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bne IntelliNews – Georgia’s trade deficit up 24% y/y in 2021

Georgia’s foreign trade deficit widened by 24% y/y to $5.83bn in 2021, reversing the 18% y/y contraction in 2020 and thus returning close to the pre-crisis trade gap ($5.72bn in 2019), according to data from the statistics office Geostat.

Foreign trade activity has gained momentum in Georgia along with the global trend in 2021, starting from the low base of 2020 – when the pandemic disturbed the global production and trade chains.

Exports increased by 27% y/y to $4.24bn, imports by 25% y/y to $10.07bn and the trade gap has widened by 24% y/y to $5.83bn – which accounts for nearly one third (32%) of the estimated GDP last year. The deficit-to-GDP ratio was roughly the same in 2019, before the crisis, then it narrowed in 2020 amid subdued private consumption prompted by an uncertain outlook.

Notably, out of the $4.24bn exports of Georgia, only $3.13bn (+30% y/y) are “domestic exports” while the rest consist of goods imported and re-exported. The category of motor cars is the most representative for the re-exported goods: $457mn in 2021.

The exports of ferroalloys nearly doubled (+94% y/y) to $477.5mn and they were entirely domestic exports.

The category of goods with the largest share in Georgia’s exports was that of copper ores and concentrates – $815.4mn (+4.7%), entirely domestic exports.

Wines are the third-largest export category for Georgia and in 2021 the country marked another record: $239mn total exports, out of which $238mn were domestic exports (+13.7% y/y).

The exports of nitrogenous fertilisers also increased at a high rate, by 65.4% y/y to $119.5mn in 2021, recovering from a temporary decline in 2020.

Compared to 2019, Georgia’s exports increased by 11.7%, and its imports by 5.8%, while the trade gap has widened by only 2.0%.

Notably,  domestic exports advanced by 34.5% compared to the last pre-crisis year, at a pace three times faster compared to the total exports. 


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Hudong Zhonghua wins record $1.18 billion LNGC order from MOL | Brazil Modal

Chinese shipbuilder Hudong-Zhonghua has signed its largest LNG carrier shipbuilding order to date with Japanese shipping major Mitsui O.S.K. Lines (MOL).

The contract is for the construction of six 174,000-cubic-metres LNGCs of the latest generation of the ‘Changheng Series’. It amounts to about 7.5 billion yuan or $1.18 billion, local news reported.

Besides Hudong-Zhonghua, a subsidiary of China Shipbuilding Corporation (CSSC), the project’s participants also include China National Offshore Oil Corporation (CNOOC) and China COSCO Shipping.

Thus, the project is a case of the three major enterprises ensuring national energy security; as well as promoting the development of LNG industry chain.

Moreover, this is the order with the largest number and the largest contract value for the Chinese shipbuilder in the field of LNG carrier construction in the past ten years.

After the delivery to MOL, CNOOC Gas & Power will charter the ships.

So far, in the first week of 2022, Hudong Zhonghua has received a total of seven orders for LNG carriers. At present, it has 23 LNG carriers on order, nine under construction, with the delivery period in 2025.



Source: World Maritime News


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Biden, Kishida Agree to Boost Security, Economic Cooperation Amid Rising Concerns

Copyright 2022 Thomson Reuters. Tags: Ukraine, North Korea, Russia, United States, Taiwan, international trade, Europe, Japan.


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AD Ports, EDB to support industrial players with financial solutions | Brazil Modal

UAE-based port operator Abu Dhabi Ports (AD Ports) has signed a memorandum of understanding (MoU) with Emirates Development Bank (EDB) to support the industrial sector in the Emirates.

In particular, AD Ports’ Industrial Cities and Free Zone (IC&FZ) Cluster signed the MoU under which EDB will provide financial solutions to the industry players who are part of the AD Ports Group ecosystem in KIZAD and ZonesCorp.

Moreover, the financial solutions from EDB will also support the growth and expansion of the industry members.

EDB explained that the financial solutions can be used to build new facilities, purchase or lease the existing facilities and well as acquire, upgrade and maintain the units’ physical assests.

Ahmed Mohamed Al Naqbi, CEO at EDB, said that the collaboration is part of the bank’s vision to support the country’s economic diversification plans and provide the industrial units in the KIZAD and AD Ports Group ecosystem with easy access to financial solutions.

Commenting on the MoU, head of the Industrial Cities and Free Zone Cluster at AD Ports Group Abdullah Al Hameli said: “At KIZAD, ZonesCorp and AD Ports Group, our efforts are geared towards creating an investor-friendly ecosystem. In line with this, our partnership with EDB is aimed at broadening the support to our clients by facilitating the financing solutions to enable growth and expansion plans of industrial companies and contributing to the UAE’s ‘Operation 300bn’ Industrial strategy”.

The partnership will also see EDB and AD Ports Group organise a series of interactive webinars with panel discussions and one-on-one meetings with existing KIZAD and ZonesCorp clients to provide an in-depth understanding of the financing solutions offered by EDB.

With a total area of 550 square kilometres, of which 100 square kilometres is specifically designated as a free zone, KIZAD and ZonesCorp under the IC&FZ Cluster form the largest industrial hub for integrated trade and logistics in the region.

At the end of 2021, AD Ports revealed plans to establish the region’s first hub for the storage and distribution of tyres at the KIZAD logistics zone.

The hub is a part of the port operator’s agreement with China-based Shandong Port Group for strengthening trade and shipping links between the UAE and China.





Source: World Maritime News


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