Georgian Deputy Economy Minister highlights “record” increase in exports for January-August

Vakhtang Tsintsadze, the Deputy Economy Minister of Georgia, on Friday said the country had experienced a “record” increase in exports between January-August.

The latest external merchandise trade data published by the National Statistics Office on Friday showed the value of exports rose by 2.4 percent and equalled $4.17 billion, while imports also grew by 3.3 percent, amounting to $10.52 billion.

Tsintsadze said the increase in exports highlighted “high” economic activity within the country, with an average economic growth of 9.7 percent in the first seven months.

As for August alone, exports reached $641.3 million, up by 30 percent year-on-year.

Overall, Georgian external trade turnover amounted to $14.70 billion between January-August, posting a three percent increase year-on-year, the Statistics Office said.

Trade deficit, a measure of the negative balance of trade in which imports exceed exports, reached $6.35 billion, and the share of trade turnover hit 43.2 percent.

The Deputy Minister said the data “confirmed” the Government’s economic policies had been developing in a "correct direction” and aimed at enhancing the competitiveness of the private sector and diversifying export markets.