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Bulgaria's Export Regains Momentum, Annual Trade Deficit Shrinks 40%
Date: 09/02/2011
Bulgaria's Export Regains Momentum, Annual Trade Deficit Shrinks 40%

Bulgaria ended 2010 with a trade deficit that is 42.5% lower than the one in 2009, according to preliminary date of the National Statistical Institute.

Thus, in 2010, Bulgaria exported goods and services worth BGN 30.421 B, which is a 33% increase compared with 2009.

Bulgaria's 2010 imports was BGN 37.4 B, or 13.3% more than it was in 2009 (BGN 31 B). Thus, Bulgaria's trade deficit in 2010 amounted to BGN 7 B (FOB-CIF).

After subtracting the spending on transport and insurance, the deficit figure is BGN 4.7 B (FOB-FOB), which is almost twice smaller than the trade deficit in 2009 – BGN 8.16 B, and nowhere near the monstrous deficits from previous years (BGN 16.8 B in 2008; BGN 14.3 B in 2007; BGN 10.7 B in 2006).

Not only is Bulgaria's 2010 export 33% greater than it was in 2009 (BGN 22.9 B) but it has even surpassed the exports in the record pre-crisis 2008 year by 2.3% (BGN 29.7 B); 2007 – by 15% (BGN 26.4 B), and 2006 – by 29.5% (BGN 23.5 B).

At the same time, Bulgaria's 2010 import was at about the 2006 level (2.7% than the 2006 imports), and nowhere near the 2007 and 2008 levels – smaller by 13.7% (BGN 40.7 B) and 24.6% (BGN 46.5 B) respectively.

November was the only month in 2010 when Bulgaria's trade deficit grew, and in December the export appears to have gained momentum anew registered the third largest monthly growth +45% year-on-year in 2010 after August (+48%) and July (+47.1%). It reached BGN 2.73 B.

In December, Bulgaria's year-on-year imports grew by 28.3% up to BGN 3.37 B, which was the second highest year-on-year growth in 2010 after November (+39.8%).

In the fourth quarter, Bulgaria's exports grew by 32.5% year-on-year reaching BGN 8.4 B, while the exports grew by 26% up to BGN 10.2 B.

In December 2010, Bulgaria registered a deficit of BGN 640 M, down by 14% compared with December 2009.

In 2010, Bulgaria's exports to non-EU countries grew by 48.5% compared with 2009, amounting to BGN 11.9 B.

Bulgaria's major non-EU trading partners are Turkey, Serbia, Russia, Macedonia, USA, Ukraine, China, and Singapore, accounting for 56.4% of its total exports to non-EU countries.

In 2010, Bulgaria's exports to Ukraine grew by 98%, to China - by 97%, to Turkey – by 56%, to Russia – by 51%, to Macedonia – by 38%, to USA – by 17%. The exports to Peru, South Korea, and India is also on the rise, while the exports to the UAE, Bosnia and Herzegovina, Singapore, Canada, Indonesia, Albania, and Egypt declined.

In 2010, Bulgaria's imports from non EU states increased by 17% y/y, especially the imports from Egypt, Albania, Israel, Peru, the UAE, while the imports from Kazakhstan, South Africa, and Norway declined the most.

Bulgaria's trade with non-EU countries amounts to about half of its total trade deficit.

In the first eleven months of 2010, Bulgaria's exports to EU countries increased by almost 24% year-on-year reaching BGN 17 B, while the imports increased by 9.9% reaching BGN 19.9 B.

Topic: Economy

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