Foreign Trade of Bulgaria

Since joining the European Union, Bulgaria has experienced considerable growth in trade, despite a large trade imbalance and recurring deficits. The country is very open to foreign trade, which represents 121% of its GDP (World Bank, latest data available). Bulgaria mainly exports mineral fuel, lubricants and related materials (21.7%), manufactured goods classified chiefly by material (16%), machinery and transport equipment (15.6%), and food and live animals (13,8%); while imports are led by mineral fuel, lubricants and related materials (28.9%), manufactured goods classified chiefly by material (17.4%), machinery and transport equipment (17.3%), and crude materials except for fuel (15.5% – data NSI 2022).

According to preliminary figures by the National Statistical Institute, Bulgaria’s main export destinations in 2022 (Jan-Nov) were Germany (14.2%), Romania (10.1%), Italy (7.5%), Greece (6.4%), and Turkey (5.8%); whereas imports came chiefly from Russia (11.7%), Germany (10.7%), Turkey (8.4%), Romania (6.9%), Greece (6%), Italy and Russia (5.8% each).

According to the latest figures from WTO, in 2021 exports of goods rose by 28.5%, at USD 41 billion, with imports increasing at a faster pace (+31.8%), totalling USD 46.1 billion. The country has a structural trade deficit; however, it is a net service exporter: it exported USD 10.9 billion worth of services, importing only USD 5.6 billion in 2021. The World Bank estimates that in the same year, Bulgaria’s trade balance was positive by 1.7% of GDP. Preliminary data by the National Statistical Institute show that in the first eleven months of 2022, the total value of exported goods amounted to BGN 87.4 billion, which is 40.2% more than the same period of the previous year, while the total value of imported goods added up to BGN 99.9 billion and grew by 44.1%.