Between January and October 2024, Georgia-EU trade turnover exceeded USD 4 billion, USD 362 million or 9.8% more than last year. Considering that for 2023, the turnover amounted to USD 4.5 billion, 2024 might seem a record year in terms of trade with the EU. In the first ten months of this year, trade with the EU has sharply shifted towards imports, which account for 88% of the turnover. In January-October, imports amounted to USD 3.6 billion, while exports were only USD 456 million.
What does Georgia buy in the EU?
Automobiles are the most valuable importing item from the EU to Georgia - the value of imports of this product this year amounted to USD 628.5 million. As for the imports from the EU, oil and oil products took the second place, on which the country spent USD 360.4 million. In third place we find packaged medicines, the export of which cost Georgia USD 245 million in January-October. In the top five products imported from the EU, we also find trucks worth USD 87.5 million and mobile phones worth USD 68.3 million.
What does Georgia sell to the EU?
In relation to the EU, a different situation is observed in terms of exports. Although exports are only equal to 12% of trade turnover, in terms of goods, the EU mostly exports locally produced or obtained products. Georgian hazelnuts are sold in the EU at the highest value, which amounted to USD 45.3 million in January-October of this year. In second and third place are copper ores and precious metals, whose exports amounted to USD 42.5 million and USD 39.8 million, respectively. Also in the top five are oil and oil products worth USD 30.5 million and Georgian wine, the export of which brought winemakers USD 26.8 million in revenue this year.
In January-October 2024, Georgia's foreign trade turnover amounted to USD 19 billion, which is almost USD 1 billion, or 5.5%, more than last year and, at the same time, is a historical maximum, or record, for this period of the year. Last year, the total turnover amounted to USD 21.7 billion, and if the trend of growth in import-export continues until the end of the year, the current year is likely to be a record in this regard as well.
Foreign trade, which is formed by imports and exports data, is still sharply skewed towards imports, which is explained by the nature of the Georgian economy. In the first ten months of this year, exports amounted to almost USD 5.5 billion, while imports were equal to USD 13.5 million. Exports, accordingly, increased by 7.4% annually, while imports increased by 4.8%. The growth of imports, like exports, is largely related to light vehicles.
