Bulgaria's foreign trade gap widens 19.4% in 2014

By bne IntelliNews February 10, 2015

Bulgaria's foreign trade deficit expanded 19.4% to BGN5.7bn (€2.9bn) in 2014, preliminary statistics office data showed. The trade gap equalled 7% of the expected GDP, up from 5.9% a year earlier.

Exports (FOB) fell 0.7% y/y to BGN43.2bn. Sales to non-EU countries (third countries) shrank 6.6% y/y to BGN16.3bn, while exports to the EU rose 3.2% y/y to BGN27bn.

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 13.3% y/y to BGN4.4bn. In addition, sales of crude materials, fuels excluded, to third countries, plunged 28.8% y/y to BGN1.2bn and those of food and live animals fell 8.7% y/y to BGN1.5bn.

Turkey remained Bulgaria's main export market outside the EU, buying 24.9% of the goods sold to third countries. Singapore ranked second with 6.8%, and China was third with 6.4%.

Bulgaria imported (FOB) BGN48.9bn worth of goods in 2014, up 1.2% y/y. Imports from the EU rose 4.1% y/y to BGN30.1bn, while imports from third countries fell 3.1% y/y to BGN18.8bn. Russia was the main source of Bulgaria's non-EU imports with a 39.5% share, trailed by Turkey with 14.7%.

Related Articles

Bulgaria’s opposition BSP files no-confidence motion against government

Bulgaria’s opposition Socialist Party (BSP) filed a no-confidence motion against ... more

Bulgarian parliament overturns president’s veto on corruption bill

The Bulgarian parliament has overturned a veto by President Rumen Radev on the controversial anti-corruption law that was adopted in December despite strong objections from the ... more

Bulgarian capital mulls car ban to tackle air pollution

The Sofia city authorities have announced plans for wide-reaching measures to curb high levels of air pollution in the capital.  Bulgaria has the highest levels of PM10 concentrations in ... more

Dismiss