"In July of 2024, compared to the previous year, the exports increased by 29.5% and hit a record volume of USD 682.3 million," said the Ministry of Economy and Sustainable Development of Georgia.

According to the Ministry, imports went up by 7.2% and amounted to USD 1.420 million.

“In July 2024, the trade turnover was USD 2,102.5 million, which makes an increase of 13.6% year-on-year, and like exports, represents a record volume. In January-July 2024, trade turnover increased by 1.6% and reached USD 12,564.5 million.

The trade balance significantly improved which is linked to the increase in exports. The trade deficit in July 2024 amounted to USD 737.8 million, and compared to July 2023, it made an increase of USD 59.9 million.

The trade deficit in January-July 2024 was USD 5,504.5 million. It increased by USD 301.3 million compared to the previous year,” the Ministry said.