Trade deficit down 9.4% y/y in July 2020
In July 2020, trade deficit narrowed by 9.4% y/y to US$ 442.0mn as exports decreased by 21.6% y/y to US$ 254.1mn and imports fell by 14.3% y/y to US$ 696.0mn.
In July 2020, copper (+1.1% y/y), wine (-3.3% y/y), cars (-76.0% y/y), fruits (+62.4% y/y) and ferro-alloys (-24.6% y/y) were the top 5 exported commodities. A 21.4% of exports was directed to the EU (-22.8% y/y), 45.9% to the CIS (-39.7% y/y) and 32.7% to other countries (+37.7% y/y).
Cars (-30.2% y/y), copper (-10.3% y/y), petroleum (-25.8% y/y), pharmaceuticals (-22.3% y/y) and phones (+13.4% y/y) represented the top 5 imported commodities in July 2020.
Overall, in 7M20, trade deficit was down 18.6% to US$ 2.5bn as exports reduced by 16.8% y/y to US$ 1.8bn and imports decreased by 17.9% y/y to US$ 4.3bn.
Producer price index up 7.0% y/y in July 2020
Annual PPI for industrial goods retreated to 7.0% in July 2020 from 10.1% in previous month, according to Geostat. Price changes in manufacturing (+7.3% y/y) and mining (+20.5% y/y) contributed the most to the overall index change.
International arrivals down 94.8% y/y in July 2020
Total international arrivals (tourists and same-day arrivals) to Georgia was down 94.8% y/y to c.46k persons in July 2020 according to GNTA, as borders remained closed for international travel due to COVID-19 pandemic. Overall, in 7M20, total international arrivals stood at 1.3mn (-69.0% y/y), of which tourist arrivals reached 0.88mn (-67.2% y/y) persons. Meanwhile, based on NBG, tourism revenues stood at US$ 456.5mn (-75.3% y/y) in 7M20
