15
In November 2015, exports decreased 7.7% y/y to US$ 187.0mn, imports fell 20.0% y/y to US$ 579.2mn, and the trade deficit shrank 24.8% y/y to US$ 392.2mn, according to foreign trade data released by GeoStat. The sole reason for the decline in exports was the drop in re-exports (-47.3% y/y and 19.2% of total, mainly cars to CIS countries), while Georgia originated exports increased 12.4% y/y (80.2% of total), mostly on the back of a 52.1% y/y rise in exports to the EU.
In 11M15, exports decreased 23.2% y/y to US$ 2.0bn, imports fell 15.2% y/y to US$ 6.6bn, excluding c-hepatitis medicine imports, and the trade deficit narrowed 11.1% y/y to US$ 4.5bn (in unadjusted terms, the trade deficit decreased 4.9% y/y). 30% of exports were directed to the EU (+5.9% y/y), 38% to the CIS (-44.0% y/y), and 32% to other countries (-6.0% y/y). A 66.1% y/y drop in car exports (8.3% of total) had the largest negative impact. In 11M15, copper ores (+4.9% y/y), nuts (+1.9% y/y), pharmaceuticals (+44.4% y/y), and crude oil (+197.3% y/y) were the major export commodities posting increases. In 11M15, savings from the lower oil import bill amounted to US$ 226.4mn.
NBG sold US$ 20mn
NBG sold US$ 20mn on the FX market to support the GEL on December 24, 2015. It was NBG’s 9th intervention this year, with total net sales of US$ 287mn. The lari strengthened 0.3% d/d against the dollar on December 25, 2015.
