Bulgarian exports increase, but trade balance still negative

Bulgarian exports increase, but trade balance still negative

Sofia, May 11, 2015/ Independent Balkan News Agency

By Clive Leviev-Sawyer of The Sofia Globe

Bulgarian exports to non-EU countries increased year-on-year in the first quarter of 2015, and also increased to EU countries in the first two months of the year, but in both cases the country still had a negative trade balance, going by preliminary figures released by the National Statistical Institute (NSI) on May 11.

In the period January – March 2015, Bulgarian exports to third countries increased by 14.3 per cent compared to the corresponding period of 2014 and amounted to 3.9 billion leva.

Among non-EU countries, Bulgaria’s main trading partners were Turkey, China, Serbia, the United States, Singapore and Russia which accounted for 51.7 per cent of the exports to non-EU countries.

In March 2015, exports to third countries increased by 46.8 per cent compared to the corresponding month of the previous year and amounted to 1.502 billion leva, the NSI said.

Bulgarian imports from third countries in the first three months of 2015 increased by 2.1 per cent compared to the corresponding period of 2014 and added up to 4.5 billion leva.

The largest amounts were reported for goods imported from Russia, Turkey, China and Ukraine.In March 2015, Bulgarian imports from third countries increased by 7.2 per cent compared to the corresponding month of the previous year and amounted to 1.545 billion leva.

The foreign trade balance of Bulgaria (export FOB – import CIF) with third countries in the period January – March 2015 was negative and added up to 638.3 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 434.2 million leva. In March 2015 the foreign trade balance of Bulgaria (export FOB – import CIF) with third countries was negative and amounted to 43.5 million leva.

In period January – February 2015, Bulgarian exports to the EU increased by 12.2 per cent compared to the corresponding period of 2014 and amounted to 4.5 billion leva.

Among EU countries, Bulgaria’s main trading partners were Germany, Italy, Romania, Greece, Belgium and France which accounted for 69.5 per cent of the exports to other EU member states.

In February 2015 the exports to the EU increased by 7.7 per cent compared to the corresponding month of the previous year and amounted to 2.2 billion leva.

Bulgarian imports from the EU in the period January – February 2015 increased by 3.3 per cent compared to the same period of 2014 and added up to 5.0 billion leva at CIF prices.

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

In February 2015, Bulgarian imports from other EU member states increased by 6.5 per cent compared to the corresponding month of the previous year and amounted to 2.6 billion leva at CIF prices.

The foreign trade balance of Bulgaria (export FOB – import CIF) with the EU in the period January – February 2015 was negative and added up to 504.2 million leva. At FOB/FOB prices (after elimination of transport and insurance costs on imports) the trade balance was also negative and amounted to 298.9 million leva, the NSI said.