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 93.3% of GDP in 2020 (down from 118.6% one year earlier - World Bank). 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 2020 were copper ores and concentrates (23.3%), vehicles (12.1%), ferroalloys (7.4%), and wine (6.3%). The main imports were vehicles (9.7%), copper ores (7.2%), petroleum oils (6.2%), and medicaments (4.1% - data Comtrade).

Georgia's main customers were China (14.3% of total exports), Azerbaijan (13.2%), Russia (13.2%), Bulgaria (9.4%), and Ukraine (6.5%). Its main suppliers were Turkey (17.5% of total imports), Russia (11%), China (8.8%), the U.S. (6.9%), and Azerbaijan (6.4%). Georgia was the second former member of the Soviet Union to join the WTO. 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 2020 merchandise exports amounted to USD 3 billion (-12% y-o-y), whereas imports reached USD 8 billion (-15.4% y-o-y). At the same time, exports of commercial services dropped by two-thirds to USD 1.5 billion, while imports of services amounted to USD 1.4 billion (-40.6%). The World Bank estimated Georgia’s trade deficit at 19.3% of GDP in 2020, up from a level of 8.9% one year earlier. Preliminary figures from Statistics Georgia show that in 2021 the country’s exports reached USD 4.2 billion,
26.9% higher vis-à-vis 2020. The top partners were China (USD 580.9 million), Russia (USD 555.0 million) and Turkey (USD 304.5 million), with copper ores and concentrates making up 26.1% of total exports.

 
Foreign Trade Values 20162017201820192020
Imports of Goods (million USD) 7,2367,9439,3629,5198,053
Exports of Goods (million USD) 2,1142,7363,3803,7983,343
Imports of Services (million USD) 1,7571,8982,1712,3601,401
Exports of Services (million USD) 3,3673,8924,3924,5101,503

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

Foreign Trade Indicators 20162017201820192020
Foreign Trade (in % of GDP) 96.8104.0111.8118.693.3
Trade Balance (million USD) -3,883-3,809-4,116-3,736-3,139
Trade Balance (Including Service) (million USD) -2,306-1,785-1,872-1,561-3,009
Imports of Goods and Services (Annual % Change) 2.48.110.36.6-17.4
Exports of Goods and Services (Annual % Change) 8.711.710.19.8-38.2
Imports of Goods and Services (in % of GDP) 56.057.561.263.855.9
Exports of Goods and Services (in % of GDP) 40.846.550.654.837.4

Source: World Bank ; Latest available data

Foreign Trade Forecasts 2022 (e)2023 (e)2024 (e)2025 (e)2026 (e)
Volume of exports of goods and services (Annual % change) 27.25.14.86.04.0
Volume of imports of goods and services (Annual % change) 15.43.75.98.77.3

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
 

Main Partner Countries

Main Customers
(% of Exports)
2021
China 14.5%
Russia 14.4%
Azerbaijan 12.5%
Türkiye 7.6%
Ukraine 7.2%
See More Countries 43.7%
Main Suppliers
(% of Imports)
2021
Türkiye 18.1%
Russia 10.1%
China 8.6%
United States 6.4%
Azerbaijan 5.9%
See More Countries 50.9%

Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

4.2 bn USD of products exported in 2021
Copper ores and concentratesCopper ores and concentrates 19.2%
Ferro-alloysFerro-alloys 11.3%
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) 10.8%
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 5.6%
Undenatured ethyl alcohol of an alcoholic strength...Undenatured ethyl alcohol of an alcoholic strength of < 80%; spirits, liqueurs and other spirituous beverages (excl. compound alcoholic preparations of a kind used for the manufacture of beverages) 3.7%
See More Products 49.5%
10.1 bn USD of products imported in 2021
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) 9.3%
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 8.1%
Copper ores and concentratesCopper ores and concentrates 7.3%
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) 3.8%
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons 3.4%
See More Products 68.1%

Source: Comtrade, 2022. 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, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

Return to top

Any Comment About This Content? Report It to Us.

 

© Export Entreprises SA, All Rights Reserved.
Latest Update: November 2022