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.