That dollar amount results from 12.7% advance compared to $2.7 billion 5 years earlier during 2019.
From 2022 to 2023, the total value of goods exported from Georgia fell by -21.7% starting from $3.9 billion starting from 2022.
Based on the average exchange rate for 2023, the Georgian lari appreciated by 6.7% against the US dollar since 2019 and gained 9.9% from 2022 to 2023. Georgia’s stronger local currency makes its exports paid for in weaker US dollars relatively more expensive for international buyers.
The 5 biggest customers for Georgian exports are Russia, Türkiye, mainland China, Bulgaria and Armenia. Collectively, that quintet of leading importers bought over half (54%) of Georgia’s shipments during 2022 by value.
Applying a continental lens, 46.7% of Georgia exports by value was delivered to other European countries while 44.4% was sold to importers located in Asia. Georgia shipped another 3.6% worth of goods to buyers in North America.
Smaller percentages went to customers in Africa (2.62%), Latin America (2.56%) excluding Mexico but including the Caribbean, then Oceania (0.1%) almost all Australia.
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 2023. Also shown is each import country’s percentage of total Georgian exports.
- Russia: US$563.6 million (18.5% of Georgia’s total exports)
- Türkiye: $332.7 million (10.9%)
- mainland China: $292.9 million (9.6%)
- Bulgaria: $249.7 million (8.2%)
- Armenia: $204.2 million (6.7%)
- Azerbaijan: $163.3 million (5.4%)
- United States: $94.3 million (3.1%)
- Switzerland: $89.1 million (2.9%)
- Ukraine: $81.5 million (2.7%)
- Spain: $79.3 million (2.6%)
- Kazakhstan: $70.4 million (2.3%)
- Iraq: $70.1 million (2.3%)
- Peru: $66.8 million (2.2%)
- Uzbekistan: $56.4 million (1.9%)
- Germany: $53.8 million (1.8%)
- France: $46.5 million (1.5%)
- Italy: $36.7 million (1.2%)
- Poland: $34.9 million (1.1%)
- Belarus: $30.9 million (1%)
- Lithuania: $24.6 million (0.8%)
- Saudi Arabia: $23.3 million (0.8%)
- United Arab Emirates: $22.8 million (0.7%)
- Romania: $22.8 million (0.7%)
- Morocco: $18.8 million (0.6%)
- Czech Republic: $18.6 million (0.6%)
Around nine-tenths (90.3%) of Georgian exports during 2023 was delivered to the above 25 trade partners.
Morocco increased purchases of products shipped from Georgia at the fastest pace thanks to a 2,529% increase from 2022 to 2023.
In second place for expanding spending on Georgian exports was Iraq (up 101.3%) trailed by Spain (up 57.2%), France (up 30.6%) then the Czech Republic (up 30%).
Reducing their purchases of goods shipped from Georgia at the strongest pace were the United States of America (down -64.2% from 2022), mainland China (down -58.4%), Peru (down -56.6%), Bulgaria (down -41%) and Italy (down -39%).
Countries Driving Highest Trade Deficits for Georgia
Georgia incurred an overall -US$7.94 billion trade deficit during 2023, expanding by 29.1% from -$6.15 billion in red ink one year earlier in 2022.
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$1.9 billion (country-specific trade deficit in 2023)
- Russia: -$1.2 billion
- mainland China: -$932 million
- Azerbaijan: -$461.6 million
- Germany: -$432.7 million
- United Arab Emirates: -$319.3 million
- Italy: -$295.1 million
- Netherlands: -$216.7 million
- Iran: -$207.7 million
- France: -$187 million
Among Georgia’s trading partners that cause the greatest negative trade balances, Georgian deficits with mainland China (up 159.6%), Italy (up 51%) and the Netherlands (up 45.6%) grew at the fastest pace from 2022 to 2023.
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.
- Armenia: US$117.5 million (country-specific trade surplus in 2023)
- Peru: $66.2 million
- Bulgaria: $55 million
- Iraq: $47.3 million
- Kazakhstan: $38.8 million
- Saudi Arabia: $16.9 million
- Tanzania: $11.1 million
- Kyrgyzstan: $10.2 million
- Uganda: $8.3 million
- Panama: $7 million
Among Georgia’s trading partners that generate the greatest positive trade balances, Georgian surpluses with Uganda (up 104,150%), Iraq (up 167.8%) and Tanzania (up 98.6%) grew at the fastest pace from 2022 to 2023.
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 December 20, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on December 20, 2024
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on December 20, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on December 20, 2024
International Trade Centre, Trade Map. Accessed on December 20, 2024
Investopedia, Net Exports Definition. Accessed on December 20, 2024
Wikipedia, Georgia (country). Accessed on December 20, 2024
Wikipedia, List of Companies of Georgia (country). Accessed on December 20, 2024
Wikipedia, Purchasing power parity. Accessed on December 20, 2024