Changing Trade Patterns: Armenia Emerges as Georgia's Top Export Country in 2023

Geostat, the national statistical service of Georgia, has released a report on the country's foreign trade, revealing an increase in exports in the first two months of 2023. According to the report, goods worth $915 million were exported from Georgia abroad during this period, an increase of 20.3% from the previous year.

The export geography has undergone significant changes, with the CIS accounting for the majority of Georgia's exports. The country exported goods worth $532 million to the CIS countries, which is 58% of the total exports and $202 million more than the previous year. However, exports to the European Union (EU) have declined, with exports amounting to $115 million, which is 12.6% of the total export, down from 21% the previous year.

Armenia has emerged as Georgia's top export country, with goods worth $133 million, a 192% increase from the previous year. Russia ranks second, with exports worth $128 million, a 38% increase. China, Azerbaijan, and Kazakhstan complete the top five exporting countries, followed by Turkey, Kyrgyzstan, Bulgaria, Spain, and Peru.

Light cars are the most exported item, with exports worth $237 million, followed by copper ores and ferroalloys with exports worth $143 million and $72 million, respectively.

In conclusion, the report indicates a significant shift in Georgia's export geography, with the CIS accounting for a majority of its exports. Moreover, Armenia has emerged as the top export country, surpassing Russia, while exports to the EU have declined. The top exporting goods include light cars, copper ores, and ferroalloys.