Ukraine’s gross domestic product (GDP) grew 3.8% (± 1%) in September 2024 year-on-year versus 0.3% in August and 1.1% in July, Ukrainian media said, citing the Ukrainian Economy Ministry’s preliminary estimates published on Friday. The ministry’s report puts GDP growth in the country at 4.5% (±1%) in January-September 2024 year-on-year compared to 3.9% in January-August, … Read more
The foreign trade in dairy products reached $20.4 million in the first half of October, up 7.8% month-on-month, Ukrainian media reported, citing the Ukrainian Union of Dairy Enterprises’ expert analytical service as saying. The exports rose 5.3% to $9.8 million, while imports grew 10.2% to $10.6 million, the statement said. In particular, the share of … Read more
The exports of Serbia’s information and communication technologies (ICT) sector increased by 19% year-on-year to 2.629 billion euro ($2.851 billion) in the first eight months of 2024, the country’s Office for IT and eGovernment said. Serbia’s ICT exports up 19% y/y in Jan-Aug Pinot Trading/All rights reserved. In August alone, the ICT sector’s exports totalled … Read more
The Georgian external trade turnover amounted to $16.77 billion between January-September, posting a 3.7 percent year-on-year increase, with the list of top trading partners of the county topped by Turkey with $2.33 billion, Russia with $1.83 billion and the United States with $1.47 billion. The Georgian external trade turnover amounted to $16.77 billion between January-September, … Read more
As Georgian Deputy Economy Minister Irakli Nadareishvili said on Wednesday, “record-high” export growth was achieved in both 2023 and 2024, as the total volume attained $6 billion last year and $5 billion within the first nine months of 2024.
Nearly all parameters have achieved macroeconomic stability due to the consistent economic policies that the Government implemented, allowing businesses to plan and anticipate medium-term developments, including regulations, taxation, and other key areas.
Free trade agreements, providing access to aggregated markets totalling two and a half billion people, all with tariff-free trade, are one of preconditions of this success, as well as state programmes that regularly assess the needs of businesses.
The “record” volume of exports was also highlighted by Deputy Economy Minister Vakhtang Tsintsadze. According to him, domestic exports had increased by 4.1 percent between January and September and reached the volume of $4.8 billion in total, while exports had increased by 17 percent year-on-year in September alone, reaching $615.6 million.
NH Logistics GEO has been offering IOR Importer of Record and EOR Exporter of Record services since 2001 and is a market leader in Georgia and Eurasia, supporting many clients with their import/export shipments.
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Nine new agreements simplifying business operations, creating new job opportunities and strengthening consumer rights across the region have been adopted by the Central European Free Trade Agreement (CEFTA).
Authorised Economic Operator (AEO) programs between CEFTA’s seven markets were recognized and agreements facilitating e-commerce and simplifying parcel delivery in the region, as well as rules allowing for unrestricted online shopping across CEFTA markets by ensuring that online shops cannot block access to websites, products, or services based on a consumer’s location and origin, were adopted by its joint committee.
According to Danijela Gacevic, acting director at CEFTA Secretariat, these agreements will help harmonise intellectual property rights standards and the establish an electronic system for risk management, as well as allow travel agencies and tour operators to gain easier access to all CEFTA markets.
This new mechanism will resolve trade disputes between CEFTA members and simplify motor insurance processes in CEFTA markets.
Albania, Bosnia and Herzegovina, North Macedonia, Moldova, Montenegro, Serbia, and Kosovo are currently CEFTA members among non-EU countries of Southeast Europe.
NH Logistics SER has been offering IOR Importer of Record and EOR Exporter of Record services since 2001 and is a market leader in Serbia and Eurasia, supporting many clients with their import/export shipments.
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Ukraine’s negative balance of foreign trade increased 6.5% to $17.613 billion in January-August 2024 from $16.532 billion recorded in the same period of 2023, Ukrainian media reported, citing the Ukrainian State Statistics Service. Exports of goods from Ukraine edged up 12% and totaled $27.578 billion in the first eight months of 2024 year-on-year, while imports … Read more
The Central European Free Trade Agreement (CEFTA) said it has adopted nine new agreements to simplify business operations, create new job opportunities, and strengthen consumer rights across the region. CEFTA’s joint committee decided on the recognition of Authorised Economic Operator (AEO) programs between its seven markets, which means that businesses with customs benefits in their … Read more
Georgian Deputy Economy Minister Irakli Nadareishvili on Wednesday said both 2023 and 2024 had seen “record-high” export growth, with the total volume reaching $6 billion last year and $5 billion within the first nine months of this year. Photo: Ministry of Economy Georgian Deputy Economy Minister Irakli Nadareishvili on Wednesday said both 2023 and 2024 … Read more
The importance of strengthening Georgia’s function as a transit country and the “critical need” for infrastructure development were highlighted by Irakli Kobakhidze, the head of the ruling Georgian Dream party’s election staff and the Prime Minister of Georgia on Monday.
The Government’s plans to “stimulate and promote economic growth” were unveiled in his address at the presentation of the party’s election programme.
[The Infrastructure Minister] Irakli Karseladze was acknowledged as the driving force behind all this [this initiative].
According to Kobakhidze, the Government earmarked to built in Georgia’s Black Sea a town to ensure increased logistical capability between Asia and Europe, as it was working on the development of the Anaklia deep sea port project, so the country would “need to cut an emergency road”.
The ongoing infrastructure projects in eastern Georgia, including the completion of highways linking the borders with Azerbaijan and Armenia, were also highlighted by the PM.
The PM said that hey will also begin to construct a very important [eastern] Lagodekhi bypass, a four-lane highway connecting Tbilisi-Rustavi [a city near the capital] and the Tbilisi entrance and exit in the near future.
According to Kobakhidze, a “unique” 9-km long Kvesheti-Kobi tunnel had already been cut in the Stepantsminda section of the road in the north-east of the country, which would connect it to the Stepantsminda road, construction of which would be completed soon. They will also begin the construction of the first southern section of the road connecting to Stepantsminda.
It will take about 1 hour and 20 minutes to drive to Telavi after the completion of this road and about 1.5 hours to drive to Stepantsminda when the Kakheti highway will be completed. It is important for mobility of the population and for the development of the economy. The significance of these projects for regional connectivity, facilitating “faster connection” between Georgia, Turkey, Azerbaijan, and Armenia was also highlighted by Kobakhidze. He said that it has “given the new reality in [South Caucasus] region, and the implementation of these projects is especially important from an economic perspective”.
NH Logistics GEO has been offering IOR Importer of Record and EOR Exporter of Record services since 2001 and is a market leader in Georgia and Eurasia, supporting many clients with their import/export shipments.
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