Loading

Resume: In the first seven months of 2019, export increased by 12.4% as compared to the same period of the previous year and reached USD 2.1 billion, which corresponds to the statement of the Minister of Economy and Sustainable Development. In the same period, export minus re-export increased by 1.6% as compared to the same period of the previous year and reached USD 1,311.9 million. In 2017-2019, export used to grow and export to GDP ratio in 2019 increased by nearly 7.2 percentage points as compared to 2016. However, in 2014-2016, export to GDP ratio used to decrease.

In regard to export of services, respective figures are given in the balance of payments and shows services which Georgian residents provided to the residents of the other countries. The export of services amounted to USD 4.4 billion in 2018 which was 12% more as compared to the year before. In the last years, export of services has been growing both in nominal and relative figures. In the first quarter of 2019, export of services amounted USD 872 million which is 3% more as compared to the same period of the previous year.

Analysis

On 5 September 2019, in her speech before the Parliament of Georgia, the Minister of Economy and Sustainable Development, Natia Turnava, stated: “We have a considerable progress in terms of export growth. The export of both goods and services grow significantly. In January-July 2019 export increased 12.4% and exceeded USD 2 billion.”

The National Statistics Office of Georgia publishes information about foreign trade.

Graph 1: Georgia’s Export in 2014-2019 (USD Billion)

Source: National Statistics Office of Georgia

In the first seven months of 2019, export increased by 12.4% reached USD 2.1 billion. Of note is that in the same period, export minus re-export increased by 1.6% as compared to the same period of the previous year and reached USD 1,311.9 million. In 2017-2019, export used to grow, although in 2014-2016, export to GDP ratio used to decrease both in relative and absolute figures.

In January-July 2019, Georgia’s top ten export commodities are led by copper ore with USD 364.9 million, which constitutes 17.4% of total exports. It is followed by cars with USD 317.3 million (15.1% of total exports), whilst ferroalloys are third with USD 195.7 million (9.3%).

In regard to export of services, respective figures are given in the balance of payments and shows services, which Georgian residents provided to the residents of the other countries.

Graph 2: The Export of Services in 2014-2018 (USD Billion)

Source: National Bank of Georgia

The export of services amounted to USD 4.4 billion in 2018, which was 12% more as compared to the year before. The export of services has been growing both in nominal and relative figures. In the first quarter of 2019, export of services amounted to USD 872 million which is 3% more as compared to the same period of the previous year.


[1] Potential debtor’s credit risk assessment which outlines the ability/capacity of an entity or a separate country to meet its own obligation.

[2] The rating hierarchy is defined in the following way: 1. Alphabetical sequence of letters – A is a higher level than B or any combination of B (B-, B, B+, BB-, BB, BB+, BBB-, BBB, BBB+). The same applies to other letters. 2. Number of letters – more letters indicate a higher rating. For instance, BBB is a higher level as compared to any combination with one or two Bs (B-, B, B+, BB-, BB, BB+) and the same applies to other letters. 3. “+” is a higher level than “-.“ For instance, B is a lower level as compared to B+ and a higher level as compared to B-. The same applies to another letters.


Persons

Similar News

2836 - Verified Facts
FactCheck Newspaper
25%
True
22%
Mostly True
13%
Half True
10%
Mostly False
8%

Most read