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Georgia hit an export record for the third year running, though the value of the state’s total trade dipped as imports fell.
The state’s overseas sales grew by 5 percent to $49.7 billion, falling just shy of eclipsing the $50 billion mark for the first time ever, according to a report released Wednesday by the Georgia Department of Economic Development.
Total trade, meanwhile — imports and exports combined — fell by about 5 percent to $186.3 billion, led by declining imports from China as the U.S. trade deficit with the country plunged to its lowest level in more than a decade. All told, Georgia imports dropped 8 percent to $136 billion.
While China remained the top sourcing destination for the state (and its top overall trading partner), imports from there fell by 29.4 percent to $17.5 billion, perhaps reflecting softness in its economy, the effect of geopolitical tensions and the related impact of U.S. companies reorienting their supply chains toward the Western Hemisphere.
South Korea, meanwhile, surpassed even U.S. neighbor Mexico as Georgia’s No. 2 sourcing market, as imports from the Asian country grew by 23.3 percent to $14.8 billion, largely driven by motor vehicles, chemicals and machinery, according to U.S. Census Bureau data. Georgia bought $13.7 billion in goods from Mexico, a slightly higher figure than in 2022.
On the export side, few dramatic shifts emerged in 2023, though some smaller countries outperformed years past . The top five customers for Georgia goods remained the same: Canada ($7.6 billion), Mexico ($4.8 billion), China ($3.9 billion), Germany ($2.6 billion) and Singapore ($2.2 billion).
The state’s overall outbound sales were yet again heavily impacted by aerospace, which accounts for some 20 percent of total exports. Some $8.2 billion in civilian aircraft (think Gulfstream jets) were sold from Georgia, and the Lockheed Martin C-130 military transport planes — made in Marietta — presumably made a dent as well.
Trade patterns with Poland seemed to show how military deals can dramatically increase the state’s trade with individual nations. The Central European country went from buying just $118 million in goods from Georgia five years ago in 2018 to $1.2 billion last year, making it a top-10 export market for the state, surpassing the United Kingdom and India — 2018 happens to have also been the year Poland ordered five C-130Js.
Georgia exports to Belgium and the Netherlands, each with major ports in Antwerp and Rotterdam, saw exports jump 52 percent and 36 percent, respectively.
In a year when U.S. exports declined, Georgia remained the 12th-ranking state for exports and stayed at No. 7 for total trade, conducting commerce with 222 countries and territories.
The state pointed out in a news release that exports have grown by 26 percent since 2014, and that small businesses (those with fewer than 500 employees) make up an estimated 87 percent of the state’s export value.
“International trade touches every county in the state, supporting jobs in logistics, manufacturing, agriculture and more. You can truly make anything here and reach markets all over the world,” Gov. Brian Kemp said in a news release.
Georgia Department of Economic Development Commissioner Pat Wilson credited the state’s network of international offices with helping companies here find and tap into trade leads abroad. About 71 percent of Georgia’s trade was with countries or regions (including the full European Union) where Georgia has permanent representation.
Deputy Commissioner for International Trade Lizann Grupalo, who replaced longtime trade lead Mary Waters last month, said companies that trade globally tend to be better equipped to deal with economic shocks.
“Trade builds a more resilient economy, allowing businesses to shift their strategies as market opportunities evolve, and has a ripple effect in terms of job creation, with an estimated one in nine jobs in Georgia tied to the logistics industry,” Ms. Grupalo said in the release.
The state’s trade assistance is free of charge and available to all companies based in Georgia, including international subsidiaries that have set up shop here. Find out more here.
GEORGIA’S TOP 10 EXPORT MARKETS IN 2023
| Country | Total | % Growth (Decline) |
|---|---|---|
| 1. Canada | $7.6 billion | 5.5 |
| 2. Mexico | $4.9 billion | 6.5 |
| 3. China | $4 billion | (4.9) |
| 4. Germany | $2.5 billion | 6.8 |
| 5. Singapore | $2.1 billion | 5.7 |
| 6. Netherlands | $1.8 billion | 35.6 |
| 7. Belgium | $1.5 billion | 52.4 |
| 8. Japan | $1.5 billion | 15 |
| 9. United Arab Emirates | $1.3 billion | 26.6 |
| 10. Poland | $1.2 billion | 40 |
See the state’s highlights in an infographic below or read the full report here.
2023_trade_report