Galt & Taggart noted in this week’s review that 5.2% of Georgia’s exports go to the European Union and 69.5% are sent to CIS countries.
“5.2% of exports went to the European Union (-29.9% y/y), 69.5% to the CIS (+37.2% y/y) and 25.3% to other countries (+33.9% y/y),” they noted.
“Further, imports into Georgia rose 7.2% year-on-year to $1.4 billion, following a 5.7% decline in the previous month. As a result, the trade deficit decreased by 7.8% year-on-year to 735.7 million USD in July,” the report continues.
“In July 2024, cars (+38.4% y/y), ferroalloys (+37.1x y/y), alcohol (+98.6% y/y), wine (-26.5% y/y) carbonated drinks (+103.0% y/y) y) were the top 5 exported goods.”
ABOUT CIS
The Commonwealth of Independent States (CIS) is a regional organization in Eurasia established in 1991 after the Soviet Union’s dissolution. It serves as a successor to the Soviet Union and aims to foster cooperation among its member states in areas such as economic, political, and military affairs. The CIS spans approximately 20.4 million square kilometers and has a population of around 240 million. Its functions include coordinating trade, finance, and security, as well as addressing cross-border crime.
Georgia was a member but withdrew in 2008 after the August war with Russia. Ukraine ceased its participation in CIS activities in 2014 following Russia’s annexation of Crimea, and formally exited CIS statutory bodies in 2018. Moldova has indicated plans to gradually withdraw from the CIS framework following Russia’s 2022 invasion of Ukraine.
Current members include Armenia, Azerbaijan, Belarus, Kazakhstan, the Kyrgyz Republic, Moldova, Russia, Tajikistan, Turkmenistan and Uzbekistan.
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