Archive for October 12, 2010

Bulgaria with 1st Monthly Trade Surplus since 2000

In August 2010, Bulgaria registered for the first time a positive monthly trade balance in the past ten years, according to preliminary data of the National Statistical Institute, which was released on Monday.

Bulgaria’s trade surplus in August was BGN 51.4 M. On annual basis, Bulgaria’s export was up 32.2% compared to August, 2009, reaching BNG 2.8 B.

Yet, it still unclear how long it will take Bulgaria to reverse its overall negative foreign trade balance as it was negative BGN 2.6 B in the first 8 months of the year by BGN 2.6 B.

The export of Bulgarian companies has been growing with double digits since the beginning of the year, seen by experts as a certain sign the economy is no longer in recession.

In the first 8 months, the business has exported goods and services in the amount of BGN 19.1 B and has imported production in the amount of BGN 21.8 B.

In January-July 2010, the export to the rest of the EU grew by 20.2% reaching BGN 10 B. Only in July 2010, Bulgaria’s export to the EU went up by 33.4% compared to the same month in 2009, reaching BGN 1.9 B.

Bulgaria’s import from the rest of the EU increased by 3.7%, year-on-year, and amounted to BGN 11.8 B.

Bulgaria’s major EU trading partners remain Italy, Germany, Greece, and Romania; they form about 62% of its export to the EU.

In January-July, Bulgarian exports to Italy went up by 33.1%; to Germany – by 22.9%; to Denmark – by 60%; to the Czech Republic – by 52%. The greatest decline of Bulgarian export was with Portugal and Cyprus.

In January – August, 2010, Bulgaria’s export to non-EU countries grew by 48.4% year-on-year, reaching BGN 7.5 B, according to preliminary data of the National Statistical Institute. Bulgaria’s imports from non-EU states grew by 10.2% up to BGN 9.7 B.

Over 54% of the Bulgarian non-EU exports went to Turkey, Serbia, Russia, Macedonia, Singapore, the USA, and the People’s Republic of China.

In the first 8 months of 2010, Bulgaria’s export to China grew by 254.8%, to Serbia – by 73%, to Turkey – by 65%, to Russia – by 54%, to Singapore – by 34%, to Macedonia – by 29%.

Peru, North Korea, India and Iran are other destinations to which Bulgaria’s export registered substantial growth. The export to the United Arab Emirates, Indonesia, Kazakhstan and Egypt has registered a decline.