Georgian exports reach monthly record-high $504 bln in May
Overall, Georgian external trade turnover amounted to $6.91 billion between January-May 2022, posting a 37 percent increase year-on-year, Geostat said. Photo: Nino Alavidze/Agenda.ge
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Georgia exported a record $504 million of goods in May, marking a 48 percent increase compared to the same month of the previous year, preliminary data from the National Statistics Office of Georgia show.
Georgian exports this year have been distributed as follows:
- January - $331 million
- February - $429 million
- March - $411 million
- April - $416 million
- May - $504 million
The update has not included detailed data on the types of goods exported or re-exported last month, with figures on external merchandise trade to be published on June 20.
In other figures, imports grew by 45 percent year-on-year and reached $1.1 billion in May.
Overall, Georgian external trade turnover amounted to $6.91 billion between January-May 2022, posting a 37 percent increase year-on-year, Geostat said.
The value of exports rose by 36.2 percent and equalled $2.09 billion in the reported period, while imports also grew by 37.3 percent, amounting to $4.82 billion.
Trade deficit, a measure of the negative balance of trade in which imports exceed exports, reached $2.72 billion, and the share of trade turnover hit 39.6 percent.
Georgia has exported locally produced goods worth $1.58 billion between January-April, which is a 32.8 percent increase year-on-year, preliminary data from the National Statistics Office of Georgia show.
Turkey ($766.3 million), China ($614.7 million) and Russia ($559.7 million) are the top trading partners of Georgia in total external trade turnover in January-April 2022, preliminary data from the National Statistics Office of Georgia show.
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Georgia-made products that include Turkish raw inputs will be exported to the EU under the Free Trade Agreement as diagonal cumulation, signed between Georgia, EU and Turkey on March 20, 2018 is entering into force ‘in the nearest future’, announces the Ministry of Economy of Georgia.
Georgian Prime Minister Irakli Garibashvili on Monday highlighted the record-high monthly figure hit by the country’s exports in May, pointing to the $504 billion of goods exported amid the challenges created by the conflict in Ukraine.
Georgian Economy Minister Levan Davitashvili on Monday said the country remained an "attractive country" for the investors despite the "high risks" in the Black Sea region.
Turkey ($1.02 billion), China ($783.1 million) and Russia ($764.2 million) are the top trading partners of Georgia in total external trade turnover in January-May 2022, preliminary data from the National Statistics Office of Georgia show.
Georgia has exported locally produced goods worth $2.11 billion between January-May, which is a 37.5 percent increase year-on-year, preliminary data from the National Statistics Office of Georgia show.
Georgia is maintaining “strong” economic growth rates in 2022, Economy Minister Levan Davitashvili said on Thursday after announcing the latest Gross Domestic Product data that said the economy had grown by 11.6 percent in May and 11.2 percent in the first five months of 2022 year-on-year.
Georgian Finance Minister Lasha Khutsishvili on Monday said the economic recovery from the pandemic was "progressing at a faster pace than expected", with the development setting expectations "much higher" than the projected six percent economic growth this year.
The “positive trends” of the Georgian state budget execution, along with the review of the double-digit growth of the county’s economy, were discussed during a meeting of the Government’s Economic Council on Wednesday.
Georgia exported $439 million of goods in June, marking a 25 percent increase compared to the same month of 2021, preliminary data from the National Statistics Office of Georgia shows.
Georgia exported a record $540 million of goods in July, marking a 40 percent increase compared to the same month of 2021, Prime Minister Irakli Garibashvili said at today's Government meeting.
A forum held in the Georgian capital of Tbilisi on Friday praised the benefits of the 2018 agreement between Georgia, Türkiye and the European Union for strengthening trade and economic ties between the sides.