Georgia’s exports to the EU grows 23% in 2014
Thursday, October 30EU-Georgia trade
Georgia’s exports with European Union (EU) countries saw a positive movement in the first nine months of the year, bringing more confidence back into the marketplace.
Latest year-on-year (y/y) figures revealed foreign trade with EU countries increased by eight percent, equaling $2.18 billion USD, while exports increased by 23 percent to $458 million. Similarly, imports from the EU grew by five percent to $1.7 billion.
Total Trade turnover
Figures released on October 24 by state statistics office Geostat showed Georgia’s foreign trade had increased by 10 percent y/y to $8.37 billion.
In particular, exports grew seven percent y/y and reached $2.15 billion, while imports increased by 12 percent and amounted to $6.2 billion in the same period.
In addition, the trade gap increased by 14.5 percent y/y to $4 billion.
Trade with CIS countries
Georgia’s trade with Commonwealth of Independent States (CIS) member countries stood at $2.6 billion for the first nine months of 2014 – a 0.4 percent y/y increase. Georgian exports grew one percent to $1.1 billion and imports from CIS member states to Georgia increased by 0.3 percent to $1.48 billion.
Top trade partner
From Jan to Sep 2014, Georgia’s top three trading partners were Turkey followed by Azerbaijan and China.
Georgia’s largest trading partner, Turkey, generated a total turnover of $1.4 billion, which was ahead of Azerbaijan’s $879 million and China’s $614 million total turnover.
Azerbaijan, Armenia and Russia were Georgia’s largest export markets in the reported period.
Exports to Azerbaijan stood at $425.7 million– down 19.4 percent compared to the same period of 2013. This was opposite for Armenia, as exports increased by 0.7 percent y/y to 224.5 million.
Exports to Russia more than doubled to $212.1 million.
Top export and import commodities
Re-export of cars remained to be Georgia’s largest export commodity, valued at $408.5 million in the first nine months of 2014, despite a drop of about 20 percent compared to the same period in 2013.
Azerbaijan’s tougher car import laws have had a drastic effect on Georgian car exports in recent months. Azerbaijan adopted strict car import rules, which stopped imports of cars manufactured in European Union (EU) before 2005.
Export of ferroalloys was the next largest export commodity, with a total value of 219.4 million, up by 19.7 percent y/y.
Copper ores and concentrates ranked third with $201 million, up 9 percent, which was more than a two-fold increase compared to the same period of last year.
Wine exports ranked fourth at $130.3 million, up 75.8 percent y/y. This accounted for 6.1% of Georgia’s total exports.
Georgia’s top exported products include:
• Motor cars - $408.5 million;
• Ferro-alloys - $219.4 million;
• Copper ores and concentrates - $201 million;
• Wine of fresh grapes – $130.3 million;
• Waters, natural or artificial mineral and aerated waters – $113.7 million;
• Nuts, fresh or dried - $107.2 million;
• Mineral or chemical fertilizers, nitrogenous – $93.4 million;
• Medicaments - $65.7 million;
• Undenatured ethyl alcohol, spirits, liqueurs and other spirituous beverages – $64.3 million;
• Bars and rods of iron – $50.3 million;
• Other commodities – $698.9 million.
Meanwhile, Georgia imported $695.7 million worth of petroleum and petroleum oils – the two largest imported products - in the first nine months of this year.
These two products made up 11.2 percent of total imports in the reported period. Import of motor cars was next highest, with 531.7 million, which was 8.5 percent of total imports.
Petroleum gases and other gases ranked third at $181.2 million, which was 4.5 percent of all imports.
Top imported products include:
• Petroleum and petroleum oils – $695.7 million;
• Motor cars – $531.7 million;
• Hydrocarbons - $238.2 million;
• Medicines - $228.3 million;
• Copper ores and concentrates – $138.2 million;
• Mobile and other wireless phones – $130 million;
• Wheat – $102.5 million;
• Cigarettes – $ USD 73.3 million;
• Computers – $71.8 million;
• Metal construction materials – $70.1 million;
• Other commodities – $3.9 billion.
• All currencies are in USD. (Agenda.ge)