Bulgaria reports increased exports to other EU countries, but trade balance still negative

Bulgaria reports increased exports to other EU countries, but trade balance still negative

Sofia, February 8, 2016/Independent Balkan News Agency

By Clive Leviev-Sawyer of The Sofia Globe

Bulgaria’s exports to other European Union countries were 8.3 per cent higher in January to November 2015 than in January to November 2014, adding up to 26.9 billion leva (about 13.7 billion euro), the National Statistical Institute (NSI) said on February 8 2016, citing preliminary figures.

Among other EU countries, Bulgaria’s main trading partners in January – November 2015 were Germany, Italy, Romania, Greece, France and Belgium which accounted for 69.3 per cent of exports to other EU member states.

In November 2015, Bulgaria’s exports to the rest of the EU increased by 1.3 per cent compared to the corresponding month of the previous year and amounted to 2.474 billion leva, the NSI said.

Bulgarian imports from the EU in the period January – November 2015 increased by 5.9 per cent compared to the same period of 2014 and added up to 30.4 billion leva at CIF prices.

The largest amounts were reported for goods imported from Germany, Italy, Romania, Greece and Spain.

In November 2015, Bulgarian imports from other EU member states increased by 7.8 per cent compared to the corresponding month of the previous year and amounted to 3.048 billion leva at CIF prices.

The foreign trade balance of Bulgaria (export FOB – import CIF) with the EU in the period January – November 2015 was negative and added up to 3 467 million leva.

At FOB/FOB prices (after elimination of transport and insurance costs on imports) the trade balance was also negative and amounted to 1 432.1 million leva.

In the 11 months of 2015 compared to the same period of 2014 the largest growth in the exports of Bulgaria to the EU distributed according to the Standard International Trade Classification was recorded in the sections ‘Chemical and related products n.e.c.’ (22.1 per cent) and ‘Mineral fuel, lubricants and related materials’ (16.9 per cent).

A decrease was recorded in section ‘Crude materials, inedible (except fuel) (1.6 per cent).

In imports from the EU, the largest growth was reported in the section ‘Beverages and tobacco’ (23.3 per cent) while the most notable fall was observed in the section ‘Mineral fuel, lubricants and related materials’ (23.9 per cent), the NSI said.