NEWS

Georgia’s foreign trade turnover reached 21 billion 529 million dollars in 2023, with both import and export increased during this period.
The data of 2023 reports the value of goods sold in Kyrgyzstan increased by 642% (695.6 million dollars). Due to that, the fourth place in the ranking of export destinations was taken by the Central Asian country with a share of 11.4%.
Statistics show that 88.8% of products exported to Kyrgyzstan are automobiles (16,831 cars worth 617.9 million dollars were sold last year).
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.

Source Link

As the National Statistics Office said on Wednesday, the Georgian economy grew 8.3 percent year-on-year in December and by seven percent in 2023.
According to the Office, estimated real growth in construction, manufacturing, financial and insurance sectors, information and communication mainly drew last month’s growth, although energy and real estate sectors declined.
As Deputy Economy Minister Vakhtang Tsintsadze said, the domestic economy’s stability and growth at a “high rate” was maintained and continued despite the “geopolitical tensions” and “external shocks” created in the wider region.
According to him, one of the highest economic growth rates for 2023, both in the European region and among [EU membership] candidate countries, has been shown by Georgia, and this trend is expected to continue in the coming years.
“Record” results of the previous year were also pointed to by The Deputy Minister. He added that external trade turnover had exceeded $6.1 billion, while revenues from international tourism had crossed the $4.1 billion mark.
A growth trend also characterized investment activity in the country.
Tsintsadze said that all of the above-mentioned gives positive optimism that economic growth will continue at this rate and that 2024 will be impressive in economic growth, and higher economic growth than all forecasts [by various international financial organizations] during 2023 will be achieved.
According to the January edition of the World Bank’s Global Economic Prospects report, the Georgian economy would grow 4.8 percent in 2024.
As The National Bank of Georgia has said, economic activity is expected this year to “gradually normalize” in line with the growth rate of the potential gross domestic product, estimated at five percent.
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.

Source Link

The total amount of the exports of Georgia (excluding non-declared exports) reached USD 6 090.6 million in 2023 (9.1 percent higher year-on-year). A 24.4 percent decline was shown by share of the domestic exports in total exports (45.8 percent, USD 2 791.5 million).
The top ten trading partners by domestic exports in the total domestic exports of Georgia had the share of 73.1 percent in 2023. Russia (USD 541.7 million), Türkiye (USD 343.8 million) and China (USD 270.0 million) were the top partners.
The first place in the list of top export items, equaling USD 474.2 million, or 17.0 percent of total exports, was claimed by copper ores and concentrates in 2023. The share of the exports of wine of fresh grapes totaled USD 257.7 million and amounted to 9.2 percent of the total exports. The third place, standing at USD 180.7 million and constituting 6.5 percent of the total exports, was occupied by the exports of ferro-alloys.
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.

Source Link

Open Balkan member states – Serbia, North Macedonia and Albania – signed two protocols that will enable establishing a free labour market in Skopje yesterday.
The State Secretary at the Ministry of Finance Gojko Stanivuković signed a protocol on the implementation of an agreement on conditions for free access to the Western Balkans labour market and a protocol on connecting an electronic identification scheme for citizens of the region on behalf of Serbia.
Full liberalisation of the labour market in the Open Balkan states starting from March 1 was announced by Serbian President Aleksandar Vučić earlier in the day.
According to him, a common labour market would help to create a better business environment for both local and foreign companies and to overcome the problem of workforce shortages.
As Vučić told the press in Skopje, the Growth Plan for the Western Balkans had been discussed with American and European representatives, as well as a common European market and Serbia’s participation in it. He said that green lines for Serbian trucks, [allowing them] to cross EU state borders are most important, because they mean strengthening of the country’s commerce and industrial production.
The prime ministers of Albania, Montenegro and Kosovo – Edi Rama, Milojko Spajić and Albin Kurti respectively – as well as by Bosnian and Herzegovinian Finance Minister Srdjan Amidžić, NEAR Director-General Gert Jan Koopman and U.S. Assistant Secretary of State James O’Brien attended the conference aside from Vučić.
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.

Source Link