Georgia imported the most products from Turkey in January, according to the latest data from the National Statistics Office of Georgia (GEOSTAT). Turkey accounted for 20.3% of Georgia’s total imports, followed by Russia with 14.8% and China with 7.6%.
Georgia’s Import Structure and Trends
GEOSTAT reported that in January, the share of the ten largest import partner countries in the total import of Georgia amounted to 70%. The list of the ten largest import partner countries of Georgia in January, 2024, is as follows:
- Turkey – 203.1 million USD (20.3%)
- Russia – 148.4 million USD (14.8%)
- China – 76.4 million USD (7.6%)
- USA – 72.491 million USD (7.2%)
- Germany – 53.214 million USD (5.3%)
- Azerbaijan – 2.069 million USD (5.2%)
- Italy – 28.805 million USD (2.9%)
- United Arab Emirates – 26.375 million USD (2.6%)
- Iran – 21.317 million USD (2.1%)
- Poland – 19.259 million USD (1.9%)
The rest of the countries – 301.276 million USD (30%)
The total value of Georgia’s imports in January was 998.8 million USD, which is 14.9% higher than the same period of the previous year. The main commodities imported by Georgia in January were:
- Petroleum and petroleum oils – 77.9 million USD (7.8%)
- Motor cars – 64.8 million USD (6.5%)
- Copper ores and concentrates – 54.1 million USD (5.4%)
- Medicaments – 38.8 million USD (3.9%)
- Wheat – 35.6 million USD (3.6%)
Turkey’s Role in Georgia’s Economy and Trade
Turkey is Georgia’s largest import partner and the second-largest export partner, after China. Turkey and Georgia have strong economic and political ties, as they are both members of the Black Sea Economic Cooperation (BSEC) and the Organization of Islamic Cooperation (OIC). Turkey and Georgia also share a common border and a free trade agreement, which was signed in 2008 and entered into force in 2009.
Turkey is one of the main sources of foreign direct investment (FDI) in Georgia, especially in the sectors of energy, construction, tourism, and banking. According to the Georgian Ministry of Economy and Sustainable Development, Turkey invested 103.8 million USD in Georgia in 2023, which is 9.8% of the total FDI inflows.
Turkey is also one of the main destinations for Georgian exports, especially for agricultural products, such as hazelnuts, wine, mineral water, and honey. According to GEOSTAT, Georgia exported 202.5 million USD worth of goods to Turkey in 2023, which is 9.4% of the total exports.
The Impact of COVID-19 on Georgia-Turkey Trade Relations
The COVID-19 pandemic has affected the trade relations between Georgia and Turkey, as both countries imposed lockdowns and travel restrictions to contain the spread of the virus. According to the Turkish Statistical Institute (TurkStat), the bilateral trade volume between Georgia and Turkey decreased by 18.4% in 2020, compared to 2019. The exports from Georgia to Turkey dropped by 24.4%, while the imports from Turkey to Georgia declined by 16.4%.
However, both countries have taken measures to mitigate the negative impact of the pandemic on their trade and economic cooperation. For instance, in April 2020, Georgia and Turkey agreed to establish a green corridor for the transportation of goods and cargo between the two countries, without requiring quarantine or testing for the drivers. In June 2020, Georgia and Turkey resumed air travel, with certain health and safety protocols. In December 2020, Georgia and Turkey signed a memorandum of understanding on cooperation in the fields of agriculture, food safety, and rural development.
The trade relations between Georgia and Turkey are expected to recover and improve in 2024, as both countries are implementing vaccination programs and easing the COVID-19 restrictions. The two countries are also exploring new opportunities for cooperation in the areas of digitalization, innovation, and education.
