Georgia: Export Increased by 28.5% in 8 Months of 2017

Georgia: Export Increased by 28.5% in 8 Months of 2017

Georgia: Export Increased by 28.5% in 8 Months of 2017

The FINANCIAL -- “In August 2017, the exports is increased by 25.7% while the import is increased by 1.2%. Consequently, according to the data of the first 8 months of 2017, we have 28.5% increase in total export and 7.5% increase in import,” – Nino Javakhadze, the Deputy Minister of Economy and Sustainable Development of Georgia, commented on the data published by the GeoStat.

“Mainly, it is increased the export of such products as ferroalloys, fertilizers, mineral waters, wine and medicines and respectively, the positive trends in Georgia’s foreign trade is recorded since September 2016. The amount of export is gradually increasing every month and consequently, the foreign trade has a positive effect on the country’s economic growth,” – Nino Javakhadze stated.

In 8 months of 2017, the trade turnover is increased by 28.1 million USD. This August, the largest contributors to the export growth are ferroalloys (134%), nitrogenous fertilizers (84%), medicines (79%), natural grape wines (64%) and mineral and freshwaters (23%), according to Ministry of Economy and Sustainable Development of Georgia.

The import is increased due to the increased import of the oil and oil products (32%), telephones (27%) and medicines (17%).

Successful accomplished and on-going negotiations on the free trade regimes will further expand markets for Georgian products, create additional opportunities for further growth of the export and facilitate the economic growth.