Georgia’s foreign trade of automobiles experienced extraordinary growth in 2022 due to the closure of the Russian market, - according to the Galt&Taggart.
According to the document, imports increased 73.1% y/y to USD 1.6 billion and 18.0% y/y to 149 thousand cars in 2022, driven by robust external and domestic demand.
Imports surged from all major source markets, with USA and Germany being the largest contributors. Demand from Georgian consumers remained strong but shifted towards older models due to record-high prices for used cars. Additionally, new car imports from top source markets including Japan, Germany, Turkey and Korea were also up, mostly due to increased external demand in 2022.
The Import Rate By The Year:
2015 - USD 472 million
2016 - USD 525 million
2017 - USD 590 million
2018 - USD 840 million
2019 - USD 1.1 billion
2020 - USD 782 million
2021 - USD 935 million
2022 - USD 1.6 billion
