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.
The European Commission said that will refer Bulgaria and Romania, along with Luxembourg and Spain, to the Court of Justice of the EU as they have failed to notify ... more
Bulgarian state-owned gas transmission system operator Bulgartransgaz and Macedonian energy company MER Skopje have signed an agreement on the start of a ... more
CEFC, the acquisitive Chinese energy group, and Penta Investments, the closely-held Slovak financial group, are bidding together for Time Warner’s stake in Central European Media Enterprises (CME), ... more