Georgia2020 Economic Complexity : -0.05, Rank 60 of 127
2020 Product Exports | Imports: $3.92B | $8.72B, 124 of 226 | 106 of 226
2020 Per Capita Product Exports | Imports: $1.06k | $2.35k, 112 of 219 | 104 of 219
2020 Service Exports | Imports : $1.53B | $1.45B, 51 of 65 | 54 of 65
Overview In 2020, Georgia was the number 118 economy in the world in terms of GDP (current US$), the number 124 in total exports, the number 106 in total imports, the number 111 economy in terms of GDP per capita (current US$) and the number 60 most complex economy according to the Economic Complexity Index (ECI).
Exports The top exports of Georgia are Copper Ore ($828M), Cars ($403M), Ferroalloys ($250M), Wine ($212M), and Gold ($192M), exporting mostly to China ($499M), Russia ($460M), Azerbaijan ($441M), Bulgaria ($393M), and Turkey ($228M).
Imports The top imports of Georgia are Cars ($717M), Refined Petroleum ($540M), Packaged Medicaments ($351M), Petroleum Gas ($317M), and Copper Ore ($256M), importing mostly from Turkey ($1.48B), Russia ($1.05B), China ($974M), United States ($629M), and Azerbaijan ($490M).
Location Georgia borders Armenia, Azerbaijan, Russia, and Turkey by land and Ukraine by sea.
The following section uses the most recent trade data from partners of Georgia.
Disclaimer: data is presented based on availability and only countries that use the harmonized system are being shown.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
Data is presented based on data availability. Only countries using the Harmonic System (HS) are selected. Every source is shown using their own latest twelve months of data.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
Top Export (2020): Copper Ore, $828M
Top Destination (2020): China, $1.48B
In 2020, Georgia exported a total of $3.92B, making it the number 124 exporter in the world. During the last five reported years the exports of Georgia have changed by $1.15B from $2.77B in 2015 to $3.92B in 2020.
The most recent exports are led by Copper Ore ($828M), Cars ($403M), Ferroalloys ($250M), Wine ($212M), and Gold ($192M). The most common destination for the exports of Georgia are China ($499M), Russia ($460M), Azerbaijan ($441M), Bulgaria ($393M), and Turkey ($228M).
Fastest Growing Export Markets (2019 - 2020)
Fastest Growing Import Markets (2019 - 2020)
Georgia Exports Services (2020): $1.53B
Georgia Imports Services (2020): $1.45B
In 2020, Georgia exported $1.53B worth of services. The top services exported by Georgia in 2020 were Other transport ($528M), Personal travel ($387M), Business travel ($155M), Sea transport ($107M), and Miscellaneous business, professional, and technical services ($79.4M).
The top services imported by Georgia in 2020 were Other transport ($424M), Sea transport ($274M), Miscellaneous business, professional, and technical services ($123M), Air transport ($110M), and Business travel ($95.8M).
Georgia has a high level of specialization in Other Isotopes (178), Water (139), Cyanides (77.5), Sheep and Goats (62.3), and Copper Ore (57.2). Specialization is measured using RCA, an index that takes the ratio between Georgia observed and expected exports in each product.
The highest complexity exports of Georgia according to the product complexity index (PCI) are Halides and halide oxides of non-metals (1.69), Orthopaedic appliances; including crutches, surgical belts and trusses; splints and other fracture appliances; artificial parts of the body; hearing aids and other which are worn, carried or implanted in the body to compensate for a defect or disability (1.09), Motor cars and other motor vehicles; principally designed for the transport of persons (other than those of heading no. 8702), including station wagons and racing cars (0.89), Central heating boilers; excluding those of heading no. 8402 (0.8), and Bulldozers, graders, levellers, scrapers, angledozers, mechanical shovels, excavators, shovel loaders, tamping machines and road rollers, self-propelled (0.78). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
The top export opportunities for Georgia according to the relatedness index, are Tropical Fruits (0.17), Cocoa Beans (0.16), Raw Sugar (0.16), Crustaceans (0.16), and Non-fillet Fresh Fish (0.16). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Georgia is not specialized in.
The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products a country currently specializes in.
The Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower greenhouse emissions.
During the last 20 years Georgia's economy has become relatively less complex, moving from the nullth to the 60th position in the ECI rank.
These economic complexity rankings use 6 digit exports classified according to the HS96 classification. We consider only countries with population of at least 1 million and exports of at least $1 billion, and products with world trade over $500 million. To explore different rankings and vary these parameters visit the custom rankings section.
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