NEWS

A 14.7 percent year-on-year increase was posted by the Georgian external trade turnover in January-November, totally amounting to $19.62 billion.
According to the National Statistics office, the top trading partners of Georgia in its total external trade turnover between January and November were Turkey ($2.71 billion), Russia ($2.19 billion) and the United States ($1.84 billion).
Azerbaijan ($787.8mln), Armenia ($710.7mln) and Kazakhstan ($649.2mln) were the country’s top trading partners by exports, while Turkey ($2.32bln), the US ($1.76bln) and Russia ($1.58bln) topped imports.
Motor vehicles ($1.94 billion, 34.9 percent of total exports), copper ores and concentrates ($472.2 million, 8.5 percent), wine of fresh grapes ($240.3 million, 4.3 percent) were the top export items. Motor vehicles ($2.88 billion, 20.5 percent of the total imports), petroleum and petroleum oils ($1.05 billion, 7.5 percent) and medical drugs ($489.6 million, 3.5 percent) were included in the three top import commodities.
The growth by 11.1 percent was attained by the value of exports that totally reached $5.58 billion. Imports also increased by 16.3 percent and amounted to $14.04 billion in the reporting period.
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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According to the Embassy of Austria in Belgrade, where the results of the survey carried out among the Austrian companies about the business climate in Serbia were presented, 800 branch offices of Austrian companies operate in Serbia, securing 23,000 jobs. Austrian investments in Serbia amount to EUR 3.6 billion.
As Juergen Schroeder, the trade adviser at the Embassy of Austria, pointed out, in 2022 the export of goods from Austria to Serbia had been higher than EUR 1 billion. They expected the results for 2023, still not known, to exceed those from the previous year.
He said that it is good that, in the survey carried out, the economic climate in Serbia in this year has not been characterized as worsened compared to 2022, but it is bad that the expectations of business people from the next year are not good.
The results of the survey say that only seven percent of those surveyed expect the business climate to improve in the next year, whereas 44% believe that the state of the economy will remain unchanged and the same percentage of the subjects believe that it will worsen.
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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As the National Statistics Office said on Wednesday, Georgian external trade turnover posted a 14.7 percent year-on-year increase and amounted to $19.62 billion in January-November.
A rise by 11.1 percent was shown by the value of exports (totally $5.58 billion). A growth by 16.3 percent was reached by imports (totally $14.04 billion) in the reporting period.
43.1 percent was hit by the share of trade turnover, and trade deficit, a measure of the negative balance of trade in which imports exceed exports, reached $8.45 billion.
According to Vakhtang Tsintsadze, the Deputy Economy Minister, the volume of exports had exceeded the annual indicators of 2022.
He also said that state programs and policy steps taken by the state over the recent years to [increase] the competitiveness of small and medium-sized businesses and diversify foreign trade markets made it possible to observe positive trends in external trade.
“Record-high” figures in external trade were registered in the first 11 months of 2023.

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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A memorandum of understanding (MoU) was signed on Monday by Serbia’s central bank and China’s central bank to establish yuan clearing arrangements in Serbia.
According to the statement of the central bank, intensive cooperation between the two central banks in the execution of transactions in Chinese yuan by banks in Serbia is regulated by the MoU.
NBS noted that cross-border transactions in Chinese yuan by companies and financial institutions in China and Serbia will be promoted and trade and investments will be facilitated by the establishment of a clearing arrangement in Serbia.
NBS governor Jorgovanka Tabakovic said that NBS put the Chinese yuan on the list of currencies which can be traded on the domestic foreign exchange market in January 2015, being an institution that closely monitors the needs of the domestic economy and market and creates stimulating conditions for efficient business operations. Chinese yuan is necessary for the Serbian financial markets due to strong growth of trade between the countries, as well as high investment inflows.
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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