BULGARIA'S FOREIGN TRADE GAP PLUMMETS IN H1 2011

Bulgaria's foreign trade gap contracted by 1.421 billion leva to 2.25 billion leva in the first half of 2011 against the year-earlier period, the National Statistics Institute (NSI) said on August 9.

Excluding transport and insurance costs on imports, the trade deficit was 954.9 million leva.

Exports grew by 40.3 per cent on the year to 18.8 billion leva in the six-month period, while imports rose by 23.3 per cent to 21.1 billion leva.

In June alone, the country's exports increased by 12.7 per cent in annual terms to 3.1 billion leva, while imports totalled 3.7 billion leva, up 13.1 per cent.

Exports to countries of the European Union jumped 43.4 per cent in the first half to 11.581 billion leva. Imports from EU members amounted to 12.067 billion leva, an annual increase of 20.2 per cent.

Bulgaria's main trading partners from the EU were Germany, Romania, Italy, Greece and Belgium, which accounted for 67.2 per cent of the country's sales to European states.

Exports to countries outside the EU stood at 7.254 billion leva, rising by 35.5 per cent year-on-year, while imports grew 27.8 per cent to 9.018 billion leva. Turkey, Serbia, Russia, Macedonia, China and the US were the country's major foreign markets outside the bloc, contributing 51.2 per cent to its total exports.