Bulgaria's 11-month trade gap widens 20.3% y/y to €2.5bn

By bne IntelliNews January 12, 2015

Bulgaria's foreign trade deficit expanded 20.3% y/y to BGN4.9bn (€2.5bn) in the first 11 months of the year, preliminary statistics office data showed. The trade gap equalled 6% of the 2014 GDP forecast, up from 5% a year earlier.

Exports (FOB) fell 1.6% y/y to BGN40bn in January-November. Sales to non-EU countries (third countries) shrank 7.1% y/y to BGN15bn, while exports to the EU rose 2.1% y/y to BGN25bn.

The annual decline in exports can be largely attributed to the lower sales of mineral fuels, lubricants and related materials to third countries, which dropped 13% y/y to BGN4.1bn. In addition, sales of crude materials, fuels excluded, to third countries, plunged 28.7% y/y to BGN1.1bn and those of food and live animals fell 10.7% y/y to BGN1.4bn.

Turkey remained Bulgaria's main exports market outside the EU, buying 24.8% of the goods sold to third countries. Singapore ranked second with 7%, and Russia was third with 6.5%.

Bulgaria imported (FOB) BGN45bn worth of goods in the first 11 months of the year, up 0.4% y/y. Imports from the EU rose 3.3% y/y to BGN27.4bn, while imports from third countries fell 3.9% y/y to BGN17.2bn. Russia was the main source of Bulgaria's non-EU imports with a 40% share, trailed by Turkey with 14.5% and China with 8.6%.

The European Commission has predicted that exports will resume growing at a moderate pace in the next couple of years and the contribution of net trade to overall economic growth will turn positive in 2015.

Related Articles

EU asks CEE to comment on Russian gas promises

The European Commission has invited comments from Central & Eastern European states on proposals put forward by Russian gas giant Gazprom to meet competition concerns. Visegrad and the Baltic ... more

EBRD says 2016 net profit was around €1bn

The European Bank for Reconstruction and Development (EBRD) said it made a net profit of around €1bn in 2016, up by a quarter from the €802mn it made in ... more

New Bulgarian government reports irregularities in defence contracts

A check on public procurement under Bulgaria’s previous centre-right government has revealed dozens of violations in the defence ministry, caretaker Prime Minister Ognyan Gerdzhikov said on ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss