Exports up 38.3% y/y in October 2017
In October 2017, exports increased 38.3% y/y to US$ 262.8mn, imports were up 10.4% y/y to US$ 730.8mn and the trade deficit narrowed 0.9% y/y to US$ 468.0mn, according to GeoStat. Overall in 10M17, the trade deficit was down 0.9% y/y at US$ 4.2bn as exports were up 29.4% y/y to US$ 2.2bn, while imports increased 7.8% y/y to US$ 6.4bn.
In October 2017, copper (+92.3% y/y), cars (+44.6% y/y), wine (+40.6% y/y), ferro-alloys (+60.1% y/y) and pharmaceuticals (+35.6% y/y) were the top 5 exported commodities; 26.1% of exports were directed to the EU (+6.1% y/y), 48.0% were directed to the CIS (+64.0% y/y) and 25.9% to other countries (+40.4% y/y).
Petroleum (+7.7% y/y), cars (-12.2% y/y), pharmaceuticals (+31.2% y/y), gases (-12.2% y/y) and phones (+6.7% y/y) represented the top 5 imported commodities in October 2017.
Producer price index up 1.1% m/m and up 13.3% y/y in October 2017
PPI for industrial goods was up 1.1% m/m in October 2017, according to GeoStat. A 0.9% price increase for manufacturing contributed the most to the overall index change as prices were up for food, beverages and tobacco (+1.3% m/m), rubber and plastic products (+7.3% m/m) and chemical products (+1.6% m/m).
Annual PPI was up 13.3% in October 2017. Rising prices in manufacturing (+13.3% y/y) contributed the most to the overall index change. Prices were also up for supply of electricity, gas and water (+9.5% y/y) and for mining and quarrying (+24.3% y/y).
NPLs at 3.4% in October 2017
In October 2017, the banking sector loan portfolio increased 16.6% y/y after growing 16.0% y/y in previous month, excluding the exchange rate effect. In unadjusted terms, loan portfolio was up 24.4% y/y and 4.0% m/m to GEL 21.1bn (US$ 8.1bn). Deposits were up 16.1% y/y excluding the exchange rate effect. In unadjusted terms, deposits were up 21.6% y/y and up 3.5% m/m to GEL 19.0bn (US$ 7.3bn). Deposit dollarization reached 66.4% (-3.3ppts y/y and +1.0ppts m/m). NPLs stood at 3.4% in October 2017 (-0.5ppts y/y and +0.3ppts m/m).
