Trade deficit down 18.0% y/y in December 2020
In December 2020, trade deficit narrowed by 18.0% y/y to US$ 473.3mn according to Geostat’s preliminary figures, as exports decreased by 17.7% y/y to US$ 325.7mn, while imports fell by 17.9% y/y to US$ 799.0mn. Overall in 2020, trade deficit was down 18.4% y/y to US$ 4.7bn as exports decreased by 12.0% y/y to US$ 3.3bn and imports were down 15.9% y/y to US$ 8.0bn. Detailed foreign trade statistics will be available on January 20, 2021.
Money transfers up 15.9% y/y in December 2020
In December 2020, money transfers increased by 15.9% y/y to US$ 199.7mn, after growing 12.5% y/y in previous month, according to NBG. From major remitting countries, money transfers increased strongly from Italy (+33.4% y/y, 15.9% of total), USA (+35.1% y/y, 11.2% of total) and Greece (+14.4% y/y, 11.2% of total). Meanwhile, remittances declined from Russia (-7.1% y/y, 20.4% of total). Overall in 2020, money transfers were up 8.8% y/y to US$ 1.9bn.
International arrivals down 80.4% y/y in 2020
Total international arrivals (tourists and same-day arrivals) to Georgia were down 80.4% y/y to 1.52mn persons, according to GNTA, as borders remained closed for international travel due to COVID-19 pandemic. Meanwhile, tourism revenues stood at US$ 538mn (-83.5% y/y) in 2020, by our estimates.
