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.
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