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Georgian External Trade up 41.1% in January 2022, Geostat Says

By Natalia Kochiashvili
Tuesday, February 22, 2022
The National Statistics Office has released preliminary data for the first month of 2022. According to the preliminary data, in January 2022, the foreign trade turnover of goods in Georgia (excluding undeclared trade) was $1.1 billion, which is 41.1% higher year on year.

According to Geostat, this export amounted to $331.3 million, an increase of 47.6%, while imports amounted to $779.1 mln, 38.7% higher than the same period last year.

Georgia's negative trade balance in January 2022 amounted to $447.8 million, which is 40.3% of foreign trade turnover. The country's largest trading partners are Turkey with $168.7 mln, Russia - $128.6 mln, and Azerbaijan - $122 mln.

As for foreign trade in January 2022, the share of the 10 largest exporting countries in the total exports of Georgia amounted to 82.3%. According to the preliminary data on foreign trade, Georgia's top trading partners by exports in January 2022 were Bulgaria ($49.6 million), Azerbaijan ($46.8 million), and Russia ($42.7 million), while the top trading partners by imports were Turkey ($141.1 million), Russia ($85.9 million) and China ($75.2 million).

The top 3 export items were as follows: Copper ores and concentrates - $66.3 million (+33.5%), Motor cars - $36.3 million (+46.2%), Ferro-alloys - $31.4 million (+34.9%).

The top import commodities were Motor cars - $80.2 million (+46.8%), Petroleum and petroleum oils - $72.7 million (+97.7%), Petroleum gasses and other gaseous hydrocarbons - $63.9 million (+37.8%).

Geostat said local exports in the country had accounted for 69.9% of total exports in the reporting period, amounting to $231.5 million, 39.1% higher compared to January 2021.

The five largest domestic export goods of Georgia are as follows: Copper ores and concentrates - $66.3 million (+33.5%), Ferro-alloys - $31.4 million (+34.9%), Nitrogenous fertilizers - $17.6 million (+195.1%), Wine from fresh grapes - $14.7 million (+71.8%), Natural or artificial mineral and carbonated waters - $11.3 million (+28.8%)

The largest increase in January 2022 was recorded in the export of nitrogenous fertilizers with 195.1% increase and in the export of gold which totaled $6.7 million, amounting to a 153.1% increase year-on-year.

Export of hazelnuts and other nuts totaled $7.5 million in January 2022, which is 7% higher year on year.

In January 2022, the producer price index of industrial products decreased by 0.7% compared to the previous month, while compared to the corresponding month of the previous year, the index increased by 16.2%.

According to Geostat, the change in prices for the following products had a major impact on the formation of the index over the 12-month period:

Mining and quarrying: Prices rose 3.1 %, reflecting a 0.1%age point change in the overall index. The group saw a significant increase in prices for mining and quarrying products (16.1); Manufacturing output: Prices rose 21.9%, boosting overall index growth by 17.19%. Prices increased in the following subgroups: food(12.6%), basic chemicals and chemical products (193.3%) and basic metals (41.3%); Electricity, gas, steam, and air conditioning: Prices fell by 10.4 %, impacting the annual change in the overall index by -1.17%; Water supply, sewerage, waste management, and recycling services: Prices rose by 2.9 %, impacting the overall index by 0.08%.