HOW MUCH DOES THE BULGARIAN ECONOMY IN FACT DEPEND ON RUSSIA?
Following Russia's recent ban on Bulgarian imports as a resonse of Bulgaria's EU-pushed sanctions, it is vital to analyze the exact interconnectedness of the economies of the two countries.
Medicines amounting to BGN 334.5 million were exported by Bulgaria to the Russian market in 2013, according to data provided exclusively to Standart by the National Statistical Institute in order to answer the question of how much the Bulgarian economy is dependent on Russia.
The native export of pharmaceutical products accounted for 29.8% of the exports of the country to Russia, which totaled BGN 1,121 billion in 2013. In addition to drugs, the Russian market shows the strongest interest in Bulgaria's machinery industry. Bulgaria sold to Russia underground handling equipment (including lifts) worth BGN 94.9 million, electrical machinery, apparatus and appliances for BGN 88.6 million and automobiles, bikes and trailers totaling BGN 59 million.
But the real economic links between Bulgaria and Russia can be traced to imports. Unlike the Bulgarian exports to Russia, amounting to only 2.6 % of the total exports of the country in 2013, the import of Russian goods and services to Bulgaria accounts for 18.5% of Bulgaria's total imports last year. The value of imported Russian goods and services to Bulgaria amounted to BGN 9,356 billion, which is about 9 times more than the exports to Russia. 76.7% of imports from Russia came from oil and refined petroleum products.
Last year, Bulgaria has paid a total of BGN 7.174 billion for Russian oil. Another 17% of Russia's total imports to Bulgaria came from the supply of natural gas and industrial products. Thus, in light of these data, it appears that Bulgaria's economy as a whole is much more dependent on Russia for imports of oil and gas than in terms of the realization of Bulgarian goods in the Russian market. But the specific companies that sell their goods on the Russian market, this export is essential for their survival.
Копирано от standartnews.comFollowing Russia's recent ban on Bulgarian imports as a resonse of Bulgaria's EU-pushed sanctions, it is vital to analyze the exact interconnectedness of the economies of the two countries.
Medicines amounting to BGN 334.5 million were exported by Bulgaria to the Russian market in 2013, according to data provided exclusively to Standart by the National Statistical Institute in order to answer the question of how much the Bulgarian economy is dependent on Russia.
The native export of pharmaceutical products accounted for 29.8% of the exports of the country to Russia, which totaled BGN 1,121 billion in 2013. In addition to drugs, the Russian market shows the strongest interest in Bulgaria's machinery industry. Bulgaria sold to Russia underground handling equipment (including lifts) worth BGN 94.9 million, electrical machinery, apparatus and appliances for BGN 88.6 million and automobiles, bikes and trailers totaling BGN 59 million.
But the real economic links between Bulgaria and Russia can be traced to imports. Unlike the Bulgarian exports to Russia, amounting to only 2.6 % of the total exports of the country in 2013, the import of Russian goods and services to Bulgaria accounts for 18.5% of Bulgaria's total imports last year. The value of imported Russian goods and services to Bulgaria amounted to BGN 9,356 billion, which is about 9 times more than the exports to Russia. 76.7% of imports from Russia came from oil and refined petroleum products.
Last year, Bulgaria has paid a total of BGN 7.174 billion for Russian oil. Another 17% of Russia's total imports to Bulgaria came from the supply of natural gas and industrial products. Thus, in light of these data, it appears that Bulgaria's economy as a whole is much more dependent on Russia for imports of oil and gas than in terms of the realization of Bulgarian goods in the Russian market. But the specific companies that sell their goods on the Russian market, this export is essential for their survival.
