According to TBC Capital’s review of the Georgian wine sector, the country’s export markets remain partially diversified but heavily dependent on Russia. Despite some diversification, export revenues are still highly concentrated, with Russia accounting for roughly two-thirds of total wine export revenue in 2024.
Last year, Russia’s share of Georgian wine imports increased to 26% of the country’s total wine imports, while Georgian wine represented 66% of Georgia’s total wine exports to Russia. Georgia strengthened its position as a leading supplier in the mid-price segment, offering competitive pricing compared with Italy, Poland, and Latvia. In 2024, the average import price of Georgian wine in Russia was $2.7 per liter, below the Russian average of $3.1 per liter.
Preliminary data for the first nine months of 2025 show that Russia accounted for 63% of Georgian wine exports, slightly lower than 68% during the same period in 2024. Overall, Georgian wine exports fell 12% year-on-year, reaching $189.9 million, mainly due to reduced shipments to Russia following an excise tax increase on imported alcohol in 2024.
Looking ahead, the report notes that from 2026, further excise tax hikes in Russia are planned, which could raise retail prices, weaken demand, and increase risks in a price-sensitive market. This highlights the continued vulnerability of Georgian wine exports to regulatory and tax changes in Russia.
