Negative trade balance as Bulgarian exports to non-EU countries dropped in January-February 2014

Negative trade balance as Bulgarian exports to non-EU countries dropped in January-February 2014

 

By Clive Leviev-Sawyer of the Sofia Globe

Bulgaria’s exports to third countries, meaning countries that are not members of the European Union, were 14.2 per cent less in January-February 2014 than in the first two months of 2013, according to preliminary figures released on April 11 by the National Statistical Institute (NSI).

In the first two months of 2014, Bulgarian exports to third countries added up to 2.4 billion leva (about 1.2 billion euro) while imports decreased by 8.8 per cent, adding up to three billion leva.

The main trade partners of Bulgaria in January-February 2014 were Turkey, Singapore, China, the Russian Federation, the United Arab Emirates and FYR Macedonia, which together accounted for 56.9 per cent of exports to non-EU countries, the NSI said.

In the period January – February 2014, the total value of all exported goods (both for third countries and EU) amounted to 6.3 billion leva and compared to the corresponding period of 2013, exports decreased by 5.9 per cent while the total value of all imported goods added up to 7.8 billion leva and decreased by 0.3 per cent.

For the first two months of 2014, the largest amounts of Bulgarian imports from third countries were from the Russian Federation, Turkey, China and Ukraine, according to the NSI.

The foreign trade balance of Bulgaria with third countries for the period January – February 2014 was negative and added up to 605.5 million leva, the statistics institute said.

The trade balance at FOB/FOB prices (after elimination of transport and insurance costs on imports) was also negative and amounted to 448.6 million leva.

In February 2014 the foreign trade balance of Bulgaria (export FOB – import CIF) with third countries was negative and amounted to 114.0 million leva.