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 116% 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 2023 were motor cars (34.9%), copper ores and concentrates (7.9%), wine of fresh grapes (4.3%), alcoholic beverages (3.2%), and ferro-alloys (3%); whereas the main imports were motor cars (21.1%), petroleum and petroleum oils (7.5%), medicaments put up in measured doses (3.5%), petroleum gases and other gaseous hydrocarbons (2.9%), telephone sets (2.4%), and copper ores and concentrates (1.5%).

In 2023, Georgia's main customers were Azerbaijan (14.2%), Armenia (12.9%), Kazakhstan (11.5%), Kyrgyzstan (11.4%), Russia (10.8%), with the CIS countries accounting for 65.9% of total exports and the EU for 11.6%. Georgia’s main suppliers were Türkiye (16.5%), the United States (13.0%), Russia (11.2%), China (8.5%), Germany (6.3%), Azerbaijan (4.2%). The EU accounted for 24.6% of total imports, the CIS state for 21.2% (data Statistics Georgia). The country 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 2022, merchandise exports amounted to USD 5.5 billion (+31.5% y-o-y), whereas imports reached USD 13.5 billion (+34.1% y-o-y). At the same time, exports of commercial services more than doubled to USD 5.6 billion, while imports of services amounted to USD 2.9 billion (+63.1%). For the year as a whole, the World Bank estimated the country’s trade deficit at 9.8% of its GDP. Preliminary figures from Statistics Georgia show that in 2023, the country’s exports reached almost USD 6.09 billion, 9.1% higher vis-à-vis 2022; whereas imports reached USD 15.4 billion (+14%).

 
Foreign Trade Values 20192020202120222023
Imports of Goods (million USD) 9,5188,04910,09913,54815,514
Exports of Goods (million USD) 3,7983,3414,2435,5836,091
Imports of Services (million USD) 2,4251,4561,8223,0293,833
Exports of Services (million USD) 4,6001,5802,5475,7037,678

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) 9.3-10.05.06.03.9
Volume of imports of goods and services (Annual % change) 14.3-7.03.44.82.1

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, 2024. 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, 2024. 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, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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Latest Update: April 2024