Georgia has a negative trade balance with 25 out of 28 EU countries

Georgia has a negative trade balance with 25 out of 28 EU countries

access_time2021-01-21 15:00:17


In unison with a $ 1.5 billion decline in imports, Georgia’s negative trade balance fell to $ 4.6 billion.

 

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 to 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 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.

 

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


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