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Georgia suffers decline in foreign trade in Q1

Xinhua, April 15, 2015 Adjust font size:

Georgia's exports and imports experienced a notable downturn in comparison to the same period of 2014 in Q1, official figures showed Tuesday.

National Statistics Office of Georgia said in a statement that foreign trade volume amounted to 2.279 billion U.S. dollars in the first quarter, a 10 percent drop year-on-year. The value of exports decreased by 28 percent year-on-year, and reached 503 million dollars, while imports dropped three percent and amounted to 1.776 billion dollars in the first quarter.

The sharp decline of exports had resulted in a bigger trade deficit at 1.273 billion dollars in the first quarter, which constituted 56 percent of the country's total trade turnover, said the statistics office.

Analysts indicated that Georgia's economic growth would slow down to 2 percent due to the decline of exports this year. Last year, Georgia posted an increase of 4.8 percent in economic growth, which was mainly pushed by the fast growth of exports. Endite