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Country Report Georgia March 2011
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HTMLForeign trade and payments: The trade deficit widens in the third quarter of 2010
According to data from the IMF, the current-account deficit widened to US$279m in the third quarter of 2010 from US$214.2m in the year-earlier period. The expansion was primarily driven by the widening of the trade deficit to US$657.6m in July-September 2010 from US$572.6m a year earlier. The widening of the trade deficit was partially offset by a rise in the services surplus to US$200.2m from US$132.4m a year earlier.
In the first three quarters the current transfers surplus rose to US$698.1m from US$586.9m in the year-earlier period. The current transfers surplus has been boosted by an increase in remittance inflows from Georgians working abroad. Remittance inflows have risen owing to an improvement in the economic conditions in the destinations for Georgian workers abroad, particularly Russia, which is the main source of remittance inflows.
| Balance of payments | |||||||
| (US$ m) | |||||||
| 2009 | 2010 | ||||||
| 1 Qtr | 2 Qtr | 3 Qtr | 4 Qtr | 1 Qtr | 2 Qtr | 3 Qtr | |
| Trade balance | -604.6 | -512.4 | -572.6 | -709.5 | -509.8 | -639.6 | -657.6 |
| Exports fob | 362.5 | 488.6 | 516.1 | 526.3 | 540.0 | 587.9 | 584.0 |
| Imports fob | -967.1 | -1,001.0 | -1,088.7 | -1,235.8 | -1,049.8 | -1,227.5 | -1,241.6 |
| Services balance | 38.3 | 78.3 | 132.4 | 90.7 | 88.5 | 95.0 | 200.2 |
| Services: credits | 264.9 | 313.3 | 382.4 | 353.0 | 305.6 | 358.2 | 483.8 |
| Services: debits | -226.6 | -235.0 | -250.0 | -262.3 | -217.1 | -263.2 | -283.6 |
| Income balance | -15.6 | -37.3 | -9.7 | -55.1 | -38.3 | -9.0 | -61.0 |
| Current transfers (net) | 168.9 | 182.3 | 235.7 | 271.4 | 238.5 | 220.2 | 239.4 |
| Current-account balance | -413.0 | -289.1 | -214.2 | -402.5 | -221.1 | -333.4 | -279.0 |
| Note. Totals may not sum, owing to rounding. Balance-of-payments export and import figures include an estimate of unregistered trade and therefore differ from customs figures. | |||||||
| Sources: IMF; Haver Analytics. | |||||||
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