Geostat published Georgia’s foreign trade statistics for January-August 2017. The main export goods are copper ores and concentrates, which accounted for 16.4% of exports. Ferroalloys take second place with 12.5% of total exported goods. Exports amounted to 1.682 billion USD in January-August 2017, which is 28.5% higher compared to the same time period of 2016.
Georgia’s biggest export products, January-August 2017:
- Copper ore - 275 million USD, 34% increase y/y
- Ferroalloys - 210 million USD, 88% increase y/y
- Auto exports - 122 million USD, 18.5% increase y/y
- Wines - 99 million USD, 51% increase y/y
- Medicines - 92 million USD, 47% increase y/y
- Spirits - 67 million USD, 31% increase y/y
- Mineral waters - 60 million USD, 12% increase y/y
- Nitric fertilizers - 49 million USD, 4% decrease y/y
- Gold - 46 million USD, 16% decrease y/y
- Nuts and walnuts - 36 million USD, 60% decrease y/y
- Other goods - 621 million USD, 35% increase y/y
In January-August 2017, imports amounted to 4.9 billion USD. The trade balance was negative, equalling to 3.2 billion USD, which is 49% of total turnovers.
The rise in exports, inflow of capital, and increase in investment are recent noticeable trends from the beginning of 2017. However, the volume of capital outflows increased by 8% y/y as well.
If capital inflows are higher than outflows, the national currency has a tendency to strengthen.