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

CEZ’s attempts to sell Bulgarian assets reportedly suspended

The sale procedure initiated by CEZ for its assets in Bulgaria has been suspended, Bulgaria’s Energy Minister Temenujka Petkova said ... more

Bulgaria to probe its member of EBRD board over “Azerbaijani laundromat”

Bulgaria’s chief prosecutor Sotir Tsatsarov has ordered an investigation into allegations the country’s representative on the board of ... more

Bulgaria starts construction of radioactive waste repository

Bulgaria has started the construction of a radioactive waste ... more