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Trade Deficit Widens up to USD 2 bln

Georgia’s trade deficit widened to USD 1.986 billion in the first five months of 2008, against USD 1.4 billion in the same period of 2007.

The Georgian Statistics Department said foreign trade turnover was worth over USD 3.2 billion in January-May, 2008, a 40.5% increase on the previous year’s same period.

It also said exports reached USD 611.4 million in the reporting period; while imports was USD 2.598 billion.

Turkey remains Georgia’s main trading partner with total turnover of USD 440.3 million in January-May, 2008, which is 13.7% of the country’s entire trade turnover in the reporting period.

Azerbaijan comes second with USD 327 million (10.2%), followed by Ukraine – USD 295 million (9.2%); Germany – USD 235.4 million (7.3%).

Russia was fifth largest trading partner in the reporting period with turnover of USD 195.9 million (6.1%), followed by the United States – USD 192.7 million (6%); United Arab Emirates – USD 145.2 million (4.5%) and China – USD 128.9 million (4%).

Ferro-alloys constitute the number one Georgian export, followed by ferrous metal scrap, copper and nitric fertilizers.

Oil products and hydrocarbons top the list of imports. Officials say that soaring energy costs, pushing up the value of imports, is one of the major reason behind Georgia’s widened trade deficit.

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