Exports increased by 42.7% in November 2021
In November 2021, both exports and imports hit all-time high monthly figure of US$ 429.8mn (up 42.7% y/y and up 23.7% vs. Nov-19) and US$ 1.0bn (up 40.6% y/y and up 23.9% vs Nov-19), respectively. As a result, the trade deficit growth accelerated to 39.0% y/y to US$ 584.1mn (up 24.0% vs. Nov-19), after a 19.8% y/y growth in previous month.
Overall, in 11M21, trade deficit was up 23.0% y/y (up 0.8% vs 11M19) to US$ 5.2bn, as exports increased by 26.7%y/y (up 12.3% vs 11M19), while imports were up by 24.5% y/y (up 5.4% vs 11M19).
Money transfers increased by 22.0% y/y in November 2021
Money transfers increased by 22.0% y/y to US$ 207.3mn in November 2021, according to NBG, after growing by 13.7% y/y in previous month. Notably, remittances were also up by 37.3% compared to November 2019 level. From major remitting countries, money transfers increased strongly from Italy (+26.6% y/y, 15.5% of total), USA (+22.1% y/y, 11.6% of total), Germany (+45.0% y/y, 5.2% of total), Israel (+23.7% y/y, 8.2% of total), Russia (+8.0% y/y, 16.6% of total) and Greece (+3.6% y/y, 9.1% of total). Meanwhile, from major remitting countries, money transfers declined from Turkey (-7.9% y/y) and Ukraine (-21.8% y/y). Overall, in 11M21 remittances stood at US$ 2.1bn, up 25.7% y/y and up 35.8% vs. 11M19.
Tourism revenues at 55.0% of 2019 level in November 2021
Recovery in tourism strengthened in November 2021, with tourist arrivals (overnight stays) recovering to 44.7% of Nov-19 level, up from an average 40.9% recovery during Sep-Oct 2021. Notably, tourism revenues recovered faster, hitting 55.0% of Nov-2019 level. Meanwhile, same-day arrivals, accounting for c.30% of total international arrivals pre-Covid, remained weak, accounting for 7.4% of Nov-19 level. That said, 166.6 thousand international visitors (up 267.2% y/y, tourists and same-day arrivals combined) traveled to Georgia in Nov-21, with most visitors from Turkey (19.6% of total), followed by Russia (14.1% of total), and Armenia (11.6% of total). Most visitors traveled to Georgia via air (52.5% of total), followed by land (46.6% of total). Overall, in 11M21, international arrivals stood at 1.6mn persons (+6.6% y/y, 21.7% of 2019 level) and tourism revenues reached US$ 1.1bn (+112.3% y/y, 36.7% of 2019 level).
