Georgia's Exports Show Positive Trend in 2023 with 9.1% Growth
In 2023, Georgia's exports showed a positive trend, with the volume of exported goods amounting to $6,090.6 million, marking a 9.1% increase compared to the previous year.
Local exports, excluding re-exports, constituted 45.8% of the total exports. While this figure represented a 24.4% decrease from the previous year, it still amounted to $2,791.5 million. The ten largest countries accounted for 73.1% of Georgia's local exports, with key partners being Russia ($541.7 million), Turkey ($343.8 million), and China ($270.0 million).
Copper ores and concentrates held the top position among local exports, contributing $474.2 million (17.0% of total local exports). Natural grape wines and ferroalloys secured the second and third positions, with $257.7 million (9.2%) and $180.7 million (6.5%), respectively.
Georgia's foreign trade turnover reached $21,529.0 million, indicating a 12.5% increase compared to the previous year. The negative trade balance stood at $9,347.8 million, constituting 43.4% of the foreign trade turnover.
The three largest exporters from Georgia in 2023 were Azerbaijan, Armenia, and Kazakhstan, while the main importers were Turkey, the USA, and Russia. Azerbaijan led with exports of $862.1 million, followed by Armenia ($787.1 million) and Kazakhstan ($703.0 million). Among importers, Turkey recorded $2,570.1 million, the USA had $1,949.3 million, and Russia accounted for $1,744.5 million.
Regarding commodity groups, light vehicles took the lead in exports and imports. Light vehicles constituted 34.9% of all exports ($2,126.6 million) and 20.5% of all imports ($3,162.4 million). Other significant import categories included oil and oil products ($1,166.9 million) and packaged medicinal products ($542.8 million).