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Making a healthy analysis of Georgia’s foreign trade is not easy. The foreign trade figures announced by the official authorities are not considered reliable, and unregistered imports are at a very high level. The foreign trade values announced by state organizations do not reflect the actual commercial activities. This situation is easily understood from the dramatic difference between the figures announced by Turkey and Georgia.
Foreign Trade of Georgia (2000-2005 – Million $)
Year EXPORT IMPORT VOLUME BALANCE EXPORT / IMPORT(%)
2001 320,0 678,7 998,7 -358,7 47,2
2002 349,4 792,3 1141,7 -442,9 44,1
2003 465,3 1141,0 1606,3 -675,7 40,8
2004 648,4 1847,7 2496,1 -1199,3 35,1
2005 866,7 2490,9 3357,6 -1624,2 34,8
Source: Statistics Office of the Ministry of Economic Development
Georgia’s exports started to increase at higher rates since 2002. The exports, which increased by 33% year on year in 2003, also increased by 39 percent year on year in 2004, and 33 percent year on year in 2005 to 866,7 million $.
In the mentioned period, the increase in imports was higher. Imports increased 17 percent year on year in 2002, while the rate of increase was 44 in 2003 and 62 percent year on year in 2004. However, the increase rate slowed down in 2005 to 35 percent. The most important reason for the increase in imports of 2005 is shown as the increase in oil prices.
These developments have led to a great expansion of Georgia’s foreign trade volume in 2001-2005 period, while the trade deficit grew further as the imports increased more than the exports. In 2005, foreign trade volume increased by 35 percent compared to a year ago, while the foreign trade deficit also increased by 35 percent and reached $1.624,2 million.
As a result of this tendency, the balance of Georgia’s exports to imports continuously dropped during 2001-2005 period and finally, the drop in 2005 was very significant with 34.8 percent.
Source: www.dtm.gov.tr |
