Georgia's foreign trade turnover with Turkey in January-June 2023 reached $1.457 bn, accounting for 14.2% of Georgia's total trade. This figure marks a 12.4% increase compared to the same period in 2022, as reported by the National Statistics Office in its six-month report for 2023.
Russia holds the second position among trading partners. Trade between Georgia and Russia during January-June of the current year exceeded $1.2 bn, representing a significant 75.7% growth compared to the previous year. The United States secured the third spot, with trade reaching over $820 mn, a 38.6% increase from the same period last year.
Other countries included in Georgia's top ten trading partners are Armenia, Germany, Kazakhstan, Kyrgyzstan, and Japan.
Georgia's overall foreign trade turnover for the first half of 2023 amounted to over $10.2 bn, showing a 20.1% year-on-year increase. Exports accounted for over $3 bn (a 19.3% growth), while imports amounted to over $7.2 bn (a 20.4% increase).
The major recipients of goods from Georgia were Armenia ($440 mn), Azerbaijan ($413.3 mn), and Russia ($343.9 mn). The leading export products were passenger cars, amounting to $990.9 mn, constituting 32.5% of the total volume of exported goods. Copper ores and concentrates ranked second at $341.3 mn (11.2%). Regarding imports, the top partners were Turkey ($1,246.9 mn), Russia ($927.3 mn), and the USA ($775.2 mn). China followed in fourth place with imports exceeding $575 mn, and significant amounts of goods were also imported from Azerbaijan, Japan, Armenia, Italy, and the UAE.
For January-June 2023, the main imported goods were automobiles, amounting to $1,313.5 mn (18.2% of the total import volume). Next came oil and oil products at $496.8 mn (6.9%), followed by petroleum gases and other gaseous hydrocarbons in third place with $275.6 mn (3.8%).
Fitch, the international rating agency, raised its economic growth forecast for Georgia in 2023 to 6.9% and noted the country's rapid development, attributed to successes in the transportation and information-communication technology sectors, as well as the recovery of tourism, financial activity from migrants, and high levels of foreign direct investments.
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