Home / Economy / In November 2014 Exports Fell by 35%, Imports – by 7%

In November 2014 Exports Fell by 35%, Imports – by 7%

According to preliminary data of Statistics Service,  in November exports from Georgia decreased by 35% and amounted to USD  203 million, imports decreased by 7%  and amounted to USD  725 million.

A decline in exports began in August, while imports increased in September-October.
In January-November 2014,  the foreign trade turnover of Georgia amounted to  USD 10, 4 billion, which is 7% more than in the same period of 2013. Export accounts for  USD 2.6 billion, which is 7% higher than last year, imports – 7.7 billion  that is 9% higher.

During this period, the negative balance amounted to  USD 5.1 billion and made 49% of trade turnover.

Details of the November data will be released on December 24, but it is already clear that a decline in exports is mainly due to the deteriorating economic situation in Russia and Ukraine, as well as a 40% decline in re-exports of cars to  Azerbaijan in comparison with 2013 – in April imports of cars manufactured before 2005 was banned in the country.