Bulgaria’s foreign trade deficit narrowed 54% y/y to BGN 1,271mn (EUR 650mn) as of the end of April, preliminary data of the statistics office showed. The cumulative trade gap has been on a steady downward trend since the beginning of the year. It accounted for 1.6% of the full-year GDP projection as of end-April, down from 3.6% a year earlier.
The improvement came on the back of surging exports (up 15.2% y/y to BGN 14bn) which should help bolster Bulgaria's gross domestic product in the second quarter. Imports increased only slightly (up 2.3% y/y to BGN 15.3bn), in line with anticipations for modest domestic demand that will likely result in a smaller trade deficit this year.
The trade deficit with the EU decreased by 47% y/y to BGN 767mn mainly thanks to rise in exports to Germany and Greece. The balance of trade with non-EU states shrank 62% y/y to BGN 503mn.
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