Bulgaria's Q1 foreign trade gap shrinks 39% y/y on stronger exports

By bne IntelliNews May 12, 2015

Bulgaria’s foreign trade deficit (FOB/FOB) narrowed by 39.1% y/y to BGN 1.03bn (€526.1mn) in the first quarter, as exports grew faster than imports, statistics office data showed. The shortfall is equal to 1.2% of the projected 2015 GDP.

Exports increased 12.7% y/y to BGN10.7bn in Q1, whereas imports grew 4.9% y/y to BGN11.8bn. Exports to the EU rose 11.8% y/y to BGN6.9bn, whereas exports to non-EU countries (third countries) went up 14.3% y/y to BGN3.9bn. Imports from the EU expanded by 6.6% y/y to BGN7.5bn, and imports from third countries rose 2.1% y/y to BGN4.3bn.

Turkey remained Bulgaria's main export market outside the EU, buying 25.6% of the goods sold to third countries. It was followed by China (7.7%) and Serbia (5%). Russia was the main source of Bulgaria's non-EU imports with a 32.9% share, trailed by Turkey (14.5%), and China (11.9%).

In March alone, the foreign trade deficit narrowed by 53.6% y/y to BGN271.9mn, as exports soared 22.6% y/y to BGN3.9bn and imports grew 10.8% y/y to BGN4.2bn. Notably, exports to third countries surged 46.8% y/y to BGN1.5bn in March, likely supported by the weaker euro.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Evolution Equity Partners closes $125mn cybersecurity-focused fund

Evolution Equity Partners announced on 17 July the final closing of a new fund with total capital commitments of $125mn to make investments in cybersecurity and next generation enterprise software ... more

"Bulgaria's Trump" charged with extortion

A prosecutor from Bulgaria’s specialised anti-corruption unit has pressed extortion charges against deputy parliament speaker Veselin Mareshki, a ... more

RBI issues €650mn of AT1 hybrid securities

Raiffeisen Bank International (RBI), the second largest bank operating across Central and Eastern Europe by assets, has issued €650mn of perpetual additional Tier 1 capital (AT1). ATI ... more

Most Read

  1. Siemens considers quitting Russia
    8 days ago
  2. Wildfires hit Croatia and Montenegro’s Adriatic coast
    4 days ago
  3. Nato still has a mixed reception in Emerging Europe
    8 days ago
  4. Tajik president’s 23-year old daughter appointed deputy head of largest Tajik bank
    2 days ago
  5. COMMENT: Gazprom’s exit from Turkey is a sign of the times
    9 days ago
  1. CHINA RISING: When sleeping giants meet
    11 days ago
  2. Belarus’ retail king Euroopt goes on the road
    17 days ago
  3. STOLYPIN: Russia’s cyber-challenge cuts both ways
    19 days ago
  4. Moldova, Bulgaria, Poland, Albania and Latvia to lose more than 40% of their populations by 2100
    1 month ago
  5. Siemens considers quitting Russia
    8 days ago

Selected articles from our premium news/views wire IntelliNews Pro

Login to IntelliNews Pro
Get IntelliNews Pro

Reports

Dismiss