Georgia occupies a very important position in context of oil export from Caspian Sea to markets in west as per reports on Georgia export, import and trade. Recently on May 7th 2009 Georgia entered into a trade agreement with European Union.
Eastern Partnership Summit
This agreement was signed between two parties at Eastern Partnership Summit. This contract would play a major role in increasing Georgia export, import and trade to Europe by at least three to four times. This would also mean that national economy would be benefited to a significant extent with influx of millions of Euros by way of trade.
Local businessmen in Georgia
It is expected that native entrepreneurs would be benefited as a result of this surge in Georgia export, import and trade. There are a few goods exported by Georgia that are not levied with any import charges.
Georgia exports to European Union
In fiscals 2007 and 2008 amount of goods and services exported to European Union by Georgia has increased at a significant rate. However, types of goods that are exported have stayed same. This indicates that business establishments in Georgia have not been able to make use of any extra preferences of European Union in case of trade.
Export of Georgia nuts
Nuts are major export item as far as Georgia. Nuts exported by them are equivalent to seven percent of world market for nuts. As many as 16 members of European Union import nuts from Georgia.
Georgia import and export 2008
In fiscal Georgia exported goods and services worth $2.761 million. Its major export commodities were scrap metal, ores, wine, vehicles, mineral water and fruits and nuts. At that same period it also imported goods and services worth $7.304 billion. It basically imported goods and services such as fuels, grain and other foods, vehicles, pharmaceuticals and machinery and parts.
Georgia export and import partners
Turkey has always been major export and import partners of Georgia. In 2007 it accounted for 13 percent of Georgia’s exports and 14 percent of its imports. In that same period USA were responsible for 11 percent of exports made by Georgia and 5 percent of its imports.