From January to October 2024, Georgia's trade turnover with the European Union exceeded USD 4 billion, reflecting an increase of USD 362 million, or 9.8%, compared to the same period last year. With the total trade turnover in 2023 reaching USD 4.5 billion, 2024 may emerge as a record year for trade with the EU. In the first ten months of 2024, there was a notable shift towards imports, which now account for 88% of the total turnover. Specifically, imports amounted to USD 3.6 billion, while exports totaled USD 456 million.

Imports from the EU

Automobiles represent the most significant import from the EU to Georgia, with a value of USD 628.5 million. Following automobiles, oil and oil products rank second, accounting for USD 360.4 million in imports. Packaged medicines are the third largest import, costing Georgia USD 245 million from January to October. Additionally, trucks worth USD 87.5 million and mobile phones valued at USD 68.3 million complete the top five imported products.

Exports to the EU

In contrast to imports, Georgia’s exports to the EU account for only 12% of the total trade turnover. Despite this, the EU remains a key market for Georgian goods, particularly locally produced or sourced products. The highest value export to the EU is Georgian hazelnuts, with exports totaling USD 45.3 million in the first ten months of 2024. Copper ores and precious metals follow, with exports valued at USD 42.5 million and USD 39.8 million, respectively. Other notable exports include oil and oil products worth USD 30.5 million and Georgian wine, which generated USD 26.8 million in revenue for winemakers.

Overall Foreign Trade Performance

In the period from January to October 2024, Georgia’s total foreign trade turnover reached USD 19 billion, a growth of nearly USD 1 billion, or 5.5%, compared to the previous year. This marks a historical record for this period. In 2023, the total turnover amounted to USD 21.7 billion, and if the current growth trends in imports and exports continue, 2024 is likely to set a new record for total trade turnover.

Georgia’s foreign trade continues to be heavily skewed towards imports, reflecting the structure of its economy. In the first ten months of 2024, Georgia’s exports totaled nearly USD 5.5 billion, while imports amounted to USD 13.5 billion. Exports increased by 7.4% compared to the previous year, while imports grew by 4.8%. The increase in both exports and imports is largely attributed to light vehicles.