Bulgaria’s Foreign Trade Declines as Exports and Imports Drop in 2024

Bulgaria's foreign trade has been experiencing a decline since the start of the year, according to recent data from the National Statistical Institute.

For the first five months of the year, both exports and imports saw reductions. Exports fell by 6.2% compared to the same period in 2023, totaling 22.2 billion leva. Major export destinations within the EU included Germany, Romania, Italy, Greece, and France, which together accounted for 62.6% of the country's exports. The sector showing the most growth was "Mineral fuels, oils, and similar products," with a 45.0% increase, while the sector "Fats, oils, and waxes of animal and vegetable origin" saw the most significant decline at 27.4%.

Imports also decreased by 4.9% over the same period, amounting to 23.2 billion leva. Germany, Romania, Italy, Greece, and the Netherlands were the top sources of imports. The "Mineral fuels, oils, and similar products" sector reported the largest increase in imports, rising by 64.6%, whereas the sector "Articles classified mainly according to the type of material" experienced the largest decrease at 16.4%.

Exports to third countries dropped by 6.4% until June, reaching 14.5 billion leva. Key trading partners included Turkey, the USA, Serbia, North Macedonia, China, the United Kingdom, and Egypt, which comprised 52% of these exports. The "Chemical substances and products" sector saw the highest growth, increasing by 10.1%, while the "Fats, oils, and waxes of animal and vegetable origin" sector experienced a notable decline of 30.7%.