BULGARIA'S NEGATIVE TRADE BALANCE INCREASES 2.5 TIMES IN A YEA

Bulgaria's negative trade balance has increased 2.5 times in a year, according to an analysis of the Bulgarian Industrial Association (BIA).
In January 2011, it was BGN 200 mln, while during the first month of 2012 it reached BGN 509 mln. This shows that the decline in GDP is mainly due to the passive trade balance, while in 2011 the GDP growth came primarily from the higher exports volumes and a reduction in the negative trade balance, consider experts. According to them, the trade turnover of Bulgaria in 2011 was featured by a higher growth in exports (of BGN 1.1 bn, or 13.5%), compared to the increase in imports.
Some 15 major commodity groups, which formed 88% of exports in 2011, reported an export growth of over BGN 100 mln. These included: ferrous and nonferrous metals, mechanical engineering products, mineral fuels, agricultural products, chemical and pharmaceutical products, textiles and clothing.
Some 12 major commodity groups, which accounted for 89% of the imports value in 2011, recorded an increase in imports of BGN 100 mln.
Some 55% of the export growth were due to changes in the price levels of goods and 45% - to larger quantities exported. Vice versa, 71% of the import growth came from larger volumes and 29% were due to price changes.
Preliminary results for 2012 (January) show a decline in trade, as exports continued decreasing at a higher rate than imports. Exported goods were worth BGN 317 mln, (10.2% less compared with January 2011). Imports declined by BGN 8 mln (0.2%), shows the analysis of the BIA.