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    Georgia's foreign trade sees 16.8% surge since advent of 2023

    Georgia's foreign trade sees 16.8% surge since advent of 2023

    Preliminary data from the National Statistics Service of Georgia, released on September 19, reveals that Georgia's foreign trade turnover of goods (excluding undeclared trade) increased by 16.8% to over $14bn during January-August 2023, compared to the same period in the previous year.

    The agency reported that exports from Georgia increased by 14.4% to $4bn, while imports rose by 17.8% to $9.9bn. The trade deficit during this period was $6bn, representing 41.7% of foreign trade turnover.

    During January-August 2023, Georgia's largest trading partner was Türkiye with $1.9bn, followed by Russia with $1.7bn, the United States with $1.2bn, China with $1.09bn, and Azerbaijan with $979mn.

    Batumi Sea Port
    Source: iStock

    Azerbaijan dominated Georgia's largest export trading partners with a volume of $568mn, followed by Armenia with $552mn, Russia with $461mn, Kazakhstan with $428mn, and Kyrgyzstan with $414mn. 

    As for imports, Georgia's biggest trading partners were Türkiye with $1.6bn, Russia with $1.2bn, the United States with $1.19bn, China with $843mn, and Germany with $608bn. In January-August 2023, the top export groups were cars worth $1.37bn, copper ores and concentrates valued at $412mn, natural grape wines worth $169mn, alcoholic beverages at $115mn, Ferroalloys at $115mn, and Nitrogen fertilizers at $113mn. 

    The highest import commodity group during January-August 2023 was passenger cars, with imports amounting to $1.95mn, followed by oil and petroleum products at $716mn, packaged medications at $354mn, oil gases and other gaseous hydrocarbons at $305mn, and telephone and data transmission devices at $240mn.

    Georgia's economy has made considerable progress in the past decade, as reported by the World Bank. Effective management strategies have led to a rise in Gross National Income (GNI) per capita from $3,048 in 2010 to $4,608 in 2021, measured in constant 2015 US dollars, almost reaching levels seen in the European Union (EU). Additionally, the poverty rate based on the national poverty line has decreased by over 50% during the same period.

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    20.09.2023, 15:38   Comments (0)   656
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