Bulgaria's Trade Deficit Grows in Nov, 2010 Balance Improves Overall

Bulgaria's trade deficit started to grow again in November 2010, after in the first ten months of last year it was on the decline, according to data of the Bulgarian National Bank.

BNB data shows that in November 2010 the trade balance was negative - EUR 412.8 M, compared to a deficit of EUR 251.2 M for November 2009, and of EUR 180 M in October 2010.

Thus, in November 2010 alone, Bulgaria's exports amounted to EUR 1.448 B, a growth of 33.3% year-on-year, while its imports were EUR 1.861 B, a growth of 39.1% year-on-year. (In November 2009, the exports were EUR 1.086 B vs. imports worth EUR 1.337 B).

The BNB data still shows an overall improvement of Bulgaria's trade balance for the first 11 months of 2010. In October and November alone, Bulgaria's trade deficit declined by EUR 300 M – from EUR 2.3 B in the first three quarters of 2010 to EUR 2 B in the first eleven months of the year.

The trade deficit in January-November 2010 amounted to EUR 2.071 B (5.7% of GDP), compared to a deficit of EUR 3.794 B (10.8% of GDP) for January-November 2009.

Bulgaria's exports in January-November 2010 amounted to EUR 14.153 B, a 31.8% increase year-on-year vs. exports worth EUR 10.738 B in January-November 2009.

Bulgaria's imports in the first eleven months of 2010 amounted to EUR 16.224 B, an increase of 11.7% compared with the same period of 2009.

December 2010 Eurostat data showed that Bulgaria registered the highest year-on-year growth of its exports of all EU 27 countries in the first nine months of 2010. Bulgaria's exports grew by 33% in January-September 2010 compared with the same period of 2009. Bulgaria's imports grew by 9% year-on-year.

Thus, in the first three quarters of 2010 Bulgaria's exports amounted to EUR 11.3 B, up from EUR 8.5 B in the same period of 2009; its imports were EUR 13.5 B, up from EUR 12.5 B.

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