Georgia’s foreign trade turnover in the first three months of 2022 amounted to USD 3.87 billion – a 38% increase compared to the same period last year, according to express data released by the National Statistics Office (Geostat) on April 13.
Exports increased by 43.3% year-over-year to USD 1.17 billion, while imports went up 35.8%, reaching USD 2.7 billion. The trade deficit stood at USD 1.52 billion, making up 39.4% of the trade turnover in January-March 2022.
In March 2022, Georgia’s exports were worth USD 411.4 million and imports — USD 895.7 million, while the total turnover was USD 1.3 billion.
Compared to March 2021, exports increased year-over-year by 26%, imports by 16% and turnover by 19%, a relatively modest increase from the figures of February 2022 against that of 2021.
In February 2022, Georgia’s exports were worth USD 429 million, imports — USD 998.6 million and turnover — USD 1.43 billion. They had risen by 60%, 54% and 56%, respectively.
The development follows the launch of Russia’s bloody invasion of Ukraine on February 24.
Ukraine and Russia are both Georgia’s largest trading partners. In 2021, Ukraine came fifth among Georgia’s top export destinations, while Russia was the second-largest partner in terms of total turnover, exports and imports.