Exports up 0.8% y/y in October 2016
In October 2016, exports increased 0.8% y/y at US$ 189.3mn, imports were up 7.4% y/y to US$ 661.7mn, and the trade deficit widened 10.3% y/y to US$ 472.4mn according to GeoStat. Increased exports of copper ores (+4.7% y/y), cars (+26.0% y/y), wine (+24.9% y/y), ferro-alloys (+33.0% y/y), and spirituous beverages (+17.3% y/y) were the major commodities positively affecting exports growth in October 2016, while nuts (-3.9% y/y), and fertilizer (-84.4% y/y) exports decreased.
Petroleum (+17.3% y/y), cars (+12.3% y/y), gases (+3.7% y/y), pharmaceuticals (+11.3% y/y), and phones (+21.9% y/y) represented the top 5 imported commodities in October 2016.
In 10M16, trade deficit was up 0.2% y/y to US$ 4.16bn, excluding one-offs, as imports were down 2.1% y/y to US$ 5.86bn and exports fell 7.2% y/y to US$ 1.70bn.
NPLs at 3.9% y/y in October 2016
In October 2016, the banking sector loan portfolio increased 7.3% y/y after growing 6.7% y/y in previous month, excluding the exchange rate effect. In unadjusted terms, loan portfolio was up 7.6% y/y and 2.7% m/m to GEL 16.9bn (US$ 7.0bn). Deposits were up 12.5% y/y to GEL 15.6bn (US$ 6.5bn), excluding the exchange rate effect. In unadjusted terms deposits were up 12.6% y/y and up 4.8% m/m, and deposit dollarization reached 69.7% (+0.5ppts m/m). NPLs stood at 3.9% in October 2016, up 0.8ppts y/y and up 0.1ppts m/m.
