Sharp decline in exports and imports in Bulgaria

In August 2015 the total export of Bulgaria amounts to 3.8 billion BGN which means decline by 1.0% compared to the same month of the previous year. Imports fell more strongly - by 11.6% yoy, to 3.8 billion BGN. Thus, the foreign trade deficit for the month declined by 46 million BGN or 23.5 EUR. 

The decline of exports and imports is mostly due to seasonal factors. However National Statistical Institute’s  data on foreign trade is an alarming signal as it comes to a decline in key indicators on an annual basis. The reported shrinkage in exports is the first from November 2014 onwards.

Against this background most important  will be the report for September, which will show whether the economy can still rely on exports as an engine of economy growth.

Otherwise the first eight months of the year Bulgaria exported goods worth a total 30.3 billion BGN, which is a growth by 8.0% yoy. Meanwhile, the country imported goods for 34.0 bln, or by 3.1% more compared to the same period of the previous year.

Except the European market other major trade partners of Bulgaria are Turkey, China, Serbia, Russian Federation, Singapore, USA and Macedonia.