Bulgarian exports up but trade balance remains negative

Bulgarian exports up but trade balance remains negative

Sofia, April 14, 2015/ Independent Balkan News Agency

By Clive Leviev-Sawyer of The Sofia Globe

Bulgarian exports to European Union and non-EU countries amounted to 6.8 billion leva (about 3.47 billion euro) in January and February 2015, a sum 7.7 per cent higher than in January and February 2014, the National Statistical Institute (NSI) said on April 14 2015.

In February 2015, Bulgaria’s total exports added up to 3.4 billion leva and increased by 5.8 per cent compared to the corresponding month of the previous year, the NSI said, citing preliminary figures.

The total value of all the goods imported into the country in the period January – February 2015 amounted to 7.9 billion leva (at CIF prices), or 1.9 per cent more than the corresponding period of 2014.

In February 2015, total imports increased by 8.1 per cent compared to the corresponding month of the previous year and added up to 4.1 billion leva.

The total foreign trade balance (exports FOB – import CIF) was negative in the period January – February 2015 and amounted to 1 097.1 million leva which was 338 million leva less than the balance in the first two months of 2014.

At FOB/FOB prices (after elimination of transport and insurance costs on imports) in the period January – February 2015, the total foreign trade balance was also negative and amounted to 731.1 million leva.

In February 2015 the total foreign trade balance (exports FOB – import CIF) was negative and added up to 699.4 million leva. The trade balance at FOB/FOB prices was also negative and amounted to 499.5 million leva.

In January 2015, Bulgarian exports to the EU increased by 16.7 per cent compared to the same month of 2014 and amounted to 2.3 billion leva.

The NSI said that the main EU trade partners of Bulgaria were Germany, Italy, Greece, Romania, France and Belgium which accounted for 70 per cent of the exports to other EU member states.

Bulgarian imports from the EU in January 2015 increased insignificantly compared to the same month of 2014 and added up to 2.3 billion leva at CIF prices, the NSI said. The largest amounts were reported for the goods imported from Germany, Spain, Romania, Italy and Greece.

The foreign trade balance of Bulgaria (export FOB – import CIF) with the EU in January 2015 was negative and added up to 33.1 million leva.

At FOB/FOB prices (after elimination of transport and insurance costs on imports) the trade balance was positive and amounted to 64.9 million leva.

In January 2015, compared to January 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 “Mineral fuel, lubricants and related materials” (125 per cent) and “Crude materials, inedible (except fuel)”2 (36.4 per cent).

The most notable fall was recorded in section “Beverages and tobacco” (17.0 per cent).

In imports from the EU, the largest growths were reported in the sections “Beverages and tobacco” (22.1 per cent) and “Manufactured goods classified chiefly by material” (21.2 per cent) while the most notable fall was observed in section “Mineral fuel, lubricants and related materials” (53.9 per cent).

In the period January – February 2015, Bulgarian exports to third countries increased by 0.1 per cent compared to the corresponding period of 2014 and amounted to 2.4 billion leva.

The main non-EU trade partners of Bulgaria were Turkey, China, Serbia, the United States, Macedonia and Russia, which accounted for 53.8 per cent of the exports to non-EU countries.

In February 2015, exports to third countries increased by 2.5 per cent compared to the corresponding month of the previous year and amounted to 1.3 billion leva.

Bulgarian imports from third countries in the first two months of 2015 decreased by 0.3 per cent compared to the corresponding period of 2014 and added up to 3.0 billion leva (at CIF prices).

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

In February 2014, Bulgarian imports from third countries increased by 11.2 per cent compared to the corresponding month of the previous year and amounted to 1.5 billion leva.

The foreign trade balance of Bulgaria (export FOB – import CIF) with third countries in the period January – February 2015 was negative and added up to 594.8 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 458.1 million leva.

In February 2014, the foreign trade balance of Bulgaria (export FOB – import CIF) with third countries was negative and amounted to 230.2 million leva.

In the first two months of 2015, compared to the corresponding period of 2014 in the exports of Bulgaria to third countries distributed according to the Standard International Trade Classification the largest growth were recorded in the section ‘Animals and vegetable oils, fats and waxes’ (230 per cent) and ‘Food and live animals’ (69.3 per cent).

The most notable fall was reported in section ‘Mineral fuel, lubricants and related materials’ (34 per cent). In imports from third countries the largest growths were reported in sections ‘Food and live animals’ (43.0 per cent) and ‘Crude materials, inedible (except fuels)’ 2 (23.5 per cent) while the most notable fall was observed in section ‘Beverages and tobacco’ (52.9 per cent), the NSI said.