Supplies of Russian liquefied natural gas (LNG) to Georgia have witnessed a substantial increase of 44.2% in the first seven months of 2023 compared to the same period in 2022, according to the Georgian Oil Product Importers Union. The volume of Russian LNG purchased by Georgia during this period amounted to 31,500 tons, a significant jump from the 21,840 tons imported last year. In fact, Russian LNG accounted for 99.6% of Georgia’s total LNG imports.
Furthermore, the import of oil bitumen from Russia also saw a notable surge of 22.2%, reaching 61,100 tons during the same period. Russia, Iran, and Türkiye were the primary exporters of bitumen to Georgia, accounting for 44.4%, 31.7%, and 21.4% of imports, respectively. Additionally, Georgia sourced bitumen from Azerbaijan (2.3%) and Turkmenistan (0.2%).
The National Statistics Office of Georgia (GeoStat) reported that trade turnover with Russia exceeded $1.5 billion in the first seven months of 2023, marking a remarkable year-on-year growth of 24.7%. Exports to Russia experienced a substantial increase of 26.2% amounting to around $416.2 million, while imports rose by 24.2% to approximately $1.08 billion. Russia remains Georgia’s second largest trade partner after Türkiye.
GeoStat also highlighted the significant growth in wine exports to Russia, with volumes surging 35.9% year-on-year during the first seven months of 2023. More than 36,500 tons of Georgian wine were exported to Russia, amounting to a total value of $99.2 million. This growth further strengthens the position of Georgian wine in the Russian market.
The data provided by the Georgian Oil Product Importers Union and GeoStat indicate a strong economic relationship between Georgia and Russia, particularly in the energy and trade sectors. The increase in LNG imports and trade turnover demonstrates the growing importance of Russia as a key partner for Georgia’s energy security and economic growth. Additionally, the significant growth in wine exports underscores the demand for Georgian products in the Russian market.
This positive trajectory in trade between the two countries reflects the continuing efforts to strengthen bilateral relations and expand economic cooperation. As Georgia continues to diversify its energy sources and expand its export markets, collaboration with Russia plays a vital role in ensuring the country’s energy stability and contributing to its economic development. Both Georgia and Russia can leverage this mutually beneficial relationship to foster further growth and enhance trade ties in various sectors.
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