Dimitry Kumsishvili: A record-braking export increase was recorded in May

Dimitry Kumsishvili: A record-braking export increase was recorded in May

Dimitry Kumsishvili: A record-braking export increase was recorded in May

The FINANCIAL -- “In May 2018, we have a record-braking export increase of 50.2%, which is due to several factors.

The first and uppermost factor is the expanded geography of the countries that we have signed the Free Trade Agreements. The list of such countries will soon be further expanded and will include Hong Kong and other strategic markets. At the same time, we are implementing business support programs that promote export-oriented production. In addition, we help local entrepreneurs to make them able to use new markets,” – the First Vice Prime Minister, the Minister of Economy and Sustainable Development Dimitry Kumsishvili commented on the preliminary data on foreign trade, Ministry of Economy and Sustainable Development of Georgia.

As the First Vice Prime Minister stated, the exports volume from Georgia is characterized by the dynamic growth since 2016. In 2017, the export was increased by 29.3% and amounted to 2,731 million USD. An increase in foreign demand for goods exported from Georgia, along with other factors, contributed the export growth.

In January-May of 2018, the exports was increased by 28.0% and amounted to 1 284.7 million. USD, while the foreign trade turnover equaled to 4 894.8 million USD, which is by 24.5% higher indicator compared to the same period of the previous year. According to Dimitry Kumsishvili, the trade balance was also improved and in particular, in January-May 2018, this indicator, compared to the same period of the previous year, is improved by 1.7%.

“The Government of Georgia is actively working on further increase and diversification of the export. New contracts in the field of free trade promote the expansion of the market for Georgian products and diversification of the export as well as create additional prospects for export increase,” – Dimitry Kumsishvili stated.