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Bulgaria's Q1 2011 Exports to EU Up by 56.4% Y/Y
Date: 09/06/2011
Bulgaria's Q1 2011 Exports to EU Up by 56.4% Y/Y

In the period January-March 2011, Bulgaria's exports to the EU increased by 56.4% compared to the same period a year earlier, totaling BGN 5.7 B, the National Statistical Institute reported (NSI).

The main trade partners of Bulgaria were Germany, Italy, Romania, Greece and Belgium, which accounted for 67.3% of the country's exports to EU member states.

The most significant increase was registered in exports for Portugal, Belgium and Denmark.

Declines were reported in export rates to Slovakia and Latvia.

In March 2011, Bulgaria's exports to the EU increased by 56.2% on the year, surpassing BGN 2 B.

Imports to Bulgaria from EU countries in the period January-March 2011 went up by 24% year-on-year, totaling BGN 5.7 B at CIF prices.

The biggest increase was registered in imports from Malta, while the biggest decline was recorded in imports from Spain, Portugal and Denmark.

In March 2011, Bulgaria's imports from EU countries rose by 16.7% on the year, totaling BGN 2.1 B at CIF prices.

Bulgaria's foreign trade balance (export FOB - import CIF) with EU in the period January - March 2011 was negative and amounted to BGN 13.0 M.

At FOB/FOB prices (after the elimination of transport and insurance costs on imports) the trade balance was positive and amounted to BGN 266.3 M

Bulgaria's exports to the EU, distributed according to the Standard International Trade Classification, show that the first three months of 2011 have witnessed an increase in exports in all sectors, compared to the figures for the same month in 2010.

The biggest growth was registered in the following segments- "Crude materials, inedible (except fuels)", "Mineral fuels, lubricants, and similar products", and "Manufactured goods classified chiefly by material".

As regards import from the EU, the biggest growth was achieved in the sectors „Animal and vegetable oils, fats and waxes", "Crude materials, inedible ( except fuels) and "Manufactured goods classified chiefly by material" and the lowest in the sector "Mineral fuels, lubricants and related materials".

Topic: Economy

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