External Merchandise Trade (excluding non-declared trade) of Georgia amounted to USD 8 419.9 million in January-May 2024, 2.3 percent lower year-on-year. The value of export decreased by 9.2 percent reaching USD 2 274.0 million, while the import increased by 0.5 percent and amounted to USD 6 145.9 million. The trade deficit equaled USD 3 872.0 … Read more
An update of the current situation and macroeconomic indicators in the banking and financial sectors of the country was provided by The National Bank of Georgia on Wednesday.
Inflation
The increase of the annual inflation reached two percent in May. “Higher fuel and some food prices” caused the increase of prices by 0.4 percent compared to April. The rate of base inflation, excluding volatile items, is 1.7 percent.
Banking sector
The central bank reported loans’ increase by 18.4 percent year-on-year in April and the decrease of the dollarisation of deposits to 48.3 percent. The dollarisation of the total credit portfolio remained at 44.7 percent.
Foreign sector
Investment and consumer goods made imports of goods increase by 11.3 percent year-on-year, according to NBG, but a decrease in the export of intermediate, consumer and investment goods made the registered export of goods decrease by 12.7 percent year-on-year in April.
The official international reserves totalled $4.8 billion in April ($37.4 million increase compared to the previous month).
NH Logistics GEO has been offering IOR Importer of Record and EOR Exporter of Record services since 2001 and is a market leader in Georgia and Eurasia, supporting many clients with their import/export shipments.
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Jacek Zarzecki of Copa-Cogeca, the EU’s leading agrarian association, said that most of the quotas set for Ukrainian agrifood exports to the European Union under the Autonomous Trade Measures (ATM) for 2024 were used up by Ukraine by April (150% of the quota for oats, 66% eggs, 41% poultry, 70% sugar, 47% maize, 62% groats, and 51% honey).
He suggested to bar imports of sensitive agricultural products from Ukraine in July.
The extension of ATMs for Ukraine was endorsed on May 13 for another 12 months starting June 2024 by the Council of the EU, as reported earlier.
It was stipulated in the agreements that Ukraine could export to the EU poultry, eggs, sugar, oats, groats, maize, and honey within the average of import volumes recorded in the second half of 2021 and over the whole of 2022 and 2023 while the ATMs remain in effect.
Article 4(7) of the Regulation on Autonomous Trade Measures on imports of Ukrainian agricultural products from June 6, 2024 to June 5, 2025 allows Ukraine to export duty-free 57,101 tonnes of poultry, 9,662 tonnes of eggs, 109,439 tonnes of sugar, 18,507 tonnes of honey, 4.648 million tonnes of maize, 1,017 tonnes of oats, and 8,603 tonnes of groats.
NH Logistics UKR has been offering IOR Importer of Record and EOR Exporter of Record services since 2001 and is a market leader in Ukraine and Eurasia, supporting many clients with their import/export shipments.
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Ukraine has exported 50 million tonnes of cargo through the maritime corridor opened unilaterally nine months ago, and 1,737 ships have passed through Ukrainian seaports by now, Ukrainian media said, citing a statement by the Restoration Ministry. Combined efforts of the government, the Ukrainian Sea Ports Authority, international partners and port industry workers have enabled … Read more
The overall external trade in the Republic of Serbia for the period January-April 2024 amounted to: – USD 24097.9 million – which was an increase of 1.9% compared to the same period last year; – EUR 22249.5 million – which was an increase of 1.3% compared to the same period last year. The value of … Read more
The National Bank of Georgia on Wednesday provided an update of the current situation and macroeconomic indicators in the banking and financial sectors of the country by releasing updated figures in inflation, import and other data. The National Bank of Georgia on Wednesday provided an update of the current situation and macroeconomic indicators in the … Read more
An agreement establishing a joint company in Serbia has been signed by Serbian logistics services provider Transfera and the local subsidiary of Austria’s OBB Rail Cargo Group (RCG). According to Transfera, the development of intermodal logistics solutions will be the main aim of the new company, based in Belgrade. Transfera CEO, Dusko Radovic, said that … Read more
A successful pilot shipment from China through the Middle Corridor logistics route was announced on Monday by Georgian Deputy Economy Minister Guram Guramishvili. According to him, the country has become a “significant player in the global supply chain”. After travelling via Kazakhstan, the Caspian Sea and Azerbaijan, cars loaded in the Chinese city of Ürümqi … Read more
The Ukrainian government has introduced quotas for a number of agricultural goods to the European Union member states, in particular, a zero quota for sugar exports, actually banning them until the end of the year as part of its obligations in line with the duty-free trade regulations with the EU. “The decree was complemented with … Read more
Serbian logistics services provider Transfera said it has signed an agreement with the local subsidiary of Austria’s OBB Rail Cargo Group (RCG) to establish a joint company in Serbia. The new company, to be based in Belgrade, will primarily focus on the development of intermodal logistics solutions, Transfera said in a press release on Thursday. … Read more