Canada, Turkey, Russia - Georgia’s top trading partners in Jan-June

The value of Georgia’s imports and export was 20 percent higher in the first six months of 2016 year-on-year (y/y), official figures show.

Between January and June, external merchandise trade (excluding non-organised trade) in Georgia amounted to $5.7 billion, says the National Statistics Office of Georgia (Geostat).

In particular exports equalled $948 million (12 percent lower), while the value of imported goods reached $4.7 billion (30 percent higher).

Geostat said the negative trade balance was $3.8 billion in January-June 2016 and its share in external trade turnover constituted 67 percent.

Trade with EU countries

In the first half of 2016 Georgia slightly decreased its external trade turnover with European Union (EU) countries.

In January-June 2016 the external trade turnover of Georgia with EU countries reached $1.3 billion, which was a two percent decreased y/y, said Geostat.

Exports to these countries were worth $226 million (22 percent lower), while imports were worth $1.1 billion or four percent higher y/y. These countries made up 24 percent of the share of Georgia’s total external trade turnover; 24 percent in exports and 25 percent in imports.

Geostat said 25 percent of its trade deficit came from EU countries.

Trade with CIS countries

Georgia’s role as an important trade partner for countries in the Commonwealth of Independent States (CIS) also weakened in January-June 2016.

During the reporting period the external trade turnover of Georgia with CIS countries totalled $1.153 billion – a 15 percent reduction y/y.

Exports were worth $294 million (29 percent lower) while imports equalled $859 million (eight percent lower). CIS countries made up a 20 percent share of Georgia’s total external trade turnover; 31 percent in exports and 18 percent in imports.

Year-on-year CIS countries accounted for 15 percent of the overall trade deficit, said Geostat.

Georgia’s top trading partners in January-June 2016

Georgia’s top 10 trading partners in the first half of 2016 made up 71 percent of Georgia’s total trade turnover, said the statistics agency.

In January-June, Georgia’s top three trading partners were:

• Canada ($1.3 billion);
• Turkey ($778 million);
• Russia ($390 million).

What commodities does Georgia export?

Georgia's top exported items in January-June were:

• Copper ores and concentrates (worth $148 million or 16 percent of total exports);
• Motor cars (worth $75million or eight percent of total exports);
• Ferro-alloys (worth $74 million or eight percent of total exports).

Top imported commodities in January-June 2016

Georgia's top imported items were:

• Medicaments (worth $1.6 billion or 34 percent of total imports);
• Petroleum and petroleum oils (worth $243 million or five percent of total imports);
• Motor cars (worth $219 million or five percent of total imports).

Geostat noted from the medicament imports, $1.4 billion of medicine was specifically for hepatitis C treatment.