Trade and Economy | Embassy of Ukraine in Georgia

Trade and Economy

16 June 2023 14:25

Trade and Economy

According to the State Statistics Service of Ukraine, in 2022 the volume of trade in goods between Ukraine and Georgia decreased by 44.9% and amounted to $353.1 million. The volume of export of Ukrainian goods to Georgia decreased by 42.9% and amounted to $249.1 million, and the volume of Georgian import of goods to Ukraine decreased by 49.2% and amounted to $104.0 million. The balance in trade in goods was positive for Ukraine and amounts to $145.1 million.

In January-March 2023 the volume of trade in goods between Ukraine and Georgia decreased by 22.7% and amounted to $82.3 million. The volume of export of Ukrainian goods to Georgia decreased by 12.0% and amounted to $59.8 million, and the volume of import of Georgian goods to Ukraine decreased by 41.6% and amounted to $22.4 million. The balance in trade in goods during this period was positive for Ukraine and amounted to $37.4 million

The keystone of Ukrainian export to Georgia were: transport vehicles – 10.9% ($6.5 mln); pharmaceutical products - 9.2% ($5.5 mln); residues and waste from the food industries - 5.8% ($5.3 mln); nuclear reactors, boilers, machines and mechanical devices, parts thereof – 5.5% ($3.3 mln); preparations of cereals – 5.2% ($3.1 mln); electrical machines and equipment and parts thereof – 4.2% ($2.5 mln); grain crops – 4,1% ($2.4 mln); various edible products – 3,7% ($2.2 mln); cocoa and cocoa preparations - 3.4% ($2.0 mln).

The keystone of Georgia import to Ukraine were: beverages, spirits and vinegar – 43,4% ($9,7 mln); mineral fuels - 27.9% ($6.3 mln); vegetables - 9.3% ($2.1 mln); copper and copper products - 4.8% ($1.1 mln); edible fruits and nuts - 3.4% ($0.8 mln); coffee, tea - 2.5% ($0.6 mln); salt; sulfur; earth and stones - 1.6% ($0.4 mln).

Investment cooperation

Investment cooperation between Ukraine and Georgia at the current stage does not meet the needs of both countries. At the same time, the potential for expanding bilateral cooperation is quite large and primarily covers such areas as energy, transport, construction, tourism, agriculture, food industry.

According to the National Bank of Ukraine, as of December 31, 2021, the total amount of direct investments that came from Georgia to the economy of Ukraine amounted to $6.8 million and increased by $4.7 million compared to the beginning of the year. According to the National Statistics Office of Georgia, in 2021 FDI from Ukraine to Georgia amounted to $10.7 million, in the 1st quarter 2022 - $0.2 million.

Exporters and Investors Council under the Ministry of Foreign Affairs of Ukraine

Exporters and Investors Council (EIC) under the Ministry of Foreign Affairs of Ukraine was established in 2013 in order to safeguard national interests in Ukrainian export promotion and attraction of foreign investments to Ukraine.

EIC is a platform, which unites Ukrainian producers, exporters and leading business associations providing necessary support in promoting their goods and services abroad and entering new markets, as well as attracting foreign investors and companies to Ukraine effectively using diplomatic tools, resources and networks.

The Head of the Council is the Minister for Foreign Affairs of Ukraine.

More information - https://rei.mfa.gov.ua/en

Ukraine NOW - https://ukraine.ua/

Invest in Ukraine

UkraineInvest - https://ukraineinvest.gov.ua/

UkraineInvest Guide - the main source of information about Ukraine for potential investors - https://ukraineinvest.gov.ua/guide/

Office of the National Investment Council of Ukraine - http://www.nicouncil.org.ua/en/

Useful links:

Export Promotion Office of Ukraine - https://epo.org.ua/en/

Ministry of Economy of Ukraine - https://me.gov.ua/old/?lang=en-GB

Ministry of Agrarian Policy and Food of Ukraine - https://minagro.gov.ua/en

Ministry of Infrastructure of Ukraine - https://mtu.gov.ua/en/