Trade deficit down 7.3% y/y in March 2020
In March 2020, exports decreased by 21.5% y/y to US$ 251.9mn, imports fell by 13.4% y/y to US$ 655.0mn and the trade deficit narrowed by 7.3% y/y to US$ 403.1mn according to Geostat’s preliminary figures. In 1Q20, trade deficit was up 3.6% to US$ 1.2bn as exports decreased by 5.6% y/y and imports were down by 0.2% y/y. Detailed foreign trade statistics will be available on April 21, 2020.
International arrivals decreased 58.6% y/y in March 2020
Total international arrivals (tourists and same-day arrivals) to Georgia decreased by 58.6% y/y to 0.21mn persons in March 2020, according to GNTA. This fall reflected both reduced same-day arrivals (-63.2% y/y) and tourist arrivals decreasing 56.1% y/y (68.7% of total). In March 2020, international visitors declined from all major countries: Azerbaijan (-62.9%), Turkey (-45.4% y/y), Russia (-66.5% y/y) and Armenia (-61.1% y/y). Visitors from the EU were down 36.7% y/y to 13,250 visitors, with Germany, UK and Italy contributing most to the decline. In 1Q20, total international arrivals stood at 1.1mn (-16.0% y/y), of which tourist arrivals reached 0.77mn (-13.2% y/y) persons. Meanwhile, we estimate tourism revenues at US$ 443.2mn (-23.3% y/y) in 1Q20.
Money transfers decreased by 9.0% y/y in March 2020
In March 2020, money transfers declined by 9.0% y/y to US$ 125.9mn, after growing 9.5% y/y in previous month, according to NBG. From major countries, money transfers were up from Greece (+1.8% y/y, 12.9% of total) and USA (+2.3% y/y, 12.0% of total). Meanwhile remittances were down from Russia (-28.3% y/y, 20.2% of total), Italy (-8.7% y/y, 13.7% of total) and Israel (-10.2% y/y, 9.4% of total). Overall, in 1Q20 money transfers were up 2.4% y/y to US$ 388.8mn.
