Surge in Foreign Trade: Abkhazia’s State Customs Committee Reports Robust Growth in H1 2023
SUKHUM / AQW'A ― The State Customs Committee of the Republic of Abkhazia has released a report revealing a notable surge in foreign trade for the first half of 2023. According to the report, the foreign trade sector exceeded its planned indicators by an impressive 115%.
In monetary terms, the Republic of Abkhazia’s foreign trade volume rose by 19% in comparison to the same period in 2022, totaling 21.1 billion rubles (around $229 million).
Import operations, in particular, witnessed a substantial increase of 19.6% year-on-year, amounting to 17.7 billion rubles (about $192 million). Several industries contributed to this upswing, including machinery and equipment, non-precious metals, and food products. Meat and dairy products saw an increase of 173 million rubles ($1.8 million), ground transportation vehicles by 568 million rubles ($6.1 million), electrical equipment by 1.044 billion rubles ($11.3 million), and furniture by 156 million rubles ($1.6 million).
On the flip side, the first half of 2023 saw a reduction in the import volumes of petroleum products, pharmaceuticals, tobacco products, vegetables, fruits, and jewelry.
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Abkhazia's exports were also on the rise, amounting to 3.4 billion rubles ($37 million), marking an increase of 352 million rubles ($3.8 million) or 11.7% compared to the previous year. Alcoholic beverages, predominantly wine and spirits, as well as agricultural products, continued to dominate the export segment. Specifically, the exports of agricultural products totaled 758 million rubles ($8.2 million), increasing by 283 million rubles ($3 million) compared to the previous year. Alcoholic products accounted for exports worth 1.948 billion rubles ($21 million), up by a striking 1.307 billion rubles ($14.1 million) from last year.
However, not all categories within the export sector experienced growth. There was a decline in the export volumes of fish products in the first half of 2023 compared to the previous year. The report indicates that 472 tons of fish oil were exported, a reduction by 4,948 tons compared to the previous year. Fishmeal exports experienced a similar trend, with 1,252 tons being exported, which is 9,500 tons less than the same period in the previous year.
The State Customs Committee's report highlights the robust performance of Abkhazia's foreign trade sector in the first half of 2023, reflecting the dynamic economic activities within the country.