BULGARIA'S FOREIGN TRADE IN NUMBERS

Foreign trade is a key factor for the Bulgarian economy, as the country is highly open and dependent on international exchange – vulnerable to external price shocks. The share of exports and imports in GDP is 54-56%.

A major challenge facing Bulgaria's foreign trade is increasing competitiveness and the share of products with high added value.

EXPORTS – IMPORTS – TRADE BALANCE

Bulgaria exports goods worth approximately 44 billion euros, and imports amount to about 51 billion euros.

65% of Bulgaria's exports and 58% of its imports are to/from European Union countries, with our foreign trade balance with the EU being negative at -1007 million euros.

Our country traditionally maintains a trade balance with a deficit, influenced by the prices of energy resources and the dynamics of domestic consumption.

MAIN TRADING PARTNERS OF BULGARIA

The main partners are the European Union countries, which account for over half of the trade turnover. The most significant are Germany, Romania, Italy and Greece.

Bulgaria's leading trading partner is Germany, which leads the rankings in both imports and exports, and the foreign trade balance between the two countries is positive, amounting to 827 million euros.

Among non-EU countries, the leading partners are Turkey, China and Russia (with decreasing importance in recent years). According to data from the International Trade Center (ITC), the most important trading partners of Bulgaria outside the EU for the last 4 years in terms of import volume are: China, Turkey, Kazakhstan, Ukraine, Serbia, USA, Iraq and the United Kingdom, in terms of export – Turkey, Serbia, USA, North Macedonia and China, and in terms of trade – Turkey, China, Serbia and the USA.

MAIN PRODUCT GROUPS

Exports are dominated by: machinery and electrical equipment, metals and metal products, fuels and energy products, pharmaceuticals and food. 23% of Bulgarian exports are made up of machinery, equipment and vehicles. The following major product groups participating in Bulgarian exports are: miscellaneous manufactured goods (16%), food and live animals (11%), chemicals and products (10%), mineral fuels and oils (10%).

A more detailed breakdown shows the following export structure: 1. Electronics, electronic and electrotechnical components, coaxial cables, consoles, circuit boards, etc.; 2. Refined copper, copper alloys and anode copper; 3. Petroleum products; 4. Hydraulics, refrigerators and machine parts; 5. Other unclassified goods; 6. Wheat.

There is a gradual transition from raw material to more high-tech exports, but value added remains relatively low.

Imports mainly include: energy, machinery and transport equipment, raw materials and intermediate products. 28% of imports are machinery, equipment and vehicles, followed by various finished products (15%), food and live animals (13%), chemical substances and products (9%) and mineral fuels and oils (9%).