Bulgaria increased exports to EU and third countries in January-November 2015, but trade balance still negative

Bulgaria increased exports to EU and third countries in January-November 2015, but trade balance still negative

Sofia, January 11, 2016/ Independent Balkan News Agency

By Clive Leviev-Sawyer of The Sofia Globe

Bulgaria’s total exports in January to November 2015 added up to a value of 41.9 billion leva (about 21.4 billion euro), 5.3 per cent higher than in January to November 2014, but the country’s total foreign trade balance remained negative.

This is according to figures released on January 11 2016 by Bulgaria’s National Statistical Institute (NSI).

The total value of all the goods imported into Bulgaria in January – November 2015 amounted to 47.4 billion leva (at CIF prices), or 1.4 per cent more than the corresponding period of 2014, the NSI said.

In November 2015, Bulgaria’s total imports increased by 4.3 per cent compared to the same month of the previous year and added up to 4.569 billion leva.

The total foreign trade balance (exports FOB – import CIF) was negative in the period January – November 2015 and amounted to 5 454 million leva, which was 1 450 million leva less than the balance in the 11 months of 2014.

At FOB/FOB prices (after elimination of transport and insurance costs on imports), in January – November 2015 Bulgaria’s total foreign trade balance was also negative and amounted to 2 268.6 million leva.

In January – October 2015, Bulgarian exports to the EU increased by nine per cent compared to the corresponding period of 2014 and amounted to 24.4 billion leva.

Among EU countries, the main trade partners of Bulgaria were Germany, Italy, Romania, Greece, France and Belgium, which accounted for 69.2 per cent of the exports to other EU countries.

In October 2015, Bulgaria’s exports to the EU grew by 7.5 per cent compared to the corresponding month of the previous year and amounted to 2.697 billion leva.

Bulgarian imports from the EU in the period January – October 2015 increased by 5.7 per cent compared to the same period of 2014 and added up to 27.3 billion leva at CIF prices. The largest amounts were reported for goods imported from Germany, Italy, Romania, Spain and Greece.

In October 2015, Bulgarian imports from other EU member states grew by 4.5 per cent compared to the corresponding month of the previous year and amounted to 3.082 billion leva at CIF prices.

The foreign trade balance of Bulgaria (export FOB – import CIF) with the EU in the period January – October 2015 was negative and added up to 2 892.7million leva.

At FOB/FOB prices (after elimination of transport and insurance costs on imports), the trade balance was also negative and amounted to 1 056.3 million leva.

In the first 10 months of 2015, compared to the same period of 2014, the largest growth in exports of Bulgaria to the EU distributed according to the Standard International Trade Classification was recorded in chemical and related products (22.4 per cent) and mineral fuel, lubricants and related materials (20.4 per cent).

A decrease was reported in beverages and tobacco (1.5 per cent). In imports from the EU, the largest growth was reported in the section beverages and tobacco (24.7 per cent), while the most notable fall was observed in section mineral fuel, lubricants and related materials (23.2 per cent).

In January – November 2015, Bulgarian exports to third countries increased by 0.4 per cent compared to the corresponding period of 2014 and amounted to 15 billion leva.

The NSI said that in this period, the main trading partners of Bulgaria were Turkey, China, Serbia, Russian Federation, Macedonia, the US and Singapore, which accounted for 54.1 per cent of Bulgaria’s exports to non-EU countries.

In November 2015, Bulgarian exports to third countries decreased by 4.3 per cent compared to the corresponding month of the previous year and amounted to 1.347 billion leva.

Bulgarian imports from third countries in the first 11 months of 2015 decreased by 5.8 per cent compared to the corresponding period of 2014 and added up to 17 billion leva (at CIF prices).

The largest amounts were reported for goods imported from the Russian Federation, Turkey, China and Ukraine. In November 2015, Bulgarian imports from third countries decreased by 1.6 per cent compared to the corresponding month of the previous year and amounted to 1.529 billion leva.

The foreign trade balance of Bulgaria (export FOB – import CIF) with third countries in the period January – November 2015 was negative and added up to 1 989.8 million leva, the NSI said,

The trade balance at FOB/FOB prices (after elimination of transport and insurance costs on imports) was also negative and amounted to 792.8 million leva.

In November 2015, the foreign trade balance of Bulgaria (export FOB – import CIF) with third countries was negative and amounted to 181.6 million leva, the NSI said.