Weekly Market Watch
Exports up 42.4% y/y in July 2021
In July 2021, exports increased sharply, up by 42.4% y/y to US$ 390.9mn after a 30.1% y/y growth in previous month. Meanwhile, imports growth slowed in July, up 17.7% y/y to US$ 856.4mn, after growing 38.5% y/y in previous month. Notably, both exports and imports were also up compared to July 2019 levels - exports up 20.7% and imports up 5.5%. As exports growth outpaced imports, trade deficit increased by just 2.7% y/y, far below growth levels posted since April 2021. Overall, in 7M21, trade deficit was up by 13.5% y/y to US$ 2.9bn, as exports increased by 27.8% y/y to US$ 2.3bn (up 7.7% compared to 7M19) and imports increased by 19.3% y/y to US$ 5.2bn (flat compared to 7M19).
International arrivals up 403.7% y/y in July 2021
Total international arrivals (tourists and same-day arrivals) to Georgia increased by 403.7% y/y to 230.9 thousand persons in July 2021, according to GNTA. This growth was supported by last last year’s low base, with July 2021 arrivals accounted for 26.2% of July 2019 level. The largest contribution to international visitor growth came from Ukraine, followed by Russia, Israel and Turkey in July. Overall in 7M21, international arrivals stood at 706.2 thousand persons (-44.6% y/y, 17.2% of 2019 level). Meanwhile, we estimate tourism revenues at US$ 502.7mn in 7M21, up 7.3% y/y and accounting for 27.2% of 2019 level.