Dynamic growth of Georgia's foreign trade: Analysis of new data

Georgia's economic dynamics continue to surprise, and this is especially noticeable in the field of foreign trade. Recent data indicate an impressive increase in the country's foreign trade turnover in January-July 2023. According to information published on the official website of the National Statistics Service of Georgia, the external trade turnover during this period increased by 18% compared to last year, reaching almost $ 12.1 billion, and this is excluding unorganized trade.

The most noticeable is the increase in imports of products, which amounted to $ 8.5 billion during the reporting period. This impressive figure exceeds similar data for the first seven months of 2022 by 19%. This is a reflection of domestic consumer demand, which supports various sectors of the country's economy.

However, of course, the export sector is also of interest. Georgia's entry into world markets brings significant benefits. According to the data provided by the National Statistics Service, the export of Georgian products amounted to approximately 3.6 billion dollars during the reporting period. This indicator is comparable to the results of 2022 and shows an increase of 15.7%. The country's export opportunities continue to attract the attention of international partners and investors.

It is worth noting that the increase in imports had a negative impact on Georgia's trade balance. Since the beginning of 2023, the trade imbalance has amounted to $4.9 billion, which is an increase of almost 21.5% compared to the same period last year. This reminds us of the need to strengthen domestic productivity and stimulate export opportunities to improve the economic stability of the country.

Recalling the results of last year, Georgia continues to move forward in the global arena. In 2022, the country's foreign trade turnover increased by 32.8%, reaching more than $ 19 billion. It is important to emphasize that Georgian products have found their consumers all over the world, and the volume of exports has increased by almost 32% compared to 2021.

The results of January-July 2023 demonstrate Georgia's confident step towards economic sustainability and diversified development. Despite the challenges, new prospects and opportunities are opening up for the country to continue economic growth and attract global markets.