Goods exports increased by 17.0% y/y in Sep-24
In Sep-24, goods exports increased by 17.0% y/y to US$ 615.6mn, following a 30.1% y/y growth in previous month. In contrast, imports continued to decline, down by 4.1% y/y to US$ 1.3bn, after a 1.8% y/y decrease in previous month. Consequently, the trade deficit narrowed by 17.2% y/y to US$ 709.2mn in Sep-24.
Overall, in 9M24, trade deficit widened by 3.3% y/y to US$ 7.2bn, as exports increased by 4.1% y/y to US$ 4.8bn and imports were up by 3.6% y/y to US$ 12.0bn.
Money transfers stood at US$ 283.4mn in Sep-24
Money transfers slightly decreased by 1.1% y/y to US$ 283.4mn in Sep-24, after a 0.3% y/y growth in previous month. Among the top countries, money transfers increased significantly from the EU (+15.1% y/y, 47.3% of total), the USA (+17.7% y/y, 17.3% of total) and Israel (+20.4% y/y, 7.3% of total) in September. In contrast, transfers reduced from Russia (-40.0% y/y, 12.6% of total), Türkiye (-3.1% y/y, 3.2% of total) and Kazakhstan (-55.9% y/y, 2.8% of total). Overall, in 9M24 money transfers decreased by 22.3% y/y to US$ 2.5bn.
NBG sold US$ 64.9mn
On October 16, 2024, the NBG intervened in the FX market and sold US$ 64.9mn out of US$ 70mn offered to ease pressure on the GEL due to large one-off transactions, according to the regulator’s statement.
