In 2020, the Eurasian country formally known as the Republic of Georgia exported items worth 2.6 billion dollars around the world. This figure represents a 40.4 percent increase from 2016, but a minus 5.4 percent drop from 2019 to 2020.
By value, 53.2 percent of Georgia’s exports were supplied to European countries, while 41.2 percent were sold to Asian importers, according to a continental lens.
North America got 3.4 percent, Latin America excluding Mexico but including the Caribbean got 1.1 percent, Africa got 0.9 percent, and Oceania headed by Australia received smaller percentages got 0.3 percent.
Georgia’s Top Trading Partners
The following is a list of 15 of Georgia’s most important trading partners, the countries that imported the most Georgian cargo in terms of dollar value in 2020.
The percentage of total Georgian exports for each import nation is also indicated.
Georgia’s overall exports to China totaled 477.7 million dollars, accounting for 18.7 percent of the country’s total exports.
411 million dollars in Russia accounts for 16.1 percent
Bulgaria has a budget of 310.7 million dollars accounts for 12.2 percent
179.2 million dollars in Turkey stands at 7 percent
129.7 million dollars for Ukraine stands at 5.1 percent
Armenia: 98.9 million dollars stands at 3.9 percent
96.9 million dollars in Switzerland accounts for 3.8 percent
95.9 million dollars in Spain accounts for 3.8 percent
Azerbaijan: 84.4 million accounts for 3.3 percent
78.2 million dollars in the United States accounts for 3.1 percent
60 million dollars in Germany accounts for 2.3 percent
Uzbekistan with 43 million dollars accounts for 1.7 percent
36.2 million dollars in Kazakhstan accounts for 1.4 percent
Belarus with 35.8 million dollars accounts for 1.4 percent
34.7 million dollars from Italy stands at 1.4 percent
In 2022, the mentioned 15 trading partners will account for nearly nine-tenths which is 85 percent of Georgian exports.
China, Georgia’s largest trading partner, boosted its purchases of Georgian products at the quickest rate, increasing by 129.2 percent from 2019 to 2020.
Spain went up by 113 percent, Switzerland was up by 35.2 percent, and Bulgaria which went up by 35.2 percent are the other leading gainers among the top 15 clients.
The United States went down by minus 39.6 percent, Azerbaijan was down by 36.7 percent, Uzbekistan went down by minus 36.5 percent, Kazakhstan was also down by minus 28.9 percent, and Ukraine is the country with the steepest reductions among import clients for Georgian goods which went down by minus 21.5 percent.
Georgia’s Top Exports
Georgia, which is strategically placed at the crossroads of Eastern Europe and Western Asia, exported 2.6 billion dollars worth of commodities around the world in 2020.
This figure represents a 40.4 percent increase from 2016, but a minus 5.4 percent drop from 2019 to 2020.
The Georgian lari has depreciated by minus 31.4 percent against the US dollar since 2016 and has dropped by minus 10.3 percent from 2019 to 2020, according to the average exchange rate for 2020.
Because Georgia’s currency is weaker, exports paid for in stronger US dollars are cheaper for international buyers.
According to the most recent data available, importers in China accounted for 18.7 percent of the global total, Russia accounts for 16.1, Bulgaria with 12.2 percent, Turkey accounts for 7 percent, Ukraine with 5.1 percent, Armenia accounts for 3.9 percent, Switzerland with 3.8 percent, Spain also with 3.8 percent, Azerbaijan accounts for 3.3 percent, the United States is responsible for 3.1 percent, Germany with 2.3 percent, and Uzbekistan accounts for 2.3 percent. Altogether, they all purchased 80.9 percent of Georgia’s export.
On a continental scale, European countries received 53.2 percent of Georgia’s exports by value, while Asian importers received 41.2 percent.
Georgia exported 3.4 percent of its total exports to North America.
Latin America, excluding Mexico, but including the Caribbean got 1.1 percent, Africa got 0.9 percent, and Oceania, led by Australia, received smaller percentages of 0.3 percent.
Given Georgia’s population of 3.7 million people, the country’s total 2.6 billion dollars in 2020 exports equates to nearly 700 dollars for each person in the Middle Eastern country.
854.6 million dollars in ore, slag, and ash accounts for 33.5 percent of total exports
470 million dollars in beverages, spirits, and vinegar accounts for 18.4 percent
273.1 million dollars in iron and steel stands at 10.7 percent
157.2 million dollars in fruits and nuts stands at 6.2 percent
116.3 million dollars in gems and precious metals accounts for 4.6 percent
Fertilizers are worth 72.5 million dollars accounting for 2.8 percent
63.7 million dollars on knitted or crocheted clothes and accessories stands at 2.5 percent
52.2 million dollars in pharmaceuticals stands at 2 percent
50.9 million dollars for live animals accounts for 2 percent
38.3 million dollars in inorganic chemicals stands at 1.5 percent
The top ten exports from Georgia accounted for 85.1 percent of the total value of its global shipments.
Fruits and nuts were the fastest-growing export category among the top ten, increasing by 44.6 percent from 2019 to 2020.
Gems and precious metals came in second for increased export sales, with a 36.9 percent increase driven by gold.
Georgia’s live animal shipments increased by 31.5 percent, the third-fastest increase in value.
Pharmaceuticals, with a minus 59.3 percent reduction year over year, were the leading decliner among Georgia’s top 10 export categories.
Copper ores and concentrates account for 29.1 percent of total exports, iron ferroalloys for 9.7 percent, wine for 8.2 percent, mineral and aerated waters account for 4.6 percent, precious metal ores and concentrates account for 4.2 percent, alcoholic beverages also account for 4.2 percent, gold with 3.8 percent, miscellaneous nuts with 3.7 percent, nitrogenous fertilizers with 2.8 percent, and medication mixes accounts for 2.8 percent. All these are Georgia’s most valuable exports.
Georgia’s total exported goods are expected to account for 4.6 percent of its overall Gross Domestic Product 56.1 billion dollars in Purchasing Power Parity US dollars in 2021.
In PPP terms, the 4.6 percent contribution of exports to overall GDP in 2020 is down from 8.3 percent a year ago.
Although based on a short timescale, this appears to imply a diminishing reliance on products sold on overseas markets for Georgia’s entire economic success.
The unemployment rate is another important measure of a country’s economic performance.
According to the International Monetary Fund, Georgia’s unemployment rate was an average of 18.5 percent in 2020, up from 12.7 percent in 2018.
Tbilisi is Georgia’s capital and largest city.
Between 2014 and 2018, the value of all Georgian export items decreased by 7% on average.
Electrical energy exports increased by 128.5 percent among the top 20 most valuable products over five years beginning in 2014.
Non-alcoholic drinks, excluding water, juice, and milk, came in second with a 56 percent approval rating.
Since 2014, exports of sheep or goat meat have increased by 45.3 percent.
The value of Georgia’s exporting cyanide or cyanide oxides increased by 36 percent.
Miscellaneous nuts went down by minus 39.8 percent and medicine mixtures in dosage were the biggest losers down by minus 26.9 percent.