The International Chamber of Commerce in Georgia (ICC Georgia) published the Foreign Economic Dependence Index. According to the document, Georgia's dependence on Russia is not reduced.
Unfortunately, Russia remains a significant trading partner for Georgia, but Q1 2024 saw notable declines across imports, exports, money flow, tourism income, and foreign investments. A significant decrease is in the money inflow part and also in income from tourism. This trend suggests reduced economic engagement, likely influenced by geopolitical tensions and economic policies.
Russia:
• Imports: Decreased from 490,465 (Q1 2023) to 458,720 (Q1 2024).
• Exports: Decreased from 176,917 to 160,772.
• Money Flow: Decreased from 668,896 to 175,299.
• Income from Tourism: Decreased from 234,758 to 156,300.
• Foreign Investments: Decreased from 28,168 to 6,381.
Turkey showed mixed results with higher imports into Georgia but a slight decline in exports. Increased money flow and tourism income suggest ongoing economic
interaction, potentially driven by tourism and trade ties, despite a decrease in foreign investments.
Turkey:
• Imports: Increased from 578,294 to 626,206.
• Exports: Decreased from 104,886 to 97,171.
• Money Flow: Increased from 10,257 to 22,784
• Income from Tourism: Increased from 169,074 to 189,500.
• Foreign Investments: Decreased from 46,988 to 42,352.
Azerbaijan saw reduced imports and exports with Georgia, reflecting adjustments in energy and agricultural trade. Increased money flow and new income from tourism indicate evolving economic ties, though foreign investments showed variability.
Armenia:
• Imports: Decreased from 104,974 to 38,521.
• Exports: Decreased from 216,863 to 126,574.
• Money Flow: Increased from 2,251 to 2,708.
• Income from Tourism: Decreased from 54,074 to 52,400.
• Foreign Investments: Increased from 4,845 to 6,604.
China saw increased imports into Georgia but a significant decrease in exports, impacting the overall trade balance. Despite reduced money flow and mixed for-
eign investments, China maintains economic engagement.
China:
• Imports: Increased from 243,190 to 266,584.
• Exports: Decreased from 133,333 to 64,122.
• Income from Tourism: No data provided.
• Foreign Investments: Decreased from 19,886 to 13,855.
Israel exhibited decreased imports but increased exports and improved financial flows into Georgia. Significant boosts in income from tourism and foreign investments indicate expanding economic cooperation and tourism activities.
Israel:
• Imports: Decreased from 3,884 to 3,586.
• Exports: Increased from 4,626 to 8,670.
• Money Flow: Increased from 50,659 to 59,400.
• Income from Tourism: Increased from 22,716 to 38,600.
• Foreign Investments: Decreased from 3,523 to 716.
Kazakhstan saw decreased imports but increased exports and financial flows into Georgia. Despite fluctuations in foreign investments, this indicates stable economic ties with continued trade expansion in Q1 2024.
Kazakhstan
• Imports: Increased from 6,225 to 13,405.
• Exports: Increased from 122,196 to 147,004.
• Money Flow: Decreased from 36,293 to 31,712.
• Income from Tourism: No data provided.
• Foreign Investments: Decreased from 19,979 to 4,593.
The United Kingdom saw decreased imports and exports with Georgia, impacting overall trade volumes. Despite increased money flow, negative foreign investments highlight challenges in financial interactions during Q1 2024.
United Kingdom:
• Imports: Increased from 29,954 to 35,018.
• Exports: Decreased from 3,276 to 3,192.
• Money Flow: Decreased from 10,317 to 9,004.
• Income from Tourism: No data provided.
• Foreign Investments: Decreased from -25,883 to -95,994.
The United States exhibited decreased imports but increased exports and improved financial flows into Georgia. This indicates resilient economic engagement, with notable expansions in trade and investment activities during Q1 2024.
United States:
• Imports: Decreased from 402,857 to 342,463.
• Exports: Increased from 15,289 to 29,937.
• Money Flow: Increased from 90,299 to 123,995.
• Income from Tourism: No data provided.
• Foreign Investments: Decreased from 54,661 to 33,715.
As for The European Union, EU maintained a robust economic relationship with Georgia in Q1 2024, despite challenges such as decreased exports and fluctuating
financial flows. Increased imports and income from tourism underscored ongoing economic engagement, while increased foreign investments highlighted sus-
tained confidence in Georgia's economic prospects.
European Union (EU)
• Imports: Increased from 845,415 (Q1 2023) to 923,602 (Q1 2024).
• Exports: Decreased from 213,831 (Q1 2023) to 133,223 (Q1 2024).
• Money Flow: Increased from 266,371 (Q1 2023) to 321,604 (Q1 2024).
• Income from Tourism: Increased from 46,402 (Q1 2023) to 72,200 (Q1 2024)
• Foreign Investments: Decreased from 253,231 (Q1 2023) to 116,235 (Q1 2024)
