“We have record growth in exports in May – a 50.2% growth, which is the result of active work for export growth and diversification”, says Georgia’s Economy Minister Dimitry Kumsishvili.
Kumsishvili talked about several factors, which led to the increase in exports last month.
“First of all we should mention that the geography of those countries with whom we have free trade deals has increased and soon Hong Kong will also be added to this list. Besides we are implementing business-support programs that encourage the production of export-oriented products. At the same time, we help local entrepreneurs in order to take on new markets”, said Kumsishvili.
The National Statistics Office of Georgia published preliminary data on external merchandise trade of Georgia. According to it, Georgia’s external trade grew by 24.5% in January-May and reached $4.89 billion.
In the first five months of 2018 the value of Georgia’s exports increased by 28%, to $1.28 billion, while the value of imports also increased by 23.3%, to $3.61 billion with respect to January-May 2017, said the Geostat data.
Georgia’s trade deficit equaled $2.32 billion in January-May, which was a 47.5% share of the country’s total trade turnover. (Agenda/Business World Magazine)