Trade Resilience: Bulgaria Navigates Challenges in Export and Import

Industry | November 9, 2023, Thursday // 15:59|  views

In the economic landscape of Bulgaria, a tale of twists and turns unfolds as the nation navigates the intricate web of international trade. Over the first nine months of 2023, a nuanced pattern emerges: while exports to third countries witness a milder contraction of 8.5%, imports experience a more substantial decline of 20.7%, painting a canvas of resilience and adaptation.

According to data from the National Statistical Institute (NSI), Bulgaria's export values, totaling BGN 21.802 billion, exhibit a varied landscape. Notable sectors like alcoholic and non-alcoholic beverages showcase a robust growth of 14.2%, and machinery and equipment follow suit with a 13.8% upswing. Conversely, the mineral fuels, oils, and similar products sector witness a notable decline of 36.9%.

Turkey, the USA, China, Serbia, Ukraine, the Republic of North Macedonia, and Egypt stand as Bulgaria's primary trade partners, collectively accounting for 50.9% of exports to third countries. However, specific nations, such as Syria, Libya, Israel, Tunisia, Namibia, South Africa, and Brazil, experience significant drops ranging from 36% to 69.1%.

On the flip side, imports from third countries show a broader decline of 20.7%, amounting to BGN 28.7 billion. Key contributors to this decline include Turkey, Russia, China, and Serbia. The foreign trade balance remains negative at BGN 6.9 billion.

In a broader context, encompassing both EU and third-country trade, Bulgaria's total exports and imports over the nine months reach BGN 63.860 billion and BGN 71.790 billion, respectively, resulting in a negative foreign trade balance of BGN 7.930 billion.

Trade with the EU mirrors a similar narrative. By August's end, Bulgaria's exports to the EU dip by 6.6%, totaling BGN 37.525 billion, with Germany, Romania, Italy, Greece, and France as major partners. Notable growth is observed in miscellaneous finished products, while fats, oils, and waxes see a considerable decline.

Imports from the EU decline by 0.6%, showcasing the resilience of the Bulgarian economy. Germany, Italy, Romania, Greece, and the Netherlands feature prominently in the import landscape. The machinery, equipment, and vehicles sector see a remarkable 16.6% increase, while mineral fuels, oils, and similar products experience a decline of 66.3%. Bulgaria's foreign trade balance with the EU remains negative at BGN 964.2 million.

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Tags: Bulgaria, trade, export, import


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