Bulgaria with Severe Trade Deficit with Ukraine Despite Positive Trend

A roundtable in Sofia invited Bulgarian investors to Ukraine. Photo by V+O

The bilateral trade with Ukraine shows a positive trend for Bulgaria but the latter still faces an enormous trade deficit with the former.

The Bulgaria-Ukraine trade grew by 10.3% year-on-year in the first quarter of 2010, according to recent data presented during a roundtable in Sofia about doing business in Ukraine organized by the law firm Wolf Theis and the Ukrainian Embassy.

In 2008, the bilateral trade reached its climax with a total amount of USD 3.15 B; it slumped by 58% in 2009 as a result of the raging crisis.

The recovery in 2010 so far is in Bulgaria's favor, as in January-March its imports from Ukraine declined by 41% year-on-year, down to USD 166 M; at the same time Bulgarian exports to Ukraine grew by 28%, up to USD 27 M.

“The economic ties between Bulgaria and Ukraine continue to be very strong, and there is a substantial amount of stable investments exchanged between the two states. Bulgarian companies are looking for long-term investment opportunities and partners on the second largest market in the Commonwealth of Independent States,” said Richard Clegg, managing partners of the Wolf Theis office in Sofia.

According to Ukraine's Ambassador to Bulgaria, Viktor Kalnik, agriculture, tourism, pharmaceuticals, telecommunications, and consumer products are the major sectors of economic cooperation.

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