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10M14 exports up 5.2% y/y; imports up 11.4% y/y

10M14 exports increased 5.2% y/y at US$ 2.43bn, while imports were up 11.4% y/y at US$ 7.01bn, according to foreign trade data released by GeoStat. As a result, trade deficit reached US$ 4.58bn with 49% share in total trade turnover. During this period, export growth to Russia (+78.6%), USA (+55.5%), Turkey (+27.3%) and Bulgaria (+16.9%) was more than sufficient to outweigh reduction of exports to Azerbaijan (re-export of cars) andUkraine. Export structure remains diversified with cars (18.8%), ferro-alloys (10.3%), copper (9.0%), wine (6.2%) and nuts (5.7%) representing top 5 export commodities. In 10M14, 22% of exports were directed to EU, 52% to CIS and 26% to other countries. In other countries Turkey (8.0%) and USA (7.7%) were the largest trading partners.

Increased economic activity supported import growth in 10M14, with petroleum (11.0%), cars (8.6%), gas (3.9%), pharmaceuticals (3.7%) and copper (2.2%) representing top 5 imported commodities. In 10M14, 28% of imports were originated from EU, 24% from CIS and 48% from other countries. In other countries Turkey (20.0%) and China (8.7%) were the largest trading partners.