Georgia saw 39% surge in domestic exports in October, $681.7mln in revenue - Deputy Economy Minister

Vakhtang Tsintsadze, the Deputy Economy Minister of Georgia, on Wednesday said domestic exports had surged by 39 percent in October  year-on-year, reaching a total of $681.7 million in revenue.

Tsintsadze added the export growth between January to October exceeded seven percent, culminating in a “record” total of $5.5 billion.

He noted the country was experiencing a rise in foreign exchange inflows, saying the increase was driven not only by exports but also by growing income from tourism.

The Deputy Minister added foreign exchange inflows from service exports were also “robust”, which he said “positively” influenced key macroeconomic indicators.

Macroeconomic fundamentals in the country are quite robust, characterised by high economic growth. With inflation remaining below the target level, we have solid grounds for positive expectations. This suggests that Georgia is likely to sustain higher economic growth in the coming months and years than what is currently predicted by international financial institutions”, Tsintsadze said.

It is worth noting that our macroeconomic indicators for 2024 have shown significant improvement, with upgrades made by several international financial institutions. This serves as a positive signal for both domestic and international investors”, he added.

Overall, the external merchandise trade of Georgia amounted to $19 billion in January-October, 5.5 percent higher year-on-year.

The value of export increased by 7.4 percent reaching $5.5 billion, while the import increased by 4.8 percent and amounted to $13.55 billion.