Independent Balkan News Agency

Bulgaria reports increases exports but trade deficits continue

Bulgaria reports increases exports but trade deficits continue
Sofia, November 9, 2015/ Independent Balkan News Agency

By Clive Leviev-Sawyer of The Sofia Globe

Bulgaria has reported increased exports to other European Union and non-EU countries on an annual basis, but trade deficits continue.

According to figures released by the National Statistical Institute (NSI) on November 9, in January to August 2015, Bulgarian exports to other EU countries were 9.7 per cent higher than in January to August 2014. The NSI said that in January - September 2015, Bulgarian exports to third countries increased by 2.4 per cent compared to the corresponding period of 2014.

The NSI said that in the period January to August 2015, Bulgaria's exports to other EU countries added up to 19.2 billion leva (about 9.8 billion euro).

Among other EU countries, Bulgaria's main trading partners were Germany, Italy, Romania, Greece, France and Belgium, which accounted for 69.8 per cent of exports to EU member states.

In August 2015, Bulgaria's exports to other EU countries increased by 6.7 per cent compared to the corresponding month of the previous year and amounted to 2.5 billion leva.

Bulgarian imports from the EU in the period January - August 2015 increased by 6.9 per cent compared to the same period of 2014 and added up to 21.6 billion leva at CIF prices. The largest amounts were reported for goods imported from Germany, Italy, Romania, Spain and Greece.

In August 2015, Bulgarian imports from other EU countries decreased by 3.9 per cent compared to the corresponding month of the previous year and amounted to 2.4 billion leva at CIF prices.

The foreign trade balance of Bulgaria (export FOB - import CIF) with the EU in the period January - August 2015 was negative and added up to 2 328.9 million leva, the NSI said. At FOB/FOB prices (after elimination of transport and insurance costs on imports) the trade balance was also negative and amounted to 876.2 million leva.

In the period January - September 2015, Bulgarian exports to third countries (meaning, non-EU countries) increased by 2.4 per cent compared to the corresponding period of 2014 and amounted to 12.3 billion leva.

Among non-EU countries, Bulgaria's main trading partners were Turkey, China, Serbia, Russian Federation, Singapore, the United States and the Republic of Macedonia, which accounted for 55.1 per cent of exports to non-EU countries.

Meanwhile, comparing January-September 2015 to January-September 2014, Bulgaria's exports to Russia were down by 21.1 per cent and its imports from Russia down by 22.1 per cent.

In September 2015, Bulgaria's exports to third countries decreased by 17.1 per cent compared to the corresponding month of the previous year and amounted to 1.277 billion leva.

Bulgarian imports from third countries in the nine months of 2015 decreased by 5.8 per cent compared to the corresponding period of 2014 and added up to 13.9 billion leva (at CIF prices).

The largest amounts were reported for goods imported from the Russian Federation, Turkey, China and Ukraine.

In September 2015, Bulgarian imports from third countries decreased by 25.7 per cent compared to the corresponding month of the previous year and amounted to 1.426 billion leva.

The foreign trade balance of Bulgaria (export FOB - import CIF) with third countries in the period January - September 2015 was negative and added up to 1 601.3 million leva. The trade balance at FOB/FOB prices (after elimination of transport and insurance costs on imports) was also negative and amounted to 626.2 million leva.

In September 2015, the foreign trade balance of Bulgaria (export FOB - import CIF) with third countries was negative and amounted to 149.1 million leva.

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