Geòrgia: Visió econòmica i política
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 | 2017 | 2018 | 2019 | 2020 | 2021 |
Imports of Goods (million USD) | 7,943 | 9,362 | 9,519 | 8,053 | 10,105 |
Exports of Goods (million USD) | 2,736 | 3,380 | 3,798 | 3,343 | 4,242 |
Imports of Services (million USD) | 1,898 | 2,171 | 2,360 | 1,401 | 1,823 |
Exports of Services (million USD) | 3,892 | 4,392 | 4,510 | 1,503 | 2,546 |
Source: World Trade Organisation (WTO) ; Latest available data
Foreign Trade Indicators | 2017 | 2018 | 2019 | 2020 | 2021 |
Foreign Trade (in % of GDP) | 104.0 | 111.8 | 118.6 | 93.9 | 102.8 |
Trade Balance (million USD) | -3,809 | -4,116 | -3,792 | -3,165 | -3,790 |
Trade Balance (Including Service) (million USD) | -1,785 | -1,872 | -1,616 | -3,041 | -3,065 |
Imports of Goods and Services (Annual % Change) | 8.1 | 10.3 | 6.6 | -16.6 | 11.0 |
Exports of Goods and Services (Annual % Change) | 11.7 | 10.1 | 9.8 | -37.6 | 24.4 |
Imports of Goods and Services (in % of GDP) | 57.5 | 61.2 | 63.8 | 56.6 | 59.6 |
Exports of Goods and Services (in % of GDP) | 46.5 | 50.6 | 54.8 | 37.3 | 43.2 |
Source: World Bank ; Latest available data
Foreign Trade Forecasts | 2022 | 2023 (e) | 2024 (e) | 2025 (e) | 2026 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | 27.2 | 5.1 | 4.8 | 6.0 | 4.0 |
Volume of imports of goods and services (Annual % change) | 15.4 | 3.7 | 5.9 | 8.7 | 7.3 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
Main Customers (% of Exports) |
2021 |
China | 14.5% |
Russia | 14.4% |
Azerbaijan | 12.5% |
Türkiye | 7.6% |
Ukraine | 7.2% |
Armenia | 6.1% |
Bulgaria | 6.0% |
United States | 4.6% |
Kazakhstan | 2.3% |
Spain | 2.1% |
Uzbekistan | 2.0% |
Switzerland | 1.9% |
Germany | 1.6% |
Belarus | 1.4% |
Italy | 1.4% |
Lithuania | 1.1% |
Poland | 0.8% |
France | 0.8% |
Romania | 0.8% |
Kyrgyzstan | 0.7% |
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% |
Germany | 4.8% |
Ukraine | 4.5% |
Armenia | 4.1% |
Italy | 2.5% |
Turkmenistan | 2.0% |
France | 1.9% |
Japan | 1.8% |
Bulgaria | 1.8% |
Romania | 1.8% |
Poland | 1.7% |
Hong Kong SAR, China | 1.6% |
Netherlands | 1.5% |
Iran | 1.4% |
Indonesia | 1.4% |
United Arab Emirates | 1.4% |
See More Countries | 50.9% |
Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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.
4.6 bn USD of services exported in 2019 | |
71.27% | |
Personal travelPersonal travel | 51.83% |
Business travelBusiness travel | 19.44% |
21.95% | |
2.48% | |
1.98% | |
1.09% | |
0.51% | |
0.33% | |
0.26% | |
0.11% | |
0.02% |
2.4 bn USD of services imported in 2019 | |
52.80% | |
27.18% | |
Business travelBusiness travel | 17.92% |
Personal travelPersonal travel | 9.26% |
5.45% | |
4.85% | |
3.52% | |
2.66% | |
1.68% | |
0.97% | |
0.59% | |
0.30% |
Source: United Nations Statistics Division, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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Actualitzacions: January 2023
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