Trade with Georgia increases

23 May 2019 18:26 (UTC+04:00)

By Leman Mammadova

The trade turnover between Azerbaijan and Georgia has increased considerably in January-April and reached $362.1 million.

According to the National Statistics Office of Georgia, Azerbaijan became the third largest trade partner of the neighboring country after Turkey and Russia.

In January-April 2019, Georgia's foreign trade turnover amounted to $3.8 billion. Azerbaijan's share in the total trade turnover of Georgia made up 9.4 percent in the four months.

During the reporting period, Georgia exported goods worth $126.3 million to Azerbaijan, which is 5 percent more than in the same period of last year.

At the same time, Georgia imported goods of $235.8 million from Azerbaijan in January-April. Thus, Azerbaijani exports to Georgia increased by 2.6 percent compared to the first four months of 2018.

In 2018, the total trade turnover between Georgia and Azerbaijan amounted to $1.1 billion. Georgian exports to Azerbaijan amounted to $502.7 million, while Azerbaijan exported goods worth $586 million to Georgia.

Georgian exports to Azerbaijan mainly include cement, locomotives and other railway vehicles, mineral and chemical fertilizers, mineral waters, strong drinks, glass and glassware, pharmaceuticals, etc. Azerbaijan mainly exports oil and oil products, natural gas, electricity, plastic, cement, anhydrite and gypsum binders to Georgia.

Azerbaijan and Georgia maintain high-level relations in all spheres, especially in the economic field. The two countries have long taken joint initiatives for global projects in the region. Close bilateral ties play a key role in the development of regional cooperation.

In 1995-2018, Georgia invested $93.8 million in the Azerbaijani economy, while Azerbaijan invested $3 billion in Georgia. Since 2012, Azerbaijan has been holding the first place in terms of investments in Georgia. Currently, more than 300 Georgian companies are registered in Azerbaijan, while some 650 Azerbaijani companies operate in Georgia.

It is noteworthy that Azerbaijan was named the number one investor in Georgia in 2018. Last year, Azerbaijan invested $240 million in Georgia's economy. Azerbaijan's share in direct investments in the economy of the neighboring country was 19.5 percent. Although it is 1.9 times less than in 2017, Azerbaijan maintained its leadership.

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Leman Mammadova is AzerNews’ staff journalist, follow her on Twitter: @leman_888

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