Bulgaria's trade gap down 41% y/y to EUR 1.3bn at end-June 2013

By bne IntelliNews August 9, 2013

Bulgaria's foreign trade deficit stood at BGN 2.57bn (EUR 1.3bn) at end-June 2013, which was BGN 1.77bn less (a 41% y/y decline) than a year earlier, preliminary data of the statistics office showed. Exports grew by 7.8% y/y to BGN 20.8bn in the first six months of the year, while imports fell by 1.1% to BGN 23.3bn. The trade gap accounted for 3.21% of the full-year GDP projection, down from 5.6% a year earlier.

The growth of imports has been higher than the one of exports in the pre-crisis years but following the economic slow down the relation started to reverse gradually due to low domestic demand. Exports outperformed imports in each of the months since January 2013 till now.

However, latest data showed that both exports and imports fell in June - by 0.7% y/y and 3.5% y/y, respectively. This is the second month in a row in which both trade flows post a decline. In May, exports decreased 9.1% y/y and imports shrank 11.7% y/y.

Bulgaria's Jan-June the trade deficit with the EU decreased by 33.1% y/y to BGN 1.6bn and that with non-EU states shrank 50% y/y to BGN 972.7mn.

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