Georgia-Armenia trade in 2024: Sharp decline amid government optimism
Armenia-Georgia trade turnover declines
On January 30, Georgian Dream’s Prime Minister Irakli Kobakhidze visited Armenia, where he met with Prime Minister Nikol Pashinyan to discuss, among other issues, the deepening of economic ties between Georgia and Armenia. As part of the visit, the two leaders also held a session of the Intergovernmental Commission on Economic Cooperation between the two countries.
Later, at a joint press conference, Pashinyan emphasized the importance of such meetings, noting that the signing of a strategic partnership declaration between Georgia and Armenia was one of the most significant events of 2024.
Against this backdrop, The Business Professionals Network (BPN) gathered data on Georgia-Armenia trade in 2024, and the figures appear far less optimistic than the statements made by both governments.
According to BPN, trade turnover between Armenia and Georgia declined in 2024, totaling $853.7 million, down from $1.123 billion in the previous year.
Georgian exports to Armenia also fell, dropping from $787.2 million in 2023 to $617.5 million in 2024.
Armenian imports to Georgia saw a similar decline, decreasing from $336.5 million to $236.2 million over the same period.
Import/export
Top five goods exported from Georgia to Armenia in 2024:
- Passenger cars – $99.7 million;
- Ethyl alcohol and alcoholic beverages – $48 million;
- Petroleum and petroleum products – $22.6 million;
- Bulldozers, graders, excavators, and compactors – $22 million;
- Trucks – $14.7 million.
Top five goods imported from Armenia to Georgia in 2024:
- Copper ores and concentrates – $68.9 million;
- Carbon steel semi-finished products – $24 million;
- Cigars, cigarillos, and cigarettes made from tobacco or substitutes – $21.6 million;
- Glass containers (bottles, jars, etc.) – $20.2 million;
- Precious metal ores and concentrates – $16.6 million.
Tourism
Armenian citizens rank third among the most frequent visitors to Georgia.
According to the National Tourism Administration, 948,299 Armenian citizens visited Georgia in 2024, accounting for 12.7% of total arrivals. However, this marks a 1.5% decline compared to the previous year.
Money transfers and investments
By December 2024, $1.302 million had been transferred from Armenia to Georgia, while $1.042 million was sent from Georgia to Armenia. Armenia is among the top 25 countries sending remittances to Georgia.
According to the National Statistics Office, investments from Armenia to Georgia amounted to $5.777 million in the third quarter of 2024, $3.481 million in the second quarter, and $6.905 million in the first quarter. Data for the fourth quarter is not y
