Coronavirus hits the economy: how much has Georgia's foreign trade turnover fallen
In March of this year, Georgia's foreign trade turnover fell by 16%, including exports - by 22%, and imports - by 13%.
The coronavirus outbreak has dealt a serious blow to the Georgian economy - Georgia's foreign trade turnover in January-March 2020 decreased by 2.7% compared to the same period in 2019 and amounted to about 2.8 billion dollars (excluding unorganized trade), according to the materials of the national statistics service of the country "Sakstat".
Exports from the beginning of 2020 decreased by 5.9% compared to the same period in 2019 – in January-March, Georgian products were exported by 778.2 million dollars.
At the beginning of the year, imports also fell - in January-March 2020, goods were imported to Georgia by almost two billion dollars - 1.4% less than in the same period last year.
The negative trade balance of Georgia for this period amounted to more than 1.2 billion dollars, which is 43.9% of the total foreign trade turnover.
Sales market
Georgia has recently concluded free trade agreements with the EU, the European free trade Association (EFTA) countries, Turkey, Hong Kong and China. Georgia, before Brexit came into force, ratified the free trade agreement with the UK and expects the same from the British side.
Free trade negotiations will soon begin with India. The text of the agreement is already ready, and negotiation groups have also been set up on both sides, which are currently waiting to determine the date of the first round of negotiations. The possibility of signing such agreements with Japan and the United States is being actively discussed.
According to the Ministry of economy, last year 87% of Georgia's net exports were to countries with a free trade regime.
Forecasts
The coronavirus outbreak has already dealt a serious blow to the country's economy – only in March this year, Georgia's foreign trade turnover fell by 16%, including exports - by 22%, and imports - by 13%.
Losses are incurred by hotels, restaurants, shopping centers, recreation and entertainment, transport. The financial sector, construction, real estate, manufacturing and education were also under threat.
According to the Georgian investment company Galt&Taggart, a drop in exports due to restrictions in world trade due to the coronavirus pandemic could cause damage to the economy in the amount of 200 million to one billion dollars, depending on the scenario of the current situation.
The Georgian government has already started working on an anti-crisis plan to save the economy, and international financial organizations continue to announce the amount of aid for the country. By the end of the year, international donors have promised the country $ 1.5 billion in aid.
Sputnik-georgia.ru
Tags:
Coronavirus hits the economy: how much has Georgia's foreign trade turnover fallen
In March of this year, Georgia's foreign trade turnover fell by 16%, including exports - by 22%, and imports - by 13%.
The coronavirus outbreak has dealt a serious blow to the Georgian economy - Georgia's foreign trade turnover in January-March 2020 decreased by 2.7% compared to the same period in 2019 and amounted to about 2.8 billion dollars (excluding unorganized trade), according to the materials of the national statistics service of the country "Sakstat".
Exports from the beginning of 2020 decreased by 5.9% compared to the same period in 2019 – in January-March, Georgian products were exported by 778.2 million dollars.
At the beginning of the year, imports also fell - in January-March 2020, goods were imported to Georgia by almost two billion dollars - 1.4% less than in the same period last year.
The negative trade balance of Georgia for this period amounted to more than 1.2 billion dollars, which is 43.9% of the total foreign trade turnover.
Sales market
Georgia has recently concluded free trade agreements with the EU, the European free trade Association (EFTA) countries, Turkey, Hong Kong and China. Georgia, before Brexit came into force, ratified the free trade agreement with the UK and expects the same from the British side.
Free trade negotiations will soon begin with India. The text of the agreement is already ready, and negotiation groups have also been set up on both sides, which are currently waiting to determine the date of the first round of negotiations. The possibility of signing such agreements with Japan and the United States is being actively discussed.
According to the Ministry of economy, last year 87% of Georgia's net exports were to countries with a free trade regime.
Forecasts
The coronavirus outbreak has already dealt a serious blow to the country's economy – only in March this year, Georgia's foreign trade turnover fell by 16%, including exports - by 22%, and imports - by 13%.
Losses are incurred by hotels, restaurants, shopping centers, recreation and entertainment, transport. The financial sector, construction, real estate, manufacturing and education were also under threat.
According to the Georgian investment company Galt&Taggart, a drop in exports due to restrictions in world trade due to the coronavirus pandemic could cause damage to the economy in the amount of 200 million to one billion dollars, depending on the scenario of the current situation.
The Georgian government has already started working on an anti-crisis plan to save the economy, and international financial organizations continue to announce the amount of aid for the country. By the end of the year, international donors have promised the country $ 1.5 billion in aid.
Sputnik-georgia.ru
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