Bulgaria’s export growth slows down to 34%

From January until August 2011, Bulgaria exported goods and services to the EU and to third countries worth a total of BGN 25.7 bn, marking a 34% increase from the same period of last year. At the same time, imports amounted to BGN 28.2 bn, having increased by 20.3% over the period, showed National Statistical Institute (NSI) data, published yesterday. Thus, our country’s foreign trade posted a deficit of BGN 2.49 bn, which is BGN 1.75 bn less than the deficit for the first eight months of 2010. After eliminating transport and insurance costs for the imported goods, the balance is still negative, the deficit standing at BGN 1.13 bn. Despite the two-digit increase in export growth, it nevertheless slowed down from the 50% growth rate, registered until mid-2011.

In August alone, exports totalled BGN 3.3 bn, having increased by 15.1% year-on-year, while imports rose by 13% to BGN 3.4 bn. Thus, a trade deficit was again reported, amounting to BGN 131.6 mln. Let us remind our readers that in July 2011, Bulgaria achieved a record high amount of monthly exports worth BGN 3.59 bn, registering a 21% increase. Imports were worth BGN 3.49 bn and our country registered a trade surplus for the first time over the last three years, standing at BGN 99 mln.

Since the beginning of 2011, Bulgaria’s exports have been rising steadily. The growth rate was record high in January - 72%, going down to 46.5% in February and rising again in March to 49.9%. Since April, however, a trend of slowing down has been observed. During that month, Bulgaria’s exports increased by 35.4%, in May – by 35.7% and in June – by merely 12.7%.

In the first eight months of this year, Bulgaria exported goods and services worth BGN 9.8 bn to third countries, or up by 32.8%, compared to the same period of last year. Our main trading partners are Turkey, Serbia, Russia, Macedonia, China, the Ukraine and the USA, accounting for 53.7% of Bulgaria’s exports to third countries. Exports to South Africa, Canada and the Ukraine have increased significantly. The largest decline was reported by exports to Syria, Singapore, Peru and Vietnam.

During the January - July 2011 period, Bulgaria’s exports to the EU increased by 38.2% over the same period of 2010 and reached BGN 13.8 bn. Our country’s main trading partners are Germany, Romania, Italy, Greece and Belgium, accounting for 67.6% of Bulgaria’s exports to the EU. The most significant increase was observed in exports to Malta, Portugal and Denmark, and a drop was recorded in the exports to Slovenia and Slovakia.

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