The Eurasian country formally called the Republic of Georgia exported US$3.9 billion worth of products around the globe in 2022.
That dollar amount results from a 53.2% upturn from $2.5 billion during 2018.
From 2021 to 2022, the total value of goods exported from Georgia grew by 18.1% compared to $3.3 billion in the prior year.
Based on the average exchange rate for 2022, the Georgian lari fell by -15.1% against the US dollar since 2018 but rose by 9.5% from 2021 to 2022. Georgia’s weaker local currency compared to 2018 makes its exports paid for in stronger US dollars relatively less expensive for international buyers.
The 5 biggest customers for Georgian exports are mainland China, Russia, Bulgaria, Türkiye and the United States of America. Collectively, that quintet of leading importers bought about three-fifths (59.4%) of Georgia’s shipments during 2021 by value.
Applying a continental lens, 47.7% of Georgia exports by value were delivered to fellow European countries while 44% were sold to importers in Asia. Georgia shipped another 6.3% worth of goods to North America.
Smaller percentages went to Latin America (1%) excluding Mexico but including the Caribbean, Africa (0.9%) then Oceania mainly Australia (0.1%).
Georgia’s Top Trading Partners
Below is a list showcasing 25 of Georgia’s top trading partners, countries that imported the most Georgian shipments by dollar value during 2022. Also shown is each import country’s percentage of total Georgian exports.
- mainland China: US$703.5 million (18.1% of Georgia’s total exports)
- Russia: $551.7 million (14.2%)
- Bulgaria: $423.1 million (10.9%)
- Türkiye: $366.5 million (9.4%)
- United States of America: $263.6 million (6.8%)
- Armenia: $212.6 million (5.5%)
- Azerbaijan: $166.9 million (4.3%)
- Peru: $153.8 million (4%)
- Ukraine: $94.9 million (2.4%)
- Switzerland: $90.1 million (2.3%)
- Kazakhstan: $73.1 million (1.9%)
- Germany: $62.4 million (1.6%)
- Italy: $60.2 million (1.5%)
- Spain: $50.5 million (1.3%)
- Uzbekistan: $46.7 million (1.2%)
- Poland: $39.9 million (1%)
- France: $35.6 million (0.9%)
- Iraq: $34.8 million (0.9%)
- Belarus: $33.8 million (0.9%)
- Georgia: $32.6 million (0.8%)
- India: $32.6 million (0.8%)
- Lithuania: $26.7 million (0.7%)
- United Arab Emirates: $26 million (0.7%)
- Ghana: $21 million (0.5%)
- Saudi Arabia: $19.5 million (0.5%)
Well over nine-tenths (93.2%) of Georgian exports during 2022 were delivered to the above 25 trade partners.
Ghana increased purchases of products shipped from Georgia at the fastest pace via a 8,218% increase from 2021 to 2022.
In second place for expanding spending on Georgian exports was India (up 1,656%) trailed by Peru (up 1,125%), United Arab Emirates (up 250.3%), then Iraq (up 122.6%).
Cutting back their purchases of goods shipped from Georgia at a double-digit pace were Ukraine (down -53.1% from 2021), Lithuania (down -43.6%), Spain (down -43.4%), Saudi Arabia (down -27.8%) and Belarus (down -12.4%).
Countries Driving Highest Trade Deficits for Georgia
Georgia incurred an overall -US$6.2 billion trade deficit during 2022, expanding by 39.6% from -$4.4 billion in red ink one year earlier in 2021.
As defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have a negative trade balance or deficit.
It would be unrealistic for any exporting nation to expect across-the-board positive trade balances with all its importing partners. Similarly, that export country doesn’t necessarily post a negative trade balance with each individual partner with which it exchanges exports and imports.
Georgia incurred the highest trade deficits with the following countries.
- Türkiye: -US$1.7 billion (country-specific trade deficit in 2022)
- Russia: -$1.2 billion
- Azerbaijan: -$453.4 million
- mainland China: -$359.1 million
- Germany: -$326 million
- Romania: -$256 million
- United Arab Emirates: -$219.2 million
- Italy: -$195.4 million
- Iran: -$194.1 million
- Turkmenistan: -$151 million
Among Georgia’s trading partners that cause the greatest negative trade balances, Georgian deficits with Russia (up 175.4%), Romania (up 87.5%) and United Arab Emirates (up 80.1%) grew at the fastest pace from 2021 to 2022.
These cashflow deficiencies clearly indicate Georgia’s competitive disadvantages with the above countries, but also represent key opportunities for Georgia to develop country-specific strategies to strengthen its overall position in international trade.
Countries Creating Highest Trade Surpluses for Georgia
Based on Investopedia’s definition of net importer, a country whose total value of all imported goods is lower than its value of all exports is said to have a positive trade balance or surplus.
Georgia incurred the highest trade surpluses with the following countries.
- Bulgaria: US$232.1 million (country-specific trade surplus in 2022)
- United States of America: $171.6 million
- Peru: $153.5 million
- Armenia: $106.8 million
- Kazakhstan: $37.7 million
- Georgia: $27.7 million
- Ghana: $20.9 million
- Iraq: $17.7 million
- Saudi Arabia: $14.6 million
- Panama: $11.2 million
Among Georgia’s trading partners that generate the greatest positive trade balances, Georgian surpluses with Panama (up 31,050%), Ghana (up 11,471%) and Peru (up 1,169%) grew at the fastest pace from 2021 to 2022.
These positive cashflow streams clearly indicate Georgia’s competitive advantages with the above countries, but also represent key opportunities for Georgia to develop country-specific strategies to optimize its overall position in international trade.
Georgian Companies Servicing International Trading Partners
Given the country’s tiny size, it should come as no surprise that not one Georgian corporation ranks among Forbes Global 2000.
Wikipedia does list a group of Georgian companies which gives some insight into the types of exports shipped from Georgia. Selected examples are shown below.
- Badagoni Wine Company (wine producer)
- Georgian Industrial Group (energy products)
- JSC RMG Copper (copper, gold)
- JSC Tbilaviamsheni (aerospace products)
- Kutaisi Auto Mechanical Plant (trucks, automotive parts)
- MagtiCom Ltd (telecommunications)
- Rustavi Steel (steel products)
- Wissol Petroleum (oil, gas)
See also Georgia’s Top 10 Exports, China’s Top Trading Partners, Russia Top Trading Partners and Turkey’s Top 10 Exports
Research Sources:
Central Intelligence Agency, Country Profiles, The World Factbook. Accessed on June 30, 2023
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on June 30, 2023
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on June 30, 2023
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on June 30, 2023
International Trade Centre, Trade Map. Accessed on June 30, 2023
Investopedia, Net Exports Definition. Accessed on June 30, 2023
Wikipedia, Georgia (country). Accessed on June 30, 2023
Wikipedia, List of Companies of Georgia (country). Accessed on June 30, 2023
Wikipedia, Purchasing power parity. Accessed on June 30, 2023