EXPORTS SLOW DOWN TO 6.1%. IMPORTS ARE ON THE RISE

Exports - the engine of economic growth in Bulgaria - are picking up and, for the first two months of the year, the decline in exports slowed down to 6.1%. In absolute value, in January, our country exported goods worth nearly BGN 5.7 bn. After the 10% decline of exports in January, the drop in February was limited to a mere 1.8% or BGN 2.9 bn compared to February 2011, according to the preliminary data of the National Statistics Institute (NSI) published yesterday.

Imports for January-February 2012 amounted to BGN 6.9 bn (based on CIF prices), or 7.2% over the same period of 2011. In February 2012 alone, total imports increased by 13.2%, exceeding BGN 3.5 bn.
At the beginning of 2012, exports to third countries decreased by 2.6% and amounted to BGN 2.3 bn. Our main trading partners, such as Turkey, China, the United Arab Emirates, Russia, Serbia and Macedonia, accounted for 51.2% of the exports to non-EU countries.

There was also considerable growth in exports to the United Arab Emirates, Canada, Syria and Brazil. A serious decline was registered in exports to Singapore, South Africa, India and Croatia. In February alone, exports to third countries increased by 10.6%, up to BGN 1.2 bn compared to the same month last year.
In the first two months of 2012, imports increased by 8.6%, up to BGN 2.9 bn.

Imports from Kazakhstan, Bosnia and Herzegovina, the Republic of Korea and Syria registered the highest growth rate, while the lowest imports rate was reported for Brazil, the United Arab Emirates and the Ukraine. In February 2012, imports from third countries increased by 16.8% on an annual basis, reaching nearly BGN 1.5 bn.