Georgian external trade up 18.9% in January-May 2023
The value of exports rose by 18.5 percent and equalled $2.50 billion, while imports also grew by 19.1 percent, amounting to $5.85 billion in the first five months of 2023. Photo: Nino Alavidze/Agenda.ge
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Georgian external trade turnover amounted to $8.36 billion in January-May 2023, posting a 18.9 percent increase year-on-year, the Georgian National Statistics Office revealed on Tuesday.
The value of exports rose by 18.5 percent and equalled $2.50 billion, while imports also grew by 19.1 percent, amounting to $5.85 billion in the first five months of 2023.
Image: Geostat
Trade deficit, a measure of the negative balance of trade in which imports exceed exports, reached $3.35 billion, and the share of trade turnover hit 40.2 percent.
The European Union market has been becoming “more stable and predictable” for Georgian exporters, increasing exports of goods to the EU countries to a “record” number, Georgian Deputy Economy Minister Genadi Arveladze said on Friday.
Turkey ($925.3 million), Russia ($848.5 million) and Azerbaijan ($500.9 million) were the top trading partners of Georgia in its total external trade turnover between January and April, preliminary data from the National Statistics office of Georgia shows.
Georgian Deputy Economy Minister Vakhtang Tsintsadze on Monday said exports from the country had reached a “record high” figure in the first four months of 2023.
Export of Georgian agricultural products to countries of the European Union is on the rise, with the Ministry of Agriculture data showing a 21 percent year-on-year increase in the figure in the first quarter of 2023.