Bulgarias foreign trade gap more than doubles in Jan-May on rising imports.

By bne IntelliNews July 11, 2012
Bulgarias foreign trade deficit expanded to BGN 3,235mn (EUR 1,654mn) in the first five months of the year, up from BGN 1,308mn a year earlier as exports growth remains sluggish, preliminary data of the statistics office shows. In May alone, the gap surged by 78% on the year to BGN 816.6mn as a result of significant imports upsurge. Trade balances with both EU and non-EU states were negative. The EU states deficit accounted for 48.7% of the total gap in Jan-May, up from 42% in the year-ago period. Total exports inched up 0.9% y/y in Jan-May. This is the first cumulative annual rise reported for the year and is mainly due to a 10.7% growth reported in May alone. The positive developments in May were mainly triggered by strong growth in exports to non-EU states, which went up by 25% y/y while exports to the EU increased by just 2.2% Imports grew by 12.1% on the year in Jan-May and by 19% y/y in May alone. Still, the growth rate is slower compared to the 21.2% y/y increase registered last year.
Bulgaria's foreign trade
Months/Quarter Exports Imports Trade gap Exports Imports Trade gap
Total (BGN mn) Total (BGN mn) Total (BGN mn) y/y y/y y/y
2011 39,560.00 43,422.00 -3,862.00
Jan-12 2,806.60 3,213.30 -406.7 -9.97% 1.89% 1014.25%
Feb-12 2,889.90 3,424.60 -534.7 -1.61% 13.76% 630.46%
Mar-12 3,365.00 4,026.40 -661.4 1.92% 12.27% 132.31%
Q1 2012 9,061.50 10,664.30 -1,602.80 -3.15% 9.37% 306.39%
Apr-12 3,236.60 4,052.60 -816.00 2.77% 12.45% 79.54%
May-12 3,593.40 4,410.00 -816.60 10.71% 19.03% 77.87%
Jan-May 2012 15,891.50 19,126.90 -3,235.40 0.89% 12.12% 147.35%
Source: statistics office

Related Articles

EC urges Bulgaria to comply with EU rules on free movement of capital.

The EC has sent a reasoned opinion to Bulgaria over failure to comply with EU rules on the free movement of capital, the EC said on its website. The privatisation act in Bulgaria introduces ... more

Govt seeks delay of antitrust rules violation procedure against Bulgaria.

Bulgaria will be seeking an extension of the court procedure filed by the EC against the country over irregularities found in the assignment of digital broadcast spectrum, transport minister ... more

Bulgarians hold EUR 100mn in deposits in Cyprus.

Bulgarian individuals and companies hold EUR 100mn in Cypriot banks according to ECB data, BTA reported quoting Reuters. The largest EU depositors in the crisis-hit country are Greece with EUR ... more

Notice: Undefined index: subject_id in /var/www/html/application/controllers/IndexController.php on line 335