Exports up 14.0% y/y in December 2018
In December 2018, exports increased 14.0% y/y to US$ 328.6mn, imports were down 2.7% y/y to US$ 816.6mn and the trade deficit decreased 11.4% y/y to US$ 488.1mn, according to GeoStat. Overall in 2018, the trade deficit was up 10.7% y/y to US$ 5.8bn as exports were up 22.9% y/y to US$ 3.4bn and imports increased 14.9% y/y to US$ 9.1bn.
In December 2018, cars (+38.9% y/y), copper (+5.0% y/y), ferro-alloys (+57.5% y/y), wine (+13.1% y/y) and pharmaceuticals (+22.7% y/y) were the top 5 exported commodities. A 21.7% of exports were directed to the EU (+7.0% y/y), 56.9% to the CIS (+24.5% y/y) and 21.4% to other countries (-1.7% y/y).
Petroleum (-12.5% y/y), cars (-3.2% y/y), pharmaceuticals (+7.8% y/y), gases (-23.6% y/y) and phones (+2.9% y/y) represented the top 5 imported commodities in December 2018.
NPLs at 2.7% in December 2018
In December 2018, the banking sector loan portfolio increased 17.2% y/y after growing 18.9% y/y in previous month, excluding the exchange rate effect. In unadjusted terms, loan portfolio was up 19.3% y/y and up 1.9% m/m to GEL 26.6bn (US$ 9.9bn). Deposits were up 13.8% y/y excluding the exchange rate effect. In unadjusted terms, deposits were up 16.4% y/y and up 4.7% m/m to GEL 23.0bn (US$ 8.6bn). Deposit dollarization stood at 63.1% (-2.5ppts y/y and -0.9ppts m/m) and loan dollarization was 56.9% (flat y/y and +0.3ppts m/m). NPLs stood at 2.7% in December 2018 (-0.1ppts y/y and m/m).
Producer price index up 3.8% y/y in December 2018
Annual PPI for industrial goods was up 3.8% in December 2018. Rising prices in manufacturing (+2.5% y/y) and supply of electricity, gas and water (+15.4% y/y) contributed the most to the overall index change.
NBG purchased US$ 30.0mn
On 21 and 23 January 2019, the NBG intervened on the FX market and purchased US$ 15.0mn and US$ 15.0mn, respectively. The NBG purchased US$ 85mn YTD on its 6 FX auctions.
