Applying a continental lens, 53.2% of Georgia’s exports by value were delivered to European countries while 41.2% were sold to Asian importers.
Smaller percentages went to North America (3.4%), Latin America excluding Mexico but including the Caribbean (1.1%), Africa (0.9%) and Oceania led by Australia (0.3%).
Georgia’s Top 15 Trading Partners
Below is a list showcasing 15 of Georgia’s top trading partners, countries that imported the most Georgian shipments by dollar value during 2020. Also shown is each import country’s percentage of total Georgian exports.
- China: US$477.7 million (18.7% of Georgia’s total exports)
- Russia: $411 million (16.1%)
- Bulgaria: $310.7 million (12.2%)
- Turkey: $179.2 million (7%)
- Ukraine: $129.7 million (5.1%)
- Armenia: $98.9 million (3.9%)
- Switzerland: $96.9 million (3.8%)
- Spain: $95.9 million (3.8%)
- Azerbaijan: $84.4 million (3.3%)
- United States: $78.2 million (3.1%)
- Germany: $60 million (2.3%)
- Uzbekistan: $43 million (1.7%)
- Kazakhstan: $36.2 million (1.4%)
- Belarus: $35.8 million (1.4%)
- Italy: $34.7 million (1.4%)
Approaching nine-tenths (85%) of Georgian exports during 2020 were delivered to the above 15 trade partners.
Leading trade partner China increased purchases of products shipped from Georgia at the fastest pace via a 129.2% increase from 2019 to 2020. Other leading gains for these top 15 customers belong to Spain (up 113%), Switzerland (up 35.2%) and Bulgaria (up 10.2%).
Severest declines among import customers for goods exported from Georgia belong to the United States (down -39.6%), Azerbaijan (down -36.7%), Uzbekistan (down -36.5%), Kazakhstan (down -28.9%) and Ukraine (down -21.5%).
Georgia incurred an overall -$3.6 billion trade deficit during 2020, down -23.6% from -$4.7 billion in red ink one year earlier.
As defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have a negative trade balance or deficit.
It would be unrealistic for any exporting nation to expect across-the-board positive trade balances with all its importing partners. Similarly, that export country doesn’t necessarily post a negative trade balance with each individual partner with which it exchanges exports and imports.
Georgia incurred the highest trade deficits with the following countries.
- Turkey: -US$1.1 billion (country-specific trade deficit in 2020)
- Russia: -$470.4 million
- Azerbaijan: -$422.7 million
- Germany: -$237.3 million
- Ukraine: -$205.2 million
- China: -$192.8 million
- Italy: -$128.8 million
- Netherlands: -$114.6 million
- France: -$102.3 million
- United Arab Emirates: -$95.9 million
Among Georgia’s trading partners that cause the greatest negative trade balances, Georgian deficits with Ukraine (up 2%) and Russia (up 1.9%) grew from 2019 to 2020.
These cashflow deficiencies clearly indicate Georgia’s competitive disadvantages with the above countries, but also represent key opportunities for Georgia to develop country-specific strategies to strengthen its overall position in international trade.
Based on Investopedia’s definition of net importer, a country whose total value of all imported goods is lower than its value of all exports is said to have a positive trade balance or surplus.
Georgia incurred the highest trade surpluses with the following countries.
- Bulgaria: US$211.5 million (country-specific trade surplus in 2020)
- Armenia: $47.6 million
- Switzerland: $39.9 million
- Uzbekistan: $22.5 million
- Saudi Arabia: $17.8 million
- United States: $16 million
- Peru: $14.9 million
- Spain: $14.7 million
- Georgia: $8 million
- Iraq: $6.2 million
Among Georgia’s trading partners that generate the greatest positive trade balances, Georgian surpluses with Saudi Arabia (up 277.8%), Switzerland (up 102.1%) and Peru (up 58.2%) grew at the fastest pace from 2019 to 2020.
In addition, Georgia’s trade with Spain went from a -$53.9 million deficit in 2019 to earn a $14.7 million surplus one year later.
These positive cashflow streams clearly indicate Georgia’s competitive advantages with the above countries, but also represent key opportunities for Georgia to develop country-specific strategies to optimize its overall position in international trade.
Companies Servicing Georgian Trading Partners
Given the country’s tiny size, it should come as no surprise that not one Georgian corporation ranks among Forbes Global 2000.
Wikipedia does list a group of Georgian companies which gives some insight into the types of exports shipped from Georgia. Selected examples are shown below.
- Badagoni Wine Company (wine producer)
- Georgian Industrial Group (energy products)
- Kutaisi Auto Mechanical Plant (trucks, automotive parts)
- MagtiCom Ltd (telecommunications)
- JSC RMG Copper (copper, gold)
- Rustavi Steel (steel products)
- JSC Tbilaviamsheni (aerospace products)
- Wissol Petroleum (oil, gas)
See also Georgia’s Top 10 Exports and Top EU Export Countries
Central Intelligence Agency, Country Profiles, The World Factbook. Accessed on March 8, 2021
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on March 8, 2021
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on March 8, 2021
International Trade Centre, Trade Map. Accessed on March 8, 2021
Investopedia, Net Exports Definition. Accessed on March 8, 2021
Wikipedia, Georgia (country). Accessed on March 8, 2021
Wikipedia, List of Companies of Georgia (country). Accessed on March 8, 2021
Wikipedia, Purchasing power parity. Accessed on March 8, 2021