Georgia flag Georgia: Economic and Political Overview

Foreign trade figures of Georgia

Foreign Trade in Figures

Georgia is very open to international trade as it accounts for around 93.3% of its GDP (World Bank – latest data available). The country has no foreign exchange controls, allows foreign investment in almost all sectors, and has an impressive privatization program, particularly in terms of land allocation. The main products exported in 2022 were copper ores and concentrates (18.3%), motor cars (16.2%), ferroalloys (8.2%), mineral or chemical fertilizers, nitrogenous (2%), and wine of fresh grapes (4.5%); whereas the main imports were motor cars (12.5%), petroleum and petroleum oils  (9.9%), copper ores and concentrates (5.7%), petroleum gases and other gaseous hydrocarbons (3.4%), and medicaments (3% - data Statistics Georgia).

In 2022, Georgia's main customers were China (13.2% of total exports), Azerbaijan (12%), Russia (11.7%), Armenia (10.5%), and Turkey (7.8%). Its main suppliers were Turkey (17.6% of total imports), Russia (13.6%), China (8.3%), the U.S. (7.2%), and Germany (4.9%). Overall, the EU accounted for 15.4% of total exports and 22.6% of imports (data Statistics Georgia). Georgia was the second former member of the Soviet Union to join the WTO and free trade agreements with Europe and China help attract foreign investors. In 2014, Georgia signed an Association Agreement (AA) and a Comprehensive Free Trade Agreement (ALECA) with the European Union, which has strengthened its exports. The Georgian government is seeking to improve its ports on the Black Sea to boost East-West trade.

Georgia has a structural trade deficit due to the low diversity and value of exports. According to WTO, in 2021 merchandise exports amounted to USD 4.2 billion (+26.9% y-o-y), whereas imports reached USD 10.1 billion (+25.4% y-o-y). At the same time, exports of commercial services increased by almost 70% to USD 2.5 billion, while imports of services amounted to USD 1.8 billion (+30.1%). Preliminary figures from Statistics Georgia show that in 2022 the country’s exports reached almost USD 6 billion, 31.8% higher vis-à-vis 2021; whereas imports reached USD 13.5 billion (+33.8%).

 
Foreign Trade Values 20182019202020212022
Imports of Goods (million USD) 9,3629,5188,04910,09913,548
Exports of Goods (million USD) 3,3803,7983,3414,2435,583
Imports of Services (million USD) 2,2462,4251,4561,8222,972
Exports of Services (million USD) 4,4904,6001,5802,5475,654

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20182019202020212022
Foreign Trade (in % of GDP) 111.8118.693.9102.8115.9
Trade Balance (million USD) -4,116-3,792-3,165-3,790-5,100
Trade Balance (Including Service) (million USD) -1,872-1,616-3,041-3,065-2,426
Imports of Goods and Services (Annual % Change) 10.36.6-16.611.014.4
Exports of Goods and Services (Annual % Change) 10.19.8-37.624.438.2
Imports of Goods and Services (in % of GDP) 61.263.856.659.663.0
Exports of Goods and Services (in % of GDP) 50.654.837.343.252.9

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20232024 (e)2025 (e)2026 (e)2027 (e)
Volume of exports of goods and services (Annual % change) 14.22.36.06.63.5
Volume of imports of goods and services (Annual % change) 13.81.92.93.31.2

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
 

Main Partner Countries

Main Customers
(% of Exports)
2022
China 13.2%
Azerbaijan 12.0%
Russia 11.5%
Armenia 10.5%
Türkiye 7.8%
See More Countries 45.0%
Main Suppliers
(% of Imports)
2022
Türkiye 17.5%
Russia 13.5%
China 8.3%
United States 7.5%
Germany 4.9%
See More Countries 48.2%

Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

5.6 bn USD of products exported in 2022
Copper ores and concentratesCopper ores and concentrates 18.3%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 16.2%
Ferro-alloysFerro-alloys 8.2%
Mineral or chemical nitrogenous fertilisers (excl....Mineral or chemical nitrogenous fertilisers (excl. those in pellet or similar forms, or in packages with a gross weight of <= 10 kg) 5.0%
Wine of fresh grapes, incl. fortified wines; grape...Wine of fresh grapes, incl. fortified wines; grape must, partly fermented and of an actual alcoholic strength of > 0,5% vol or grape must with added alcohol of an actual alcoholic strength of > 0,5% vol 4.5%
See More Products 47.6%
13.6 bn USD of products imported in 2022
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 12.7%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 9.9%
Copper ores and concentratesCopper ores and concentrates 5.7%
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons 3.4%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 3.0%
See More Products 65.4%

Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

To go further, check out our service Import Export Flows.

 

Main Services

Source: United Nations Statistics Division, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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Latest Update: November 2023