Geòrgia: Visió econòmica i política
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 | 2019 | 2020 | 2021 | 2022 | 2023 |
Imports of Goods (million USD) | 9,518 | 8,049 | 10,099 | 13,548 | 15,514 |
Exports of Goods (million USD) | 3,798 | 3,341 | 4,243 | 5,583 | 6,091 |
Imports of Services (million USD) | 2,425 | 1,456 | 1,822 | 3,029 | 3,833 |
Exports of Services (million USD) | 4,600 | 1,580 | 2,547 | 5,703 | 7,678 |
Source: World Trade Organisation (WTO) ; Latest available data
Foreign Trade Indicators | 2018 | 2019 | 2020 | 2021 | 2022 |
Foreign Trade (in % of GDP) | 111.8 | 118.6 | 93.9 | 102.8 | 115.9 |
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) | 10.3 | 6.6 | -16.6 | 11.0 | 14.4 |
Exports of Goods and Services (Annual % Change) | 10.1 | 9.8 | -37.6 | 24.4 | 38.2 |
Imports of Goods and Services (in % of GDP) | 61.2 | 63.8 | 56.6 | 59.6 | 63.0 |
Exports of Goods and Services (in % of GDP) | 50.6 | 54.8 | 37.3 | 43.2 | 52.9 |
Source: World Bank ; Latest available data
Foreign Trade Forecasts | 2023 | 2024 (e) | 2025 (e) | 2026 (e) | 2027 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | 9.3 | -10.0 | 5.0 | 6.0 | 3.9 |
Volume of imports of goods and services (Annual % change) | 14.3 | -7.0 | 3.4 | 4.8 | 2.1 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
Main Customers (% of Exports) |
2023 |
Azerbaijan | 14.2% |
Armenia | 12.9% |
Kazakhstan | 11.5% |
Kyrgyzstan | 11.4% |
Russia | 10.8% |
Türkiye | 6.7% |
China | 5.1% |
Bulgaria | 4.1% |
Uzbekistan | 1.9% |
Ukraine | 1.7% |
United States | 1.6% |
Switzerland | 1.5% |
Spain | 1.3% |
Iraq | 1.2% |
Peru | 1.1% |
Germany | 0.9% |
United Arab Emirates | 0.9% |
Poland | 0.8% |
France | 0.8% |
Lithuania | 0.6% |
See More Countries | 39.2% |
Main Suppliers (% of Imports) |
2023 |
Türkiye | 16.5% |
United States | 13.2% |
Russia | 11.2% |
China | 8.5% |
Germany | 6.2% |
Azerbaijan | 4.2% |
Japan | 3.9% |
United Arab Emirates | 2.5% |
Armenia | 2.2% |
Netherlands | 1.8% |
France | 1.8% |
Poland | 1.7% |
Ukraine | 1.7% |
Iran | 1.5% |
Czech Republic | 1.4% |
Romania | 1.4% |
Bulgaria | 1.4% |
Spain | 1.3% |
United Kingdom | 0.9% |
Switzerland | 0.9% |
See More Countries | 44.4% |
Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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.
5.7 bn USD of services exported in 2022 | |
61.72% | |
Personal travelPersonal travel | 47.34% |
OtherOther | 17.19% |
Business travelBusiness travel | 14.38% |
21.09% | |
10.48% | |
2.59% | |
1.52% | |
1.47% | |
0.63% | |
0.34% | |
0.13% | |
0.04% |
3.0 bn USD of services imported in 2022 | |
62.72% | |
13.55% | |
Personal travelPersonal travel | 7.05% |
OtherOther | 23.74% |
Business travelBusiness travel | 6.50% |
6.66% | |
4.93% | |
4.28% | |
2.85% | |
2.72% | |
1.73% | |
0.29% | |
0.27% |
Source: United Nations Statistics Division, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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Actualitzacions: April 2024
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