"Revenues from car re-export from Ukraine decreased by 66% to USD 7 million in 1Q2022 compared to the same period of the last year," - said Aleks Noniadze, founder of Georgian Association of Auto Importers.
As he noted, the decrease amounted to USD 13 million this year compared to the same period of 2021.
"In 2021, the country received a total revenue of USD 88 million from cars re-exported from Ukraine. Revenue was USD 20 million for 1Q2021. The industry is facing significant problems because the loss of such a large market like Ukraine after the loss of Armenia is a big blow to the sector," - explained Aleksi Noniadze.
According to the founder of the Association, as the Ukrainian market is considered lost this year, the process of rearranging is underway in the markets due to the situation in the region.
"Unfortunately, no one knows when the war in Ukraine will end. It is likely that the process of economic recovery will take a long time. The Kazakh market has become more active and replaced Ukraine. In total, the Georgian economy has lost more than USD 88 million, because we also have neighboring industries, such as the used car market and auto services. Today, these sectors are also affected." He noted.
