Bulgaria's Trade Balance Turns Negative as Exports and Imports Fall

In 2023, Bulgaria's exports totaled 86.9 billion leva, reflecting a decline of 6.5% compared to the previous year. The National Statistical Institute reports that the most significant growth in exports occurred in January, with an 18% increase, while the steepest decline was seen in June, dropping by 15.5%.

The sector that experienced the highest growth was "Non-alcoholic and alcoholic beverages and tobacco," which rose by 18%. Conversely, exports of "Fats, oils and waxes of animal and vegetable origin" plummeted by nearly 50%, specifically 49.9%.

Imports for the year amounted to 97 billion leva, also down 10% from 2022. January marked the largest increase in imports at 6.5%, whereas June recorded the largest drop at 22.4%. Similar to exports, the "Non-alcoholic and alcoholic beverages and tobacco" sector led the way in growth with a 14.9% increase, while the "Fats, oils and waxes of animal and vegetable origin" sector saw a 45.1% decrease.

The foreign trade balance for Bulgaria in 2023 was negative, amounting to 10.169 billion leva. Key trading partners include Germany, Romania, Italy, Greece, France, and Belgium, which collectively account for 66% of exports.