Trade turnover on rise between Azerbaijan, Georgia thanks to increase in export

Trade turnover between Azerbaijan and Georgia totaled $1371.4 mln in January-November this year, the National Statistical Office of Georgia has reported, Azernews reports.

It is reported that during the reporting period, goods and products worth $583.61 mln were exported from Azerbaijan to Georgia. This is $12.60 mln or 2.2 percent more than in the same period of 2022.

Imports from Azerbaijan accounted for 4.2 percent of Georgia's total imports. This year, Georgia's total imports increased by 16.1 percent year-on-year to $14 bln 28 mln.

In January-November this year, Georgia exported goods and products worth $787.79 mln to Azerbaijan. This is 32.3 percent more than last year.

According to economist Eldaniz Amirov, during the first 8 months of this year, the trade turnover between Azerbaijan and Georgia has exceeded $612.87m, and this trend suggests that the turnover will exceed $900m by the end of the year. Besides, Georgia has invested $279 for 815 total investment activities in Azerbaijan, and in turn, Azerbaijan has invested $3.4bn. This means that Azerbaijan invested 12 times more in Georgia.

The relations between Azerbaijan and Georgia are generally at a high level, but in order for the economic relations to be manifested, especially in the trade turnover, the expert says that a number of things need to be done.

"At the same time, it is necessary to rediscover the existing potential. It is true that the joint generation of electricity produced from alternative energy sources and exports to Europe through the bottom of the Black Sea will contribute to the trade turnover between the two countries," Amirov added.

It is significant to note that Georgia plays an important transit role in the delivery of Azerbaijan’s energy resources to European markets. Simultaneously, Azerbaijan is one of the major investors in Georgia, and Azerbaijan's SOCAR is the biggest taxpayer in Georgia. Therefore, relations with Georgia are of particular importance in Azerbaijan's policy regarding neighbouring countries.