...

Georgia shares data on trade turnover with EU countries

Business Materials 22 January 2021 11:08
Georgia shares data on trade turnover with EU countries

BAKU, Azerbaijan, Jan. 22

By Tamilla Mammadova – Trend:

Georgia’s negative trade balance fell to $4.6 billion in 2020, Trend reports referring to the report of the Georgian National Statistics Office (Geostat).

However, despite a significant decline, the trade deficit is still very high and exceeds exports.

The EU countries are among the countries with which Georgia has a high payment deficit.

Georgia signed a free trade agreement with the EU in 2014 which let our country increase exports to the EU. In particular, in 2015 Georgia’s exports totaled $ 645 million, in 2019 - $ 819 million, in 2020 - $ 717 million.

In the reporting period exports to China with which Georgia also has a free trade agreement, grew from $ 202 million in 2019 to $ 476 million in 2020.

Despite the growth, imports from the EU still significantly exceed exports and in 2020 imports from the European Union amounted to $ 1.2 billion.

Georgia has a negative trade balance with 25 out of the 28 EU member states, while a positive trade balance is registered with only three countries - Bulgaria, Lithuania, and Estonia.

The largest trade turnover is recorded with Germany - $467 million, followed by Bulgaria - $422 million and Italy - $216 million.

Georgia's trade turnover with France, Holland, Spain, Poland, and Romania exceeds $100 million.

Georgia has the least trade turnover with Croatia, Cyprus, and Malta which amounts to less than $10 million.

Georgia's trade statistic with the European Union also includes the United Kingdom which is no longer a Member State of the European Union January 1, 2021, but its economy was part of the European Economic Area in the reporting year.

---

Follow the author on Twitter: @Mila61979356

Tags:
Latest

Latest