In Q1 2016, Georgia’s foreign trade shrank by 7% to $2.14bn, with the trade deficit having dropped by 2.5% to $1.26bn, reports the National Statistics Office of Georgia.
Russia is the second biggest trade partner of Georgia – a trade turnover of $185mn (8.7% more than in Q1 2015), where Georgian exports and Russian imports grew by 41.5% to $38.5mn and by 2.5% to $146.5mn, respectively.
Among Georgia’s top five trade partners besides Russia are Turkey ($341.8mn, 5.3% less than in Q1 2015), China ($168.7mn, -12.1%), Azerbaijan ($160mn, -25.2%).
According to the source, in Q1 2016 Georgia’s exports dropped by 11.9% to $442.81mn, while imports dropped by 5.1% to $1.7bn. But if we exclude the import of Irish anti-HCV drugs worth $208mn, the imports dropped by 16.7%. As a result, the trade deficit shrank by 18.5% to $1.05mn.
In Q1 2016, Georgia’s trade with the EU grew by 11% to $712mn (but with the Irish drug imports exclusive, the figure makes up $503.8mn or 20.9% less than in Q1 2015). During the same period trade with the CIS dropped by 15% to $574mn.