Georgia became a regional hub for car trade last year and is expected to continue benefitting from export opportunities due to the closure of the Russian market, - according to the report published by Galt&Taggart. Georgia’s car exports doubled to USD 904 million in 2022, with EAEU countries, as well as traditional export markets (Azerbaijan and Ukraine), contributing to growth.
As of the document, Car exports doubled due to demand growth from EAEU countries in 2022. Although exports in value terms grew to traditional car export markets such as Azerbaijan and Ukraine, the majority of the overall export growth was attributed to increased demand from Armenia,
Russia, Kazakhstan, Kyrgyzstan and Belarus. These countries collectively purchased cars worth of USD 400 million.
Georgia does not manufacture cars, so the largest export figure comes from re-export.
"Notably, imports source markets remained the same, while re-exports markets changed reflecting demand growth from EAEU (Eurasian Economic Union) countries", - the document reads.
