May 2024: Bulgaria's Industrial Production Falls, Exports Decline

In May 2024, Bulgaria's industrial production saw a decline, with the index dropping by 3.3% compared to the previous month and 6.3% compared to the same period last year, marking the 17th consecutive month of annual contraction, according to the national statistics office. The mining industry experienced the steepest decline, shrinking by 10.2%, followed by a 5.3% decrease in energy production, and a 2.3% downturn in the processing industry. Notably, production of non-metallic mineral products plummeted by 11.7%, while manufacturing of cars, trailers, and semi-trailers fell by 11.5%. Conversely, there were increases in the chemical industry by 6.2%, textiles by 2.7%, and clothing by 1.4%.

Comparing year-on-year figures, the mining sector recorded the largest decline of 15.6%, followed by a 6.0% decrease in the processing industry and a 1.1% dip in energy production.

Meanwhile, Bulgaria's foreign trade also experienced a downturn in May. From January to May 2024, the country exported goods worth BGN 34.1 billion, marking a 6.6% decrease compared to the same period last year. Specifically, May exports totaled BGN 6.7 billion, down by 9.3% from the previous year, as reported by the National Statistical Institute. On the import side, there was a 1.4% decline in imports for the first five months of the year, amounting to BGN 39.7 billion. In May alone, imports decreased by 2.8%, totaling BGN 7.9 billion.

The trend of declining exports and imports has persisted since March 2023, continuing for 14 months, with only April 2024 showing a slight growth.

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