Economy, News

Georgia continues to increase its foreign trade

by | Oct 26, 2012

TBILISI, DFWatch — New nine month figures from 2012 show a 16 percent increase in foreign trade turnover compared to last year, equal to USD 7 595 million in total.

The numbers do not include informal trade.

According to Georgia’s National Statistics Department (Geostat), export was USD 1 770 million (14 percent more), while import was USD 5 824 million, a 17 percent increase.

Georgia’s negative trade balance however has been increasing since 2009 and is now USD 4 054, which is 53 percent of the foreign trade turnover.

In 2009, the negative trade balance was USD 2 391 million, USD 2 485 in 2010, and USD 3 441 in 2011.

However if export in 2009 was only USD 820 million, now it is USD 1770, 116 percent more.

Georgia’s number one trade partner is Turkey. This is the country from which import to Georgia is the highest; 18 percent. Only 6 percent of Georgian export goes to Turkey.

Georgia and Azerbaijan matches each others trade, as import and export is nearly equal – export is USD 468 305 600, while import is 472 373 700. Next on the list of trading partners are Ukraine, Germany, China, Russia, USA, Bulgaria, Italy and Armenia.

The trade between Georgia and its ten largest partner countries is 66 percent of the country’s foreign trade turnover.

Most exported material is still used cars, which are brought from abroad and then taken to the other countries, which accounts for 24 percent of the export, followed by ferroalloys with 12 percent, and nitrogenous fertilizers with 6 percent.

Oil products is number one product Georgia buys from abroad, making up 12 percent of total imports, while used cars are in second place with 9 percent, and wheat is next with 3 percent.



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